- Bitboy Crypto explores Binance’s history, including the launch of BNB Beacon Chain.
- The YouTuber claims the multiple token standards confuse new BNB traders.
- Binance recently launched BNB Greenfield to create a decentralized storage infrastructure.
The BitBoy Crypto YouTube channel shared a new deep dive into Binance’s native token, BNB. BNB launched in 2017 and was initially named after Binance Coin. However, it was renamed Build and’ Build in 2022 to emphasize its decentralized ecosystem, unlike the centralized exchange, Binance.
Featuring a total supply of 200 million, BNB raised 15 million at the time of the ICO, while being valued at $0.15. At the peak of the bull market in 2021, the token hit its all-time-high of more than $686. Last week, BNB fell over 14% due to accusations against Binance of helping Russians “move money.”
BitBoy Crypto recapped that the BNB Beacon Chain was created in 2019 to support the Binance DEX, Binance’s decentralized exchange. During the launch, CEO Changpeng Zhao noted,
We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets.
While BNB Beacon Chain uses a BEP-2 token standard, its sister chain, BNB Smart Chain utilizes a BEP-20 token standard. The YouTuber further highlighted that in contrast to Binance’s user-friendly stance, navigating the different token standards is a struggle for new users. BitBoy Crypto clarifies that BEP-2 is only functional for governance, staking, and voting, and used as transaction fees on the Binance DEX. However, BEP-2 based-BNB tokens can’t be transferred to Ethereum-based wallets, such as MetaMask.
On the other hand, BNB Smart Chain, which facilitates easier and cheaper creation of new tokens compared to Etherium, has been a magnet for scammers creating fraudulent projects. Back in October 2022, crypto risk monitoring company Solidus Labs reported that nearly 12% of the total BEP-20 tokens, which serve as the standard tokens on the BNB chain, were associated with scams.
BitBoy Crypto concludes the video by shedding some light on Binance’s latest project, BNB Greenfield, launched in 2023 with the aim to establish a decentralized storage framework within the larger BNB Chain ecosystem. Greenfield enables users and DApps to generate, store, and trade data with complete ownership.
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