What is BNB?
Binance Coin entered the crypto scene in 2017 and has since become the fourth largest coin by market cap.
BNB’s initial use was to serve as a token for discounted fees on the exchange (as we’ll see, its use cases have since grown), with users initially enjoying a generous 50% off trading fees. The BNB discount is scheduled to ultimately decline to zero, and currently sits at 25%.
Launched in September 2020, the Binance Smart Chain (BSC) is a blockchain network built to run smart contracts, and is a major competitor to Ethereum. The consensus model for BSC is proof-of-stake, so validators on the smart chain have to “stake” their Binance Coins.
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