BNB wallet

The primary utility cases of BNB include:

• Reduced fees on trading, listing, and other fees when paid directly in BNB.
• BNB is a crucial base asset and functions as ‘gas’ on the new Binance DEX.
• Increasing ROI from BNB quarterly burns and rebates via trading fees.

Importantly, on the Binance exchange platform, trading fee rebates via BNB diminish every year according to the following schedule:

• 1st year — 50 percent
• 2nd year – 25 percent
• 3rd year – 12.5 percent
• 4th year – 6.75 percent5th year – No discount

Every fiscal quarter, Binance burns (i.e., destroys) an amount of BNB that correlates to the quarterly profit of its exchange platform. Burning of the BNB token will continue until 50 percent (~ 100 million) of the initial supply is terminated.

Binance officially migrated the BNB token, which was originally an ERC-20 token on Ethereum, to its native Binance Chain on April 23rd, 2019. Binance no longer supports the withdrawal of ERC-20 BNB tokens on the exchange, but continues to support the token swap from ERC-20 token to the Binance native chain. Binance Chain BNB tokens fall under the BEP-2 token standard for the blockchain.

When you first buy token, you’re issued with two keys: public and private.

• A public key serves as an address that can be shared with other parties to perform transactions.
• A private key represents a randomly generated number that signs transactions and protects your assets from malicious attacks. If it gets compromised or lost, you won’t be able to access your crypto wallet to spend, withdraw, or transfer your coins.

To safeguard and keep track of your keys, you can use online or offline wallets. Online wallets, also known as hot wallets, store private keys on systems or devices that are connected to the internet. Hot wallets are easy and convenient to use, however, they come with several drawbacks. Besides being susceptible to attacks and a honeypot for hackers, with hot wallets, the custody of private keys is often entrusted to a third party such as a crypto exchange, which means you never have full control over your funds. The safer choice are specialized hardware wallets that store private keys offline. Stealing private keys from a hardware wallet would require physical access to the wallet and corresponding PIN or the recovery phrase. What’s more, with hardware wallet, you don’t need to rely on third party custodians.

Ledger Nano is the industry-leading hardware wallet. With more than five million customers, Ledger Nano wallets have several layers of security that protect private keys, and hence your assets:

• Your private keys are stored on secure element chips.
• A PIN code and a 24-word recovery phrase are required to access the wallet.
• Ledger Nano crypto wallets have been built using highly durable materials for protection against physical damage.

With full isolation between private keys and your computer/mobile, Ledger Nano hardware wallets keep your keys secure and give you complete control over your assets.