More Use Cases for BNB

News by Altcoin Buzz: Ifeanyi

Alchemy global payment solutions have announced its support for Binance Coin (BNB). Thus, adding BNB to its list of already existing coins.

In a tweet, Alchemy stated payment solutions now enable online and offline merchants to accept Binance Coin (BNB). This is a payment method among other popular cryptocurrencies.

What Binance Coin (BNB) brings to the table?

Binance is different from other crypto exchanges because it transacts purely using cryptocurrencies, unlike exchanges that deal in fiat currencies. Binance has the vision to compete with the other exchanges. This is by offering solutions to the numerous problems within the cryptocurrency trading infrastructure.

Binance Coin (BNB) is an Ethereum-based (ERC-20) token. Traders can use BNB for trading cryptocurrencies and paying for fees within the Binance exchange.

In terms of the network design and security model, BNB started as an Ethereum-based (ERC20) token. But, eventually moved towards its custom blockchain, dubbed the Binance Chain. Contrary to Ethereum, Binance Chain does not support smart contracts.

Binance Chain utilizes the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism. Accordingly, the system involves different types of nodes: validator nodes, select community members who vote to validate transactions; witness nodes. It witnesses the consensus process and broadcast transactions to other nodes; and accelerator nodes.  Organizations own them and can speed up the transaction validation process. The fees collected are distributed among all validators after the production of blocks.

According to Weiss Ratings, Binance Coin is successful because it is centralized. Therefore, the token now has more than 83 use cases.

The coin price has also risen severally. On one occasion, the Binance coin (BNB) price pumped by 14% following Binance launchpad announcement.

What to know about Alchemy

Alchemy is a leading hybrid-crypto-and-fiat mobile payment company in Asia. The company provides open-source protocols and rapid product development platforms for our ecosystem partners. This helps them have access to fast, secure, convenient, flexible and fast-growing global payment solutions.

Accordingly, the payment solutions are built based on the decentralization, smart contracts and consensus mechanisms from the blockchain technology.