Why was Binance Coin created? What technology does Binance Coin use?

Binance is one of the blockchain trading platforms, founded by Zhao Changpeng in Shanghai in January 2017. Binance has no formal headquarters and its employees work remotely. Binance is the world's largest cryptocurrency exchange, with its main businesses being brokerage, digital wallets, venture funds, custody services, data provision services, digital art services and token issuance.

1. Why was Binance Coin created?

Binance Coin is a marketing campaign by Binance cryptocurrency exchange to increase its brand awareness. Binance uses this digital asset to reward traders and reduce their trading fees. Currently, Binance Coin has achieved its goal, and more and more traders use Binance Coin to further reduce the 0.10% handling fee they have to pay when using Binance cryptocurrency exchange.

2. What technology does Binance Coin use?

Binance Coin was originally created using the Ethereum blockchain before migrating to the Binance platform. Now, Binance Coin runs in sync with Binance Chain, which uses the Binance decentralized exchange (DEX) platform and Binance Smart Chain (BSC). Binance Smart Chain has smart contract capabilities and can be used to develop blockchain-based applications such as decentralized finance (DeFi) and non-fungible tokens (NFTs).