BitBoy Crypto’s New Video Explores Binance History When BNB was $0.15

• BitBoy Crypto YouTube channel analyzed Binance’s proprietary token, BNB, and its ecosystem.
• BNB’s value dropped over 14% due to allegations against Binance.
• Binance’s BNB Greenfield project aims to create decentralized storage infrastructure.

The BitBoy Crypto YouTube channel recently released an in-depth analysis of Binance’s proprietary token, BNB. Introduced in 2017, BNB was originally christened as Binance Coin. However, in 2022, it underwent a rebranding to Build and’ Build, underscoring its commitment to a decentralized ecosystem, a stark contrast to its parent company, Binance, which operates as a centralized exchange.

BNB , with a total supply of 200 million, successfully raised $15 million during its Initial Coin Offering (ICO), with an initial valuation of $0.15 per token. In the 2021 bull market, BNB reached its highest value, exceeding $686 per token. However, the previous week saw a significant drop in BNB’s value, a decrease of over 14%. This was largely attributed to allegations against Binance, the parent company, accusing it of facilitating monetary transactions for Russians.

BitBoy Crypto summarized that the BNB Beacon Chain, established in 2019, was designed to bolster the Binance DEX, Binance’s decentralized exchange. At its inception, the CEO, Changpeng Zhao, made noteworthy remarks.

We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets.

The BNB Beacon Chain operates on a BEP-2 token standard, while its counterpart, the BNB Smart Chain, employs a BEP-20 token standard. The noted crypto influencer further emphasized the complexity of navigating these differing token standards, which can challenge newcomers despite Binance’s reputation for user-friendliness. BitBoy Crypto elucidates that the BEP-2 standard is exclusively functional for governance, staking, and voting and is also utilized for transaction fees on the Binance DEX. However, it’s important to note that BNB tokens based on BEP-2 cannot be transferred to Ethereum-based wallets, such as MetaMask.

Conversely, BNB Smart Chain, known for its cost-effective and simplified token creation process compared to Ethereum, has unfortunately attracted many fraudsters launching deceptive projects. In October 2022, Solidus Labs, a firm specializing in crypto risk surveillance, revealed that nearly 12% of all BEP-20 tokens – the standard BNB chain – were linked to fraudulent activities.

In the video’s conclusion, BitBoy Crypto provides insights into Binance’s most recent initiative, BNB Greenfield, inaugurated in 2023. The project aims to create a decentralized storage infrastructure within the broader BNB Chain ecosystem. Greenfield empowers users and decentralized applications (DApps) to create, store, and exchange data while maintaining full ownership.