The Tech Quiz - Season 34

With the prayers of my well-wishers I'm doing great and so do I wish for you all, beautiful people. Today, I'll write on the topic " The Tech Quiz - Season 34" organized by @malikusman1 Here is my view about the concerned topic.

To discuss the Native Token of BSC, First, we should understand the Binance Smart Chain (BSC). So let's begin:

Same as Ethereum, Binance Smart Chain (BSC) is a smart contract that's launched in September 2020. BSC and Ethereum has a similar mechanism of consensus.

Source

Binance Smart Chain (BSC) is a standalone Blockchain which means that it's decoupled from Binance Chain (BC) so that their service did not interrupt each other and new technology can be integrated. BSC runs parallel to BC with compatibility of Ethereum Virtual Machine (EVM) and functionality of smart contract. Instead of decentralization and security, BSC has prioritizes the speed of the network and environmental sustainability. For the faster block generation, it combines both delegated proof of stake (DPoS) and proof of authority (PoA).

BNB is the native token of the Binance ecosystem that includes the Binance cryptocurrency Exchange, BSC and many other services. It's used for paying the transaction fees on the Binance exchange and BSC.

****Features***

1. The total supply is 2 hundred million BNB.
2. Currently as of July 2024, the circulating supply is 150 million BNB.
3. It's a deflationary token which means that there is a burning mechanism which limited the supply and increases the demand.
4. It's transaction fees is low.
5. It provides a fast transactions and therefore, it's accepted widely.

Price history

• The all time low of the BNB was back in October 2017 which was $0.039.
• BNB hit it's all time high of $717 on 6 june, 2024.
• The current price range is around $530-$550 (as of 4 july, 2024).
  
  Source

Exchanges

BNB is widely accepted token due it's flexible and compatible features. It's listed on exchanges that includes binance, coinbase and Houbi.

DEX means decentralized exchange. It operates on a Blockchain, central authority is not involved and allow peer-to-peer transaction. Such exchanges are built on smart contracts ensuring secure and transparent transactions.

DEXs are beneficial in the following sense:

1. It reduces the chance of hacking as it improved security.
2. Users have control over their information so privacy is maintained
3. It has lower transaction fees.
4. No restrictions on trades

Top DEXs on BSC

1. PancakeSwap
2. Mdex
3. Ellipsis
4. 03 Swap
5. AutoFarm
6. Wault Finance
7. Biswap
8. ApeSwap Finance
9. Bakery Swamp
10. Nerve Finance

Limitations

• It has limited transaction capacity and is lower than the traditional exchanges
• It has lower liquidity than the traditional exchanges.

Binance Smart chain and it's native token BNB has a bright future ahead. Binance is the top cryptocurrency exchange with 100M+ downloads. BNB has total supply of $200 million and has deflationary model which means that the burning process is done to reduce the supply. We've seen a massive upward rally in BNB price from it's launched day. It's all time low is $0.039 in 2017 but it has hit an all time high in the previous month ( june 2024) as the price reached to $717.

Source

The current price is making a Higher High (HH) and Higher Low (HL) on 4 hour timeframe and is now and the higher low or support zone. So from here we can see an upward movement in the price.

In the end, I want to say that many people will be agree with me while few may not, this is what the difference of opinion is and that is what leads the world forward.

Thanks for being here!***

inviting @tommyl33 @beemengine and @ripon0630 to take part in the contest.

Regards,
@jalil654