Mystery auction: 5 BNB

What is Binance Coin (BNB)? BNB was launched through an initial coin offering in 2017, 11 days before the Binance cryptocurrency exchange went live. It was originally issued as an ERC-20 token running on the Ethereum network, with a total supply limited to 200 million coins and 100 million BNB offered in the ICO. However, ERC-20 BNB coins were exchanged with BEP2 BNB at a 1:1 ratio in April 2019 with the launch of the Binance Chain mainnet, and are now no longer hosted on Ethereum. BNB can be used as a payment method, a utility token to pay fees on the Binance exchange and to participate in token sales on the Binance launch platform. BNB also powers Binance DEX (decentralised exchange). Can I mine BNB? You cannot mine BNB as you would a proof-of-work cryptocurrency, as the Binance blockchain uses the Byzantine Fault Tolerance (BFT) consensus mechanism. Instead, there are validators who gain by securing the network by validating blocks. What does the BNB burn down mean? Before BNB migrated to Binance Chain, Binance performed coin burning on the Ethereum network using a smart contract burning function. The amount of coins Binance burns is based on the amount of trades on the exchange over three months. Since the launch of Binance Chain, BNB coin burns no longer take place on the Ethereum network and now use a specific command in Binance Chain, rather than a smart contract.