- Bitboy Crypto explores Binance’s historical past, together with the launch of BNB Beacon Chain.
- The YouTuber claims the a number of token requirements confuse new BNB merchants.
- Binance just lately launched BNB Greenfield to create a decentralized storage infrastructure.
The BitBoy Crypto YouTube channel shared a brand new deep dive into Binance’s native token, BNB. BNB launched in 2017 and was initially named after Binance Coin. Nevertheless, it was renamed Construct and’ Construct in 2022 to emphasise its decentralized ecosystem, not like the centralized alternate, Binance.
That includes a complete provide of 200 million, BNB raised 15 million on the time of the ICO, whereas being valued at $0.15. On the peak of the bull market in 2021, the token hit its all-time-high of greater than $686. Final week, BNB fell over 14% on account of accusations in opposition to Binance of serving to Russians “transfer cash.”
BitBoy Crypto recapped that the BNB Beacon Chain was created in 2019 to assist the Binance DEX, Binance’s decentralized alternate. Throughout the launch, CEO Changpeng Zhao famous,
We consider decentralized exchanges deliver new hope and new potentialities, providing a trustless and clear monetary system. With no central custody of funds, Binance DEX affords way more management over your personal belongings.
Whereas BNB Beacon Chain makes use of a BEP-2 token normal, its sister chain, BNB Good Chain makes use of a BEP-20 token normal. The YouTuber additional highlighted that in distinction to Binance’s user-friendly stance, navigating the completely different token requirements is a battle for brand spanking new customers. BitBoy Crypto clarifies that BEP-2 is barely purposeful for governance, staking, and voting, and used as transaction charges on the Binance DEX. Nevertheless, BEP-2 based-BNB tokens can’t be transferred to Ethereum-based wallets, comparable to MetaMask.
Then again, BNB Good Chain, which facilitates simpler and cheaper creation of latest tokens in comparison with Etherium, has been a magnet for scammers creating fraudulent tasks. Again in October 2022, crypto threat monitoring firm Solidus Labs reported that just about 12% of the full BEP-20 tokens, which function the usual tokens on the BNB chain, have been related to scams.
BitBoy Crypto concludes the video by shedding some gentle on Binance’s newest undertaking, BNB Greenfield, launched in 2023 with the intention to ascertain a decentralized storage framework inside the bigger BNB Chain ecosystem. Greenfield allows customers and DApps to generate, retailer, and commerce knowledge with full possession.
