Binance Coin (BNB) is an ERC20 token issued on the Ethereum blockchain by the popular cryptocurrency exchange Binance. With this cryptocurrency, you can pay a сommission for transactions on the exchange. And if you decide to do so, you will receive additional discounts. In the first year, you will be able to get a discount – 50%, in the second – 25%, in the third – 12.5%, in the fourth – 6.75%. The token was established with a total supply of 200 million. As per the Whitepaper, Binance plans to use 20% of the profits each Quarter to buyback and burn BNB, until 50% of the total BNB supply (100 million) is burned.
The BNB token allows you to receive discounts on the services of the Binance platform – a cryptocurrency exchange, which in the future will become a decentralized exchange of blockchain assets. BNB also provides users with access to advanced features to be used on the new decentralized exchange.