Here is what the evolutionary story of BNB (Binance Coin) has in store!

BNB or Binance coin is a cryptocurrency developed to trade and transact on the Binance cryptocurrency exchange. As per the Best MLM development company in Kolkata, launched in January 2018, the Binance exchange in the largest cryptocurrency exchange on a global scale. The best thing about BNB users is that they are entitled to a discount in transaction fees, which is given as an incentive on the Binance exchange.

A short history of BNB –

Launched in the year 2017 in the month of July by the Binance online exchange, BNB is a digital asset which is native to the Binance blockchain. After its official launch, BNB immediately grew to become one of the topmost coins with the largest trading volume, and the profit earned is around $200 million in its second quarter. According to an MLM application development company, the coin is basically an ERC-20 token that was issued to be a part of ICO with a percentage of tokens to be used every quarter.

Later, ERC-20 tokens were replaced by the native tokens at the time of launch of the Binance Chain. There was a public blockchain which was launched in April 2019. A decentralized exchange named Binance DEX was also launched, which allowed the traders to keep custody of their cash and stay on top of the Binance Chain. With every passing year, the token later gained popularity and also provided additional functionalities like the convenience of being used in the Binance launchpad lottery system and other types of payments available in the Binance’s ecosystem.

What is a BNB coin, and what are the major uses of it?

As depicted by a BNB MLM application development company, BNB or Binance coin was first launched in the year 2017 and was launched by targeting a different market and to attract a different user segment as well. The coin was launched in parallel with the ERC-20 token before the token was termed as native currency for Binance’s own blockchain network or the Binance Chain.

With an impressive performance BNB has successfully attracted many investors, however, if you are interested in the coin and want to start investing then it would be best to keep check on the crypto market’s volatile nature. Apart from the volatile nature, there are several other uses of an evolving BNB coin and the uses can be beyond the Binance exchange, like –

•    Trading: A BNB coin can be used for trading with other cryptocurrencies on different exchanges; however, that will depend on the restrictions set by the exchange.

•    Transaction payments: BNB can be used for transaction payments on the Binance exchange and the users can receive discounts as well.

•     Payments for credit cards: BNB is best used for credit card payments for crypto credit card bills on the designated exchanges.

•    Processing of payments: BNB coins are used by the merchants as a means of payments to their customers, which makes the payment method more flexible.

•    Travel bookings: BNB coins can be legitimately used for bookings of hotels and flights on selective websites.

As per market report, BNB now holds the third-largest position in the cryptocurrency market, with a market price cap of $42 billion. However, to compete with Bitcoin or BTC, BNB needs to multiply its market cap by five times and this states that there is a long journey ahead. BSC or Binance Smart Chain is known to run parallelly and BNB smart contract development helps in building smart contracts for different purposes including cryptocurrency exchanges, smart contract-based dApps, and several others.

Development of MLM software in India is still at its developmental stage and will take more time to create its own ecosystem. BNB has founded its way in the crypto market through an ICO (initial coin offering) and was immediately made available as an option for making payment for transaction fees on any of the cryptocurrency exchange.