Understanding the BNB Coin & Wallet: Overview, Uses, and Audit Process

by ImmuneBytes
BNB coin

Binance Coin (BNB), the exchange token of Binance is now the third-largest cryptocurrency by market capitalization, after a jump of more than 100% in the last 7 days. The total market cap of BNB crossed $38 billion, more than Tether (USDT) and Cardano (ADA).

Source: https://www.coingecko.com/en/coins/binance-coin

Overview BNB Coin:

Binance Coin (BNB) is a crypto-coin, created by Binance in 2017, that is used to trade and pay fees on the Binance cryptocurrency exchange. This coin runs on the Ethereum blockchain with standard ERC 20.

Back in 2018, Trust Wallet joined the Binance ecosystem, as the official mobile wallet of Binance. It provides a safe and easy place to store funds. It includes a built-in Web3 browser, allowing users to venture through the applications of the decentralized internet seamlessly and safely.

Features of BNB Coin:

Binance has capped the BNB supply at 200 million tokens. 100 million tokens were released to the public during the ICO, while 80 million were allocated to the founding team and 20 million to angel investors.

The BNB has garnered support from the community because of the features it offers, namely:

  • Incentives for Binance Users: Binance offers incentives to those who own BNB. If Binance users opt to pay exchange fees in BNB, they receive a discount (starting at 50%, and getting halved each year until expiring in July 2021).
  • Invest in other ICO’s: Binance allows its users to use BNB coins to invest in certain ICOs that are listed through Binance’s Launchpad program
  • Burning BNBs: Consistent coin burns with increasing burn percentage as per the scheduled plans indicate the Binance exchange’s profitability.

Features of Trust Wallet: 

Trust Wallet is composed of many exciting features including market monitoring, custom networks, test networks, a native DEX, and deep integration with Binance’s infrastructure. Let’s see some of them in detail: 

  • Freely Available: Trust Wallet is available for free download without any hidden charges. Although naturally, as with any blockchain product, you’ll have to pay network transaction fees.
  • Staking: It supports the staking of multiple cryptocurrencies, including Tezos, Tron, Cosmos, Algorand, and more.
  • Private and Secure: Sharing one of the core values of Binance, Trust Wallet is carefully designed to keep funds safe. Furthermore, none of the user’s data is ever collected or stored, keeping their identity safe. 
  • Multi-asset: It supports 40+ blockchain platforms, implying there are hundreds of thousands of supported cryptocurrencies and tokens. 
  • Decentralized yet Easy to Use: Being a decentralized wallet, users have full control of their private keys and ultimately complete freedom over their crypto. Users can send crypto to regular blockchain addresses, QR codes, or simple address names.

Uses of BNB Coin

  1. Trading: Binance Coin can be traded for other cryptocurrencies on various exchanges, depending on the restrictions set by the exchange.
  2. Transaction fees on the Binance Exchange: BNB is used to pay for transactions on the Binance Exchange, and as mentioned, users also receive an incentive for doing so.
  3. Payment processing: Several merchants offer BNB as a means of payment for customers, offering more flexibility.
  4. Entertainment: From paying for virtual gifts to buying lottery tickets, it serves several purposes in the entertainment space.
  5. Investment: Several platforms allow investors to invest in stocks, ETFs, and other assets using Binance Coin.
  6. Loans and transfers: These can be used as collateral for loans on certain platforms. 

Uses of Trust Wallet

  • Safe yet Feature Packed: Being easy to use and understand, it offers a whole lot of useful features. Besides the usual sending and receiving of coins/tokens, Trust Wallet can be used to access DApps, Staking, Lending/Borrowing, and Decentralized Exchanges (DEX).
  • Buy some Bitcoin in under five minutes: It’s as simple as it sounds, you can buy Bitcoin in under 5 minutes using Trust Wallet.
  • Easily earn interest: Trust allows its users to earn interest on the crypto in their wallets in a hassle-free manner. 

Some of the other uses Trust Wallet offers are: 

  1. See your collectibles, art & NFTs in one place.
  2. Track charts and prices within the wallet.
  3. Keep your crypto safe from hackers & scammers.

Recommended for Crypto Token Security Audit

Binance Audit Process

To define the Binance auditing process in concrete phases, we have:

Binance Audit Process

Conclusion 

At this point, Binance is likely the most successful crypto exchange in the world. And with the launch of BSC, many other cross-chain protocols are in the process of being built or deployed on it. Whether you’re interested in investing, making payments, or using DApps, having a cohesive solution for these different activities can prove to be very convenient and very fast.

About ImmuneBytes:

We are a team of India-based security professionals who are skilled in their niche. Although a start-up, you’ll never have to compromise with anything from us. We strive to push forward and provide overall surveillance and quality service to our customers. Get in touch with us to get a security audit for your smart contract. 

Additional Resources
A BEGINNER’S GUIDE TO UNDERSTANDING BINANCE SMART CHAIN (BSC)
LET’S GET STARTED WITH BINANCE SMART CHAIN AUDITING
BINANCE LAUNCHPAD: EVERYTHING YOU NEED TO KNOW

BNB Faucet

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