Cryptocurrencies are revolutionizing the banking market and our way of using money. In just a little over a decade, Bitcoin and other virtual currencies have become the digital alternative to government-issued currencies. For anyone wondering what cryptocurrencies are, how they work, and whether cryptocurrencies are worth buying for investment purposes, we’ve prepared an article dedicated […]
What is BNB?
The BNB crypto, formerly known as Binance Coin, is strongly associated with the widely known and market-respected crypto exchange Binance. BNB was initially intended to be a utility token of one of the fastest-growing crypto exchanges mentioned earlier, but over time it has become Ethereum's biggest competitor, taking the best from it while circumventing its most significant problems.
BNB Definition - learn more about the cryptocurrency's capabilities
The definition of BNB is that it is, first and foremost, a full-fledged cryptocurrency operating on its blockchain network as of April 2019, when the Binance Smart Chain was launched. The Binance Smart Chain network is based on the Delegated Proof of Stake consensus algorithm. In addition, it has no miners, making it much more scalable and with much lower transaction fees than Ethereum, while the native cryptocurrency on the network to cover transaction fees is BNB.
BNB Chain allows the creation of tokens, including NFT, decentralized applications, exchanges and platforms DeFi, Play2Earn, etc. BNB Chain allows the creation of tokens, including NFT, decentralized applications, exchanges and platforms DeFi, Play2Earn, etc. Significantly, Binance Coin processes transactions relatively quickly, with about 1.4 million transactions per second. This makes BNB cryptocurrency a fast and noteworthy alternative to Bitcoin. In addition, it is worth mentioning that a BNB holder can easily use this cryptocurrency to pay commissions when making transactions through Binance. This way, commissions are not deducted from the user's trading balance.