{"id":19539,"date":"2022-11-17T09:19:33","date_gmt":"2022-11-17T09:19:33","guid":{"rendered":"https:\/\/zebpay.com\/au\/?p=19539"},"modified":"2022-11-17T09:19:35","modified_gmt":"2022-11-17T09:19:35","slug":"what-is-bnb","status":"publish","type":"post","link":"https:\/\/zebpay.com\/au\/blog\/what-is-bnb","title":{"rendered":"What Is BNB?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#Binance_Coin_History\" title=\"Binance Coin History\">Binance Coin History<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#How_Does_Binance_Coin_Work\" title=\"How Does Binance Coin Work?\">How Does Binance Coin Work?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#Binance_Burn\" title=\"Binance Burn\">Binance Burn<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#What_Is_Binance_Coin_Used_For\" title=\"What Is Binance Coin Used For?\">What Is Binance Coin Used For?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#Binance_BNB_Benefits\" title=\"Binance (BNB) Benefits\">Binance (BNB) Benefits<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#Integration_with_the_Binance_Platform\" title=\"Integration with the Binance Platform\">Integration with the Binance Platform<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#Fast_and_Secure\" title=\"Fast and Secure\">Fast and Secure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#Income_Generation\" title=\"Income Generation\">Income Generation<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#FAQ\" title=\"FAQ\">FAQ<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#How_To_Use_BNB\" title=\"How To Use BNB?\">How To Use BNB?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#Is_BNB_A_Token_Or_A_Coin\" title=\"Is BNB A Token Or A Coin?\">Is BNB A Token Or A Coin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-bnb\/#How_To_Mine_BNB\" title=\"How To Mine BNB?\">How To Mine BNB?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p>The growth of crypto has brought with it many accompanying innovations. There are now many crypto exchanges, both centralised and decentralised. Sometimes, even these exchanges launch their own tokens, either to assist in operating the platform or to provide more rewards to their users. Binance Coin (BNB) is one such token. While it may have started as a simple ERC-20 coin, it now powers the entire BNB chain.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Binance_Coin_History\"><\/span>Binance Coin History<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>BNB was launched as Binance Coin back in 2017, as a part of Binance\u2019s initial coin offering (ICO). It was distributed among the founding team, investors and interested participants. 100 million BNB tokens were available to the public during the ICO and Binance managed to raise $15 million in Bitcoin and Ethereum.&nbsp;<\/p>\n\n\n\n<p>In its initial stages, Binance Coin was an ERC-20 token built on the Ethereum blockchain. It was simply a reward mechanism for those that helped bring Binance to the public. It also entitled users to lower trading fees.&nbsp;<\/p>\n\n\n\n<p>All this changed when Binance launched its own blockchain in 2019. The <a href=\"https:\/\/zebpay.com\/au\/blog\/binance-chain-vs-binance-smart-chain\" target=\"_blank\" rel=\"noreferrer noopener\">Binance Chain<\/a> is a smart contract-enabled blockchain powered by BNB, its native token. Owning it grants you access to exclusive token sales and a reduction in trading costs. It can also be used as a community token for dApps on the BNB chain.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Does_Binance_Coin_Work\"><\/span>How Does Binance Coin Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The BNB chain is made up of two blockchains &#8211; the BNB Beacon Chain and BNB Smart Chain.&nbsp;<\/p>\n\n\n\n<p>The BNB Beacon Chain is the governance chain of the network. Tasks like staking and voting take place on the beacon chain. On the other hand, the BNB Smart Chain presents itself as an alternative to the congested and expensive Ethereum network. This is compatible with smart contracts and allows developers to create <a href=\"https:\/\/zebpay.com\/au\/blog\/introduction-to-nfts\" target=\"_blank\" rel=\"noreferrer noopener\">NFTs<\/a> and dApps for the network.\u00a0<\/p>\n\n\n\n<p>Can you mine BNB? No, for its validation the BNB Chain uses proof of staked authority. This is a combination of <a href=\"https:\/\/zebpay.com\/au\/blog\/overview-on-proof-of-stake-pos\" target=\"_blank\" rel=\"noreferrer noopener\">proof of stake<\/a> and proof of authority to enable more users to participate in securing the network. The system has 41 validators taking turns in groups of 21 to confirm blocks. Becoming a validator is not easy, however, since you need to first possess 10,000 BNB and be elected to the position.\u00a0<\/p>\n\n\n\n<p>If you do not fulfil these criteria, you can delegate your staked tokens to the validators. Both validators and delegators earn block rewards.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Binance_Burn\"><\/span>Binance Burn<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>An essential component of the growth of this token is known as BNB burn. Binance has committed to burning 100 million tokens &#8211; or half the total supply &#8211; of BNB and removing it from circulation.&nbsp;<\/p>\n\n\n\n<p>Today, the process of burning involves two factors. One, a portion of the gas fees are burned in real-time. Second, Binance has implemented a feature called auto-burn. This takes into account the number of blocks created in a quarter, the average price of BNB and a price anchor. This ensures the number of tokens burned is steady and independent of Binance\u2019s financial performance.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_Binance_Coin_Used_For\"><\/span>What Is Binance Coin Used For?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"384\" src=\"https:\/\/zebpay.com\/au\/wp-content\/uploads\/2022\/11\/What-Is-Binance-Coin-Used-For-1024x384.jpg\" alt=\"What Is Binance Coin Used For?\" class=\"wp-image-19537\" srcset=\"https:\/\/zebpay.com\/au\/wp-content\/uploads\/2022\/11\/What-Is-Binance-Coin-Used-For-1024x384.jpg 1024w, https:\/\/zebpay.com\/au\/wp-content\/uploads\/2022\/11\/What-Is-Binance-Coin-Used-For-300x113.jpg 300w, https:\/\/zebpay.com\/au\/wp-content\/uploads\/2022\/11\/What-Is-Binance-Coin-Used-For-768x288.jpg 768w, https:\/\/zebpay.com\/au\/wp-content\/uploads\/2022\/11\/What-Is-Binance-Coin-Used-For.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p>Initially, Binance Coin was used only for lower trading fees on the Binance CEX (Centralised Exchange). Today, it has evolved to be a lot more than that. BNB can be used on the Binance CEX, DEX and for apps and games on the BNB chain.&nbsp;<\/p>\n\n\n\n<p>You can also use your tokens for payments and collateral against crypto loans. Binance hosts certain ICOs available only to BNB holders. This gives you a chance to purchase new crypto before any other users on the market.&nbsp;<\/p>\n\n\n\n<p>Read more: <a href=\"https:\/\/zebpay.com\/au\/blog\/what-is-coin-burning\" target=\"_blank\" rel=\"noreferrer noopener\">What Is Coin Burning<\/a><\/p>\n\n\n\n<p>Finally, it can be used for governance on the BNB chain. Holders of the token can stake them to begin earning block rewards. They are also entitled to vote on key governance issues of the network.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Binance_BNB_Benefits\"><\/span>Binance (BNB) Benefits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Integration_with_the_Binance_Platform\"><\/span>Integration with the Binance Platform<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>BNB entitles you to many benefits on the Binance platform. The first and most popular is discounted trading fees on both spot and futures transactions. Added to this are the exclusive ICOs on the exchange and BNB seems like a compelling option.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fast_and_Secure\"><\/span>Fast and Secure<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The BNB chain is capable of reaching almost 300 transactions per second. It also has much lower gas fees than Ethereum, which makes it ideal for users wishing to move away from Ethereum\u2019s expensive and congested network.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Income_Generation\"><\/span>Income Generation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You can easily become a staker on the BNB network. While it may be difficult to become a validator and run a node, you can delegate your staked tokens to an approved validator and share in their block rewards. This gives you an avenue to earn from owning the token.&nbsp;<\/p>\n\n\n\n<p>Read more: <a href=\"https:\/\/zebpay.com\/au\/blog\/what-is-staking-crypto\" target=\"_blank\" rel=\"noreferrer noopener\">What is Crypto Staking<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>BNB has come a long way since its humble beginnings in 2017. It has pushed past several barriers to emerge as one of the most popular tokens in 2022. BNB not only provides benefits for Binance users but is also a compelling Ethereum alternative. Its slew of features and deflationary measures ensure it will stay relevant for years to come.&nbsp;<\/p>\n\n\n\n<p>You can now <a href=\"https:\/\/zebpay.com\/au\/markets\/bnb\" target=\"_blank\" rel=\"noreferrer noopener\">buy BNB<\/a> token on ZebPay. Level up your trading experience using <a href=\"https:\/\/zebpay.com\/au\" target=\"_blank\" rel=\"noreferrer noopener\">ZebPay\u2019s<\/a> brand new updates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQ\"><\/span>FAQ<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1668674856963\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"How_To_Use_BNB\"><\/span>How To Use BNB?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>You can acquire BNB from crypto exchanges and transfer the tokens to your crypto wallet. Linking this wallet with any BNB chain app or game allows you to use your tokens on the platform.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1668676676760\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"Is_BNB_A_Token_Or_A_Coin\"><\/span>Is BNB A Token Or A Coin?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>In crypto, assets used only for transactions are called coins while those with smart contract features are called tokens. In this case, BNB is a token since it is smart contract compatible.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1668676715849\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"How_To_Mine_BNB\"><\/span>How To Mine BNB?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>You cannot mine BNB as it does not run on proof of work. Instead, you can stake BNB tokens to earn more and help secure the network.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The growth of crypto has brought with it many accompanying innovations. There are now many crypto exchanges, both centralised and decentralised. Sometimes, even these exchanges launch their own tokens, either to assist in operating the platform or to provide more rewards to their users. Binance Coin (BNB) is one such token. While it may have [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":19538,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[14],"tags":[16],"class_list":["post-19539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-crypto"],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/19539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/comments?post=19539"}],"version-history":[{"count":1,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/19539\/revisions"}],"predecessor-version":[{"id":19540,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/19539\/revisions\/19540"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/media\/19538"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/media?parent=19539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/categories?post=19539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/tags?post=19539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}