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Binance coin (simplified as BNB) is a token issued by Binance, whose total circulation is 200 million. 100 million BNB are released in public and it will never increase issue. BNB is a decentralized blockchain digital asset as well as a standard token of ERC 20 based on Ethereum blockchain.
The total number of released BNB is 200 million, and the specific proportion is as follows:
1. 100 million BNB are released in public on three platforms at the same time: Binance website, RenRenICO and Btc9 website, accounting for 50% of total number.
2. Members of the founding team hold 80 million BNB at early period, accounting for 40% of total number.
3. Famous insiders on angel period holds 20 million BNB, accounting for 10% of total number.
Value and repurchase mechanism of BNB
1. Preferential deduction of transaction fee on Binance
Users who engage in transactions on Binance and possess enough BNB can enjoy discounts (See specific discount rates in the following table) when they pay transaction fees no matter what token they trade. Besides, they can convert the number of equivalent BNB according to the market value at that time and pay transaction fees in BNB.
2. Repurchase mechanism
After Binance is put online, we will repurchase BNB with 20% of net profits of each quarter of Binance. Repurchased BNB will be destructed directly and the record will be published immediately so that users can inquire through blockchain browser to ensure the openness and transparency. The repurchase will be conducted until 100 million BNB are destructed.
3. Decentralized transaction “gas”
In the future, BNB will be the gas of Binance in decentralized chain transaction platform. Users need BNB when they use Binance decentralized transaction platform.
Official website: https://www.binance.com/