Binance Exchange Update the White Paper of Binance Coin (BNB)
With the recent update on Binance Coin (BNB) White paper by Binance which is devoted to quarterly manipulation. The old version of white paper is reportedly said to be backed up on the Internet Archive Wayback Machine as on Feb 8.
So as per the Section “Repurchasing plan” stated in the older version, it states that the firm would buy back BNB after each quarter with the use of 20 percent from there profit. Then destroying (burn) them until the Exchange firms buy 50 percent of all the 100 million BNB back.
As in the new version of the white paper, Binance has reportedly replaced “Repurchasing Plan” with “The Burn” section.
Binance exchange will buy BNB coin from the profits every quarter and the exchange will destroy BNB based on the trading volume on its crypto platform until they destroy 50% of the total BNB.
Binance older white paper version vs. updated version
The conclusion to both the version is that the exchange will be eventually be destroying 100 million of BNB and hence leaving the other 100 million BNB.
The previous version of Binance white paper was captured on Wayback Machine on 8th of Feb while the newest version appeared on 13th of March.
The description in the website remained the same which stated that 20 percent of the profit will still be burned as per the process described by the White paper. Says Binance spokesperson to a crypto news outlet The Block Crypto.
So as to address this change, Binance CEO Changpeng “CZ” Zhao confirmed the news and said that the exchange does not repurchase any of the BNB but simply reducing the supply by burning the BNB tokens.
CZ further added:
“We recently updated our whitepaper to better describe how we actually conduct the burn. For example, we removed the buy back reference because we actually don’t repurchase BNB and simply reduce the supply by burning BNB. We also removed the profit language because some regions tend to associate profits with securities, and we would like to distance BNB from that. So going forward, we plan to describe the burn this way, and burn what we burn.”
Yesterday Bitcoinik reported that Binance launched the mainnet for selected partners and the BNB tokens are swap to the main blockchain on 23 April. Binance will no longer support the ERC-20 BNB tokens deposits and withdrawals.
