Binance Coin (BNB) Wallet

What is BNB?

Binance Coin (BNB) is a cryptocurrency which was created by Binance in 2017. It’s a utility token that lets traders get discounts on binance.com, and is used to pay transaction fees on Binance’s blockchains. A total of 200,000,000 BNB tokens were initially created, 100,000,000 of which were sold during crowdfunding. Binance burns a percentage of the BNB supply every three months meaning BNB is a deflationary asset. Binance will stop burning BNB once 50% of the initial supply has been burnt and only 100,000,000 BNB remain.

How does BNB work & where can I get a BNB wallet?

You can pay your trading fees on Binance with BNB to receive a discount. You can also use it as collateral for loans, stake to earn rewards and as a BNB holder you gain exclusive access to opportunities on Binance such as investment in Binance Launchpad events.

BNB operates on Binance Chain and the recently released Binance Smart Chain. Binance Smart Chain is a smart contract blockchain that is compatible with the Ethereum Virtual Machine. In basic terms, that means that decentralized applications that work with Ethereum are relatively simple to migrate to Binance Smart Chain.

Ethereum tools like Remix, Truffle and Metamask work with Binance Smart Chain, which means that those developers familiar with building on Ethereum can transition their DApps to Smart Chain. Infrastructure like ChainLink and Band Protocol are already integrated.

Trust Wallet is the best BNB wallet for Android and iOS phones. Not only does it allow you to use your BNB to trade on the Binance DEX, you can also interact with Smart Chain DApps in the built-in DApp browser.

What are the features of BNB and Binance Smart Chain

• Low transaction fees

  Gas fees on Binance Smart Chain are around 20 times cheaper than on Ethereum. The rise in Ethereum transactions fees has caused serious friction and costs for DeFi users. BNB fees dramatically reduce the overhead which enables participation for a wider range of investors from different backgrounds and economies.

• Faster Performance

  Binance Smart Chain uses a consensus mechanism that is similar to the proof-of-stake plans for Ethereum 2.0. This means it doesn’t rely on mining, and transactions are quicker than on other chains.

• Cross-chain DeFi

  Both Binance Chain, and the newer Binance Smart Chain have built in capabilities for cross-chain transactions. Trust Wallet users can switch between BEP2 (the Binance Chain version of BNB) and BEP20 (the Binance Smart Chain version of BNB) without leaving their wallet.

  Many other cross-chain protocols are in the process of being built or deployed on Binance Smart Chain. This will open up Ethereum assets, among others, to Binance Smart Chain DeFi investors. You can also stake Binance Coin (BNB) with Trust Wallet.