BNB coin, also known as Binance Coin, was launched in July 2017 as an ERC-20 token on the Ethereum blockchain. It was created by Binance as a way to incentivize users to trade on their platform and to pay for fees at a discounted rate.

In April 2019, Binance launched its own blockchain platform, Binance Chain, and migrated BNB from the Ethereum blockchain to the new platform as a native token. The migration allowed for faster transaction speeds and lower fees.

BNB uses a proof-of-stake (PoS) consensus algorithm, where users can stake their coins to participate in the network and earn rewards for validating transactions. The total supply of BNB is capped at 200 million coins, with a portion of the supply being burned periodically to reduce the total supply over time.

In addition to being used for trading fees on the Binance exchange, BNB can also be used for other services offered by Binance such as purchasing virtual gifts on their social media platform, Binance Launchpad, and Binance DEX. Binance has also introduced Binance Smart Chain, a parallel blockchain to Binance Chain that allows for the creation of smart contracts and decentralized applications (dapps) using BNB as gas fees.

Overall, BNB has become a popular cryptocurrency due to its utility within the Binance ecosystem and its potential for further growth as Binance continues to expand its offerings.