Binance is a cryptocurrency exchange developed with a focus on the Chinese market and other Chinese coins. Binance is a combination of two terms i.e, Binary and Finance which deals digital asset with the digital asset. This feature allows the exchange to overcome the challenges dealing with the Chinese government. Binance is one of the top 20 cryptocurrency exchange globally in terms of volume trade.
Its token BNB was created for the ICO event to raise funds to meet the development expenses of the exchange.
Binance is built using the ERC 20 token standard from Ethereum and only cryptocurrency pairs are traded on the platform. Since the Chinese government has imposed strict regulation on cryptocurrency market, the exchange restricts itself from converting fiat currency to digital and vice versa to bypass those issues.
Binance supports all major coins including the Bitcoin, Ethereum and Bitcoin Cash and adds a new one almost daily. The BNB tokens are distributed under three categories, 50 percent of the coins are sold in ICO, 40 percent of the coins will go to the team and rest 10 percent to angel investors.
In a step to incentivize users to use the exchange and promote the use of BNB tokens, Binance is giving users a discount on its use. Users will get a 50 percent discount on all fees in the first year, 25 percent in the second year, 12.5 percent in the third year and 6.75 percent in the fourth year and fifth year onwards there will be no discount. The discount structure is applicable only when fees are paid in BNB.
High Performance: The exchange has the capability to process 1.4 million transactions per second making it one of the fastest exchange in the world.
Multi-language support: Though the exchange is developed specifically to align with the Chinese need but can be used by users of other nations also. Presently it supports English, Korean, Japanese, Dutch, French, Russian and Spanish.
Safe and Stable: The platform uses a multi-tier and multi-cluster system architecture to prevent any case of hack and cyber attack.
Multi-device support: The platform supports web browsers, Android, HTML5, WeChat, and other platforms.
Multiple coin support and high Liquidity: The exchange supports all major cryptocurrency and provides liquidity in number of cryptocurrency pairs.
The exchange is based in Hong Kong and is led by its founder, Changpeng Zhao (CZ) who was former CTO/Co-founder of Okcoin. In August 2017, Yi He, another co-founder has joined the platform.
Da Hong Fei, the founder of NEO is one of the advisors for Binance. NEO has a partnership with Binance, in which Binance will provide NEO GAS for holding NEO on the exchange.
In its first quarter of operation ending in October, Binance has reported a profit of about $7.5 million in commission fees.
Total Supply: 200 million
Trading fees: 0.1 percent
Binance has announced a buyback of 100 million BNB coins in the first quarter of 2018. The coins will then be burned in order to increase the value of the remaining coins.
The BNB tokens can be purchased directly from Binance exchange against fiat. Users have the other option for buying BNB tokens, in which they buy BTC from their preferred exchange and then trade it for BNB on Binance exchange.
As Binance is based on ERC 20 standard token, it will support myetherwallet. Another wallet which supports BNB token is Ledger Nano S.
Binance is cryptocurrency exchange which facilitates trading in only cryptocurrency pairs to overcome Chinese regulations. The exchange is one of the fastest in the world with a capacity to process 1.4 million transactions per second and is very secure.Its token symbol is BNB and Binance offers discounts to users who settles all commission related fees with BNB token.
White Paper: https://www.binance.com/resources/ico/Binance_WhitePaper_en.pdf