In an unexpected turn of events, Binance Coin is making headlines… headlines which seem to imply that BNB could steal the throne from BTC. If you know anything about cryptocurrency, you’ll know that this is a bizarre idea based on a limited understanding of this industry, but since this Forbes BNB article ran, we’re going to cover this concept.
Let’s start out by covering just how different Bitcoin and Binance Coin are.
Bitcoin and Binance Coin Aren’t the Same Thing
First things first: Bitcoin is a payment network based on a blockchain and using a consensus mechanism called Proof of Work. In Proof of Work, miners (powerful blockchain-driving computers) verify Bitcoin transactions, introduce new BTC to the system, and keep the global network secure.
Binance Coin is also a cryptocurrency, but this is pretty much where the similarities end. Binance Coin doesn’t have miners. Instead, it’s run using a consensus mechanism called Delegated Byzantine Fault Tolerance. dBFT is complicated. Created by NEO’s Eric Zhang,…