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About BNB

BNB is the native coin of the BNB Chain ecosystem. The BNB cryptocurrency was originally an ERC-20 token before migrating to its own blockchain. Launched in 2017 by Changpeng Zhao through an ICO, BNB is widely used for transaction fees and trading discounts. Like similar utility tokens, BNB was created to power a decentralized application environment that operates without the intervention of traditional financial institutions. A massive community of users constantly drives the adoption of the chain.

How does BNB work?

The BNB Chain network is a decentralized smart contract system that operates without a central bank, government authority, or middleman. Instead, it uses a Proof-of-Staked Authority mechanism to maintain a high-performance network of computers around the world that collectively uphold the integrity of the system. This select group of validators is what makes up the BNB network. Each node plays an important role in processing transactions rapidly. Because there are fewer validators than other chains, there is higher speed but still no single central authority.

How to store BNB

Storing BNB requires a wallet that supports the BEP-20 or BEP-2 standards without a central bank, government authority, or middleman. Instead, it uses decentralized wallet software to manage the cryptographic keys needed to authorize transfers. This gives the user complete sovereignty over their digital assets. Users can utilize the official Trust Wallet or hardware solutions. Because the blockchain is public and immutable, there is no central authority that can reverse a transaction once it is confirmed.