Forum: Advice / Ask a Parent

Binance
By Thicaltat1974
On Wed Mar 31, 2021 09:16 AM

Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of the trading volume. Binance was founded by Changpeng Zhao, a developer who created the first high-frequency trading software. Binance was initially based in China but later moved out of China due to the increased regulation of cryptocurrency by China.

Binance Coin was created with the intention of operating an original crypto asset, called BNB, which means an alternative way to pay for fees to merchants using the exchange. Withdrawal fee, which is charged when users move their cryptocurrency from the exchange to a private wallet. BNB can also be traded for other cryptocurrencies. Binance Coin is an Ethereum-based (ERC-20) token that can be used to trade cryptocurrencies and pay fees on the Binance Exchange. The BNB token can be used to pay a fee on the exchange, with the incentive that Binance offers a rebate as an incentive for up to five years of membership.

Duality differs from other crypto exchanges in that it deals purely in cryptocurrency as opposed to exchanges that deal in fiat currencies. Founder Changpeng Zhao's vision for Binance Coins was to compete with other exchanges, offering solutions to many of the problems seen with cryptocurrency trading infrastructure. Binance chains have used the Tendermint Byzantine-fault-tolerant (BFT) consensus mechanism. The system includes several different types of nodes: valid nodes, selective community members that validate transactions; Witness nodes, which witness the process of consensus and broadcast transactions to other nodes; And accelerator nodes, which are owned by organizations and speed up the transaction verification process.

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