Binance Coin- is the crypto currency of the “Binance” trading platform. Binance is a Chinese crypto exchange on which only crypto currencies can be exchanged for other crypto currencies.
The term “Binance” is made up of “binary” and “finance”, which makes it clear that only digital means of payment are traded on the exchange. At the beginning of the year, the run on Binance was so great that its website was unable to accept new registrations for several days. The purpose of this development is to create a token that can be used to pay fees on the platform.
Binance Coin – What is this crypto currency for the Bitcoin trader?
The abbreviation for the Binance Coin is BNB. It is a token that can be used on the Binance exchange to be exchanged for other crypto currencies by the Bitcoin trader. Additional applications include the payment of trading, transaction and listing fees. The crypto currency is based on Ethereum’s ERC 20 Token Standard and used by Bitcoin trader.
For some time, 200 million BNB coins will be in circulation, later reduced to 100 million. Half of the 200 million coins were sold at the ICO. The ICO is the “Initial Coin Offering”, the first issue of coins in large quantities. A good 40 % remained with the developers of the coin and 10 % went to Angel investors. These are investors who bought a large number of coins all at once.
If one pays fees on the exchange stock exchange with the crypto currency, a discount results
In the first year of use the discount is 50 % on all fees, in the following year it is 25 %, in the third year again half as much, 12.5 % discount and in the fourth year 6.75 %. From the fifth year onwards there is no longer any discount on the payment of fees via NBB. The fees are paid for transactions and are calculated at 0.1% of the trade amount. This is the real purpose of the crypto currency, similar to the GAS of Neo-Coin.
In the course of time the marketplace wants to buy back 100 million coins. The tokens are to be devalued, which will increase the value of the remaining coins. Since the coins cannot be mined and no new coins are generated, the figure will remain at 100 million.
Lightning Labs has announced the beta version of Bitcoin Lightning Network, as reported on Friday.
Atomic Multipath Payments with Bitcoin profit
Lightning Labs, however, presented its features and was able to make a major contribution to solving some of these security concerns for Bitcoin profit. Among these are the Atomic Multipath Payments (AMPs) so called send limits within a channel. The function allows to split large Lightning transactions into many smaller ones when they are sent over the Lightning network, and then automatically merge them again. The respective party only sees the total amount of the transaction without knowing that Atomic Multipath Payments was used for Bitcoin profit.
Earn money by operating a Lightning Node
It is interesting to note that it will be possible to earn money through a Lightning Node in the Lightning Network. The goal is that the more nodes in circulation, the less hops (payment channels) need to be used to send the transaction.
Bitcoin code Lightning in the Mainstream Direction
This version has a remarkable functionality. A new specially designed wallet seed, deep compatibility, comprehensive error-tolerance logic, a variety of bug fixes and much more are included in the Bitcoin code beta release which can be found here: Is The Bitcoin Code a Scam? Beware, Read our Review First
The Bitcoin Lightning network has also been criticized by a number of Bitcoin experts. Security considerations and a lack of experience as to how this technology would actually work in practice had sparked some discussion. Peter Todd, Bitcoin’s core developer, also warned against too rapid a release.
Big day for #Bitcoin, Lightning goes live on mainnet! The Lightning Network enables instant transactions between participating nodes and is seen as the solution to the Bitcoin scalability problem. LN will increase #Bitcoin transaction speed and reduce the fees.
Cross Chain Atomic Swaps
Many are eagerly awaiting the Cross Chain Atomic Swaps. Simply put, with the Lightning network it is possible to send a crypto currency that arrives as another crypto currency. For example, users would be able to send Bitcoin from one end and receive Litecoin from the other. A third instance like a stock exchange would then no longer be necessary. The first Cross Chain Atomic Swap transaction has already been done with Bitcoin and Litecoin.