The project successfully raised $15M in July of 2017 with BNB set at a base conversion rate of $0.10 per token (1 ETH = 2700 BNB)." Token allocation " Binance released its whitepaper in June 2017, outlining an ambitious goal to build a world-class digital asset exchange. In July 2017, Binance (BNB) launched, just after raising $15 million in an initial coin offering for its own token, BNB which was first based on Ethereum users of the token receive a 50% discount on transaction fees.However both blockchains now reside on the main Binance domain and form what Binance calls a “dual-chain architecture”." Token Having two blockchains under one brand is pretty confusing and I am not sure why they didn't name it differently. They call it PoSA = Proof of Staked Authority. It's essentially an Ethereum copycat with increased throughput and a centralized validator set of 21 validators handpicked by the leadership (kinda like EOS). Acknowledging this, Binance forked Ethereum EVM and bootstrapped a second blockchain-Binance Smart Chain, with support of smart contracts. While alternative ecosystems were busy building the basic rails, the wave of innovation with DeFi was concentrated on Ethereum. Binance Smart Chain īinance leadership was not satisfied with lagging adoption of Binance Chain. It's safe to assume that the validator set of the Binance Chain is centralized.
Binance coin wiki series#
“Binance Chain uses BFT and PoS (upcoming) based consensus mechanism to produce blocks among a series of qualified Validators.The process for setting up validators among different entities on Binance Chain is currently being defined.” I couldn't find the details about validation. Thorchain also currently uses it (BEPswap resides on Binance Chain). With that, the main use case was trading via Binance DEX-a ‘decentralized’ exchange used to bootstrap liquidity of multiple non- ETH projects, including Thorchain. It was launched in 2019 and it was deliberately designed to not support smart contracts. It uses Tendermint and thus it can be seen as part of the Cosmos ecosystem. This is the first blockchain network under the Binance brand. However, it's worth noting that Binance is also an umbrella brand for the overall Binance ecosystem-a true behemoth in the crypto world, containing a venture fund, project launchpads, an incubator lab, a charity fund.you get the idea. One of the largest centralized exchanges-no need to go much deeper here. “It is not possible in the way that a lot of people think for there to be some kind of rollback.” Governance Admin Keys DAO Treasury Binance, Binance Chain and Binance Smart Chain
"It was only a matter of time until we started seeing rug pulls on other centralized EVM-based chains. It is also selected as a partner (23-9-2020) for auditing Binance Smart Chain and projects building on that platform. CertiK claims to have done an audit for them, according to their website (12-6-2020).Bug bounty program can be found here (7-2021), which is a $10M Bug Fund.BNB has been developed into an entire ecosystem since then - BNB coin has its own purpose built blockchain, is used to buy into Initial Exchange Offerings ( IEO’s), and has many other applications within the Binance ecosystem." Audits & Exploits The token sold was Binance Coin (BNB), which initially gave discounts on trading fees for users who held the token in their exchange wallet.
" Binance was founded in 2017 by ex CTO of OKCoin, Changpeng Zhao (CZ), who raised US$15M to fund the company through an initial coin offering. Reportedly asks 100.000$ for listing a new coin.Binance has launched (4-2019) its Singapore fiat-to-crypto exchange, its third after exchanges in Uganda and Jersey Binance is currently a Cayman Islands based company.5 Binance, Binance Chain and Binance Smart Chain.
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