Binance’s BQX is an ERC20 token that will be used on the Binance Chain. BQX will be a native token on the Binance Chain and will be used for various purposes such as paying transaction fees, participating in governance, and staking.
BQX is an abbreviation for “Binance coin exchange”. The name was chosen because the project’s goal is to create a decentralized exchange on the Binance blockchain.
The team behind BQX believes that this will create a more secure and efficient way to trade cryptocurrencies.
The BQX token sale was held in June of 2017 and raised $15 million. The token is currently traded on major exchanges such as Binance, OKEx, and Huobi.
The use of ERC20 tokens on the Binance chain is a key feature that differentiates it from other blockchains. ERC20 tokens are compatible with existing Ethereum wallets and smart contracts.
This compatibility allows for a smooth transition for users of Ethereum-based platforms looking to use the Binance chain.
The team behind BQX has plans to use the token to create a decentralized exchange, however, the token can also be used to pay for transaction fees on the network. In addition, holders of the token will be able to participate in governance decisions about the network.
For example, they will be able to vote on proposals about how the network should be run.
Lastly, the team plans to use a portion of the tokens for a staking program. The staking program will allow users to lock up their tokens in return for rewards.
These rewards will come from transaction fees collected by the network.
The BQX token is an important part of the Binance ecosystem and has a variety of uses. The team behind the project has ambitious plans to use the token to create a decentralized exchange.
The token also has utility as a means of payment and participation in governance decisions about the network.