What is BNB (Binance Coin)?
BNB (Binance Coin) is the native cryptocurrency of the Binance exchange, one of the world's largest cryptocurrency exchanges by trading volume. Binance was founded in 2017 by Changpeng Zhao (CZ), and the Binance Coin was created as part of an initial coin offering (ICO) to raise funds for the development of the exchange. BNB is an ERC-20 token, meaning it runs on the Ethereum blockchain, and it can be used to trade on the Binance exchange. It can also be used to pay for transaction fees on the Binance platform, and as an incentive for users to hold the token as Binance offers discounts on trading fees for users who use BNB to pay for them. In addition to being used as a cryptocurrency, Binance Coin also has utility as a governance token. Binance's decentralized exchange (DEX) runs on Binance Chain, a blockchain network developed by Binance, and holders of BNB can vote on proposals to improve the network, such as adding new trading pairs or adjusting the transaction fee structu