The Binance Ecosystem consists of networks, exchanges and protocols. BNB is also used for gas fees on both chains. Traders using the Binance Exchange or Binance Exchange for US can use BNB for trading fees and receive a discount on those fees. Binance has since migrated away from Ethereum and onto the Binance Chain and BNB Chain as BEP2 and BEP20 tokens.

This tutorial will cover the following:īinance Coin started as an ERC-20 token on the Ethereum blockchain in 2017. Table Of Contentsīinance Coin (BNB) is a cryptocurrency that allows its hodlers to earn passive income through staking. When staking is in the news, it’s just another reason why we are dedicated to providing you with staking info! Reminder – By bookmarking this tutorial you can easily get back here when it’s time to modify your stake. Speaking of newsworthy, the Ethereum Foundation Blog, recently explained that upon shifting Ethereum from PoW to PoS, the power consumption will be reduced by an estimated 2,000X!!! Ethereum’s power consumption will no longer be “…on the scale of countries, provinces, or even cities, but that of a small town…” (1). The reason being, blockchains using Proof of Stake (PoS) as the consensus mechanism come with newsworthy benefits over blockchains that rely on Proof of Work (PoW) consensus. Staking has become the status-quo among many cryptocurrency projects in the digital asset industry. The information herein is not financial advice, these tutorials are created to equip you with enough information, so you can decide if it makes sense to add staking to your cryptocurrency portfolio. As a writer for, I feel that it is important to create the most informative tutorials which show cryptocurrency investors, like you, the process of staking, what to expect upon/during/after staking, the passive income potential and any other important information regarding the process.

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