Review on Binance Coin by Praise Olagbadun

Name: Binance Coin
Item: Binance Coin
Rating: 5

December 20, 2020

Introduction To The Binance Coin

The Binance token is an ERC-20 token that was founded by the leading exchange platform, in terms of trading volume, Binance. The coin was built mainly to pay for trading and withdrawal fees on the Binance exchange platform, making it more valuable to traders on the Binance exchange platform. The success story of the Binance Coin (BNB) is not shocking to anyone as the company behind it has already gained popularity. It is recognized as the leading cryptocurrency exchange platform in trading volume, having close to a billion dollars per day. The Binanc company itself started recently and has quickly climbed up the ladder of success, overthrowing many exchange platforms out there. The Binance Coin happens to gain it's security from the fact that it is built on the Ethereum network, leaving about more than 50% possible hacks invalid. The Binance chain is also known to use a modified version of Tendermint BFT. Unlike Ethereum, the Binance Coin doesn't support smart contracts. One might wonder how the coin has been able to control deflation. The company behind this project happens to be a super intelligent type. This has been proved by the recommendation given to them as one of the best coins in the year 2018. They have been able to control this deflation byusing 20% of the profit they make to buy back and burn the tokens. This would help in reducing the number of Binance Coins in circulation.
As for me, anything concerning Binance is nice. First it was their exchange platform with the cheapest trading fee before newer exchange platforms came into existence. Next was the constant upgrade and introduction of better qualities. Now is the Binance Coin.
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Pros

The coin is built on the Ethereum network, which makes it a safe coin for investments
The company has been able to manage deflation in the coin by reducing the number of coins in circulation
It has been able to over shadow trading fees for traders using the Binance exchange platform as the Binance Coin hold RS need not to pay trading fee with their money but with this coin (although it can still be changes, like allowing the trading fee payed to be in other cryptos)
The coin was founded and is therefore backed by the leading exchange platform, in terms of trading volume. Binance

Cons