Deep Dive
1. Purpose and uses
BNB began in 2017 as a token associated with Binance, but its role has expanded to the wider BNB Chain ecosystem. Users pay transaction fees with it, and it can be used for staking and to participate in on-chain governance, where network participants vote on certain proposals. BNB may also provide trading fee discounts on Binance, subject to the platform’s terms. (BNB Chain)
2. Technology and ecosystem
BNB supports BNB Smart Chain, a blockchain where developers can create smart contracts, which are programs that run on a blockchain, and decentralized applications. The broader ecosystem also includes opBNB, a scaling network designed to support transactions, and BNB Greenfield, a decentralized data storage network. (BNB Chain overview)
Conclusion
BNB is the utility and governance coin at the center of a multi-part blockchain ecosystem, with uses spanning transaction fees, applications, and storage. How well will these different services meet users’ needs as the ecosystem develops?
