GAINS Binance Quiz April 2020
How well do you know the largest cryptocurrency exchange in terms of trading volume in the industry, Binance? We tested your knowledge and had some interesting responses. Find below answers to the quiz.
Question 1. What is the ATH ROI of Binance Coin $BNB?
100 million BNB tokens were sold during the ICO, raising $15 million with a token price of $0.15. At its all-time high price of $39.79 for one BNB, this represents a 265X ROI in USD terms.
Question 2. What is the full name of Binance’s CEO?
Answer: Changpeng Zhao
Affectionately called CZ, Changpeng Zhao is a Chinese-Canadian business executive, who is the founder and CEO of Binance. CZ was born in China, and migrated to Canada in the late 1980s. In his teenage years, Zhao helped support his family by working a number of service industry jobs which included being a McDonald’s employee.
In February 2018, Forbes Magazine placed CZ third on its list of “The Richest People In Cryptocurrency”.
Question 3. How frequent is the Binance coin burn?
Answer: Once every quarter
BNB token management involves burning events that take place every quarter. Tokens are acquired for burning purposes through exchange fees, OTC markets, or sold on the market and bought back later for the burn. The token burns are paid for with 20% of the total exchange profits from the quarter.
Question 4. What is the token supply as of April 2020?
After going through 11 burns, there are 179,883,989 BNB in circulation.
This burn, which represents activity across Binance spot, margin, and futures exchanges, as well as the various solutions, divisions, and partners that use BNB, from January to March 2020, permanently took away about 52.5 million USD worth of BNB out of circulation. This is the biggest BNB burn ever recorded, in terms of both BNB and fiat volume.
Question 5. How many orders are processed on Binance per second?
Binance handles over 1,400,000 orders per second. This translates into over 120 billion orders daily.
Question 6. CZ bought his first BTC in 2014 after selling his…
In 2014, CZ sold his Shanghai apartment for about $1 million to use this money on Bitcoin. As of September 2018, his net worth is estimated at $1.4 billion. What an investment!
Didi Taihuttu, another entrepreneur, also sold his house for Bitcoin. Do you know anyone else who did that?
What’s the most expensive thing you’ve had to part with to get some crypto?
Question 7. The word Binance is the combination of which two words?
Answer: Binary Finance
The name “Binance” is based on a combination of the words binary and finance.
Question 8. What does SAFU mean?
Answer: Secure Asset Fund for Users
The term Funds are SAFU was not ‘really’ created by Binance. During an unscheduled maintenance, Changpeng Zhao (CZ), the Binance CEO, tweeted out to users stating: “Funds are safe”. After this, the phrase “Funds are safe” became regularly used by CZ to ensure users were aware that their funds were, in fact, safe.
Later, on May 19, 2018, a content creator named “Bizonacci” uploaded a video, titled “Funds Are Safu” on YouTube. The video quickly spread and became a viral meme, and the community began using the phrase “Funds are safu”.
Binance adopted the new term later in July 2018 in the aftermath of trading irregularities that saw at least one user purchase one Syscoin (SYS), worth about $0.26, for the equivalent of $625,000 in bitcoin.
On the 3rd of July, 2018, Binance announced that it would create a Secure Asset Fund for Users (SAFU) to protect the future interests of all users. Binance allocates 10% of all trading fees received into the SAFU cold wallet to offer protection to our users and their funds in extreme cases.
Question 9. On May 8, 2019, Binance was hacked. How much in BTC was taken by the hackers?
Answer: 7074 BTC
The hackers were able to transfer 7,074 BTC worth over US$40 million at the time.n one transaction from the company’s hot wallet.
Binance claims the attackers used a range of techniques including phishing and malware to carry out the hack. The attack managed to circumvent Binance’s security checks, but after noticing the strange activity, the exchange blocked all withdrawals.
After receiving backlash from the crypto community for suggesting they were considering a rollback of the Bitcoin blockchain, the exchange opted to use their SAFU (Secure Asset Fund for Users) emergency insurance fund, to reimburse accounts affected by this breach. The theft impacted about 2% of its total bitcoin holdings.
Question 10. When will the BNB token burn end?
Answer: When 50% of the total supply is destroyed
Coin burning is the process of permanently removing coins from circulation, reducing the total supply. The BNB burning events are scheduled to take place every quarter until 100,000,000 BNB are finally destroyed, which represents 50% of the total BNB ever issued (200,000,000 BNB). However, the amount of BNB coins to be burned is based on the number of trades performed on the exchange within a 3-months period. So after each quarter, Binance burns BNB according to the overall trading volume.
Question 11. Which exchange did Changpeng Zhao work at before becoming Binance CEO?
CZ was previously a member of the team that developed Blockchain.info and also served as chief technology officer of OKCoin. In July 2017, Zhao left OKCoin to start Binance, following a $15 million funding raised during an initial coin offering.
Question 12. What are the ways to get listed on Binance?
The options given are community coin vote, paid listing and hosting an Initial Exchange Offering. The most popular Binance DEX coin for the month isn’t listed automatically. Binance has about 10 different requirements that a project listed on its DEX will have to meet to qualify for a Binance.com listing, and not necessarily being the most popular. Also, Binance lists projects at random at any point in time, instead of at a rate of “at least one a month”.
Question 13. How many projects are being sponsored by Binance Charity?
The known projects that are sponsored by the charity arm of Binance are 21. Binance is one crypto company that makes a lot of contributions to charity. You can read about them in our article on the contribution of crypto companies to the fight against the coronavirus
Question 14. What was the first coin to do an IEO on Binance
30M GTO was sold in total for a sale that had both an ETH and BNB sessions. Gifto is a project led by Asian Innovations Group Limited (AIG). After the Binance Chain was launched, Gifto abandoned Ethereum and migrated over to Binance Chain. These days, there is no ETH session. IEOs involve holding BNB over a set period of time, as well as going through a lottery of winning tickets.
Question 15. Which of the following companies was acquired by Binance in 2018?
Answer: Trust Wallet
Binance made its first acquisition in 2018 after it snapped up mobile wallet company Trust Wallet, for a mixture of cash, Binance stock, and a portion of its BNB token. U.S.-based Trust Wallet remained independent following the deal with Binance assisting the running of the admin side of the business and in non-technical areas like marketing.
Out of the options given during the quiz: JEX, WazirX, Trust Wallet, and Dappreview, Trust Wallet is the right option. All the other options are owned by Binance but Trust Wallet is the only one bought in 2018.
Question 16. When was the Binance Coin ICO held?
Answer: July 2017
The BNB ICO occurred in 2017, from July 1st to July 21st. Notable investors and advisors included Matthew Roszak, Roger Ver, Chandler Guo, Zhao Dong, and Da Hongfei.
Roger Ver is the creator of Bitcoin Cash, the fifth-largest cryptocurrency by market cap. He is also the world’s first investor in Bitcoin startups.
Chandler Guo is an angel investor in Bitcoin and Ethereum Classic startups Bitangel including Btc123.com, Bitbank.com, Bw.com, Bitfund.pe, Richfund.pe, etcchain.com, qtum.org, and bither.net.
Da Hongfei is the co-founder of NEO and also the founder and CEO of Onchain.
Zhao Dong is a bitcoin billionaire and one of China’s biggest over-the-counter (OTC) traders. Zhao Dong is known to have lost 9000 BTC in a day. 😮
Matthew Roszak is a leading blockchain investor, entrepreneur, and advocate. He is chairman and co-founder of Bloq, a blockchain technology company — and the creator of Metronome, a next-generation cryptocurrency.
Question 17. What price did CZ advise you to slap yourself if you sold BTC under?
On August 2, 2019, CZ tweeted that you should slap yourself if you sold BTC under $10k. Bitcoin was trading above 10.5k at the time of the tweet. At Bitcoin’s current price, you don’t have to wait until the 1 year anniversary of this quote (4 months away) to slap yourself double for still selling BTC at its current price. Time to load it up!
Question 18. What is the average daily trading volume for Binance DEX?
The Binance DEX launched in February 2019, has an average daily trading volume of $400k which ranks it 187 among exchanges listed on CMC.
Question 19. What is the highest leverage offered on Binance Futures exchange for the ETH/USDT trading pair
Bitcoin Futures go up to 125x while Ethereum Futures go up to 75x. Binance Futures also allows trading for Bitcoin Cash, Dash, Basic Attention Token, Stellar Lumens, Ripple, EOS, Link, Litecoin, Tron, Tezos, Binance Coin, Ontology, VeChain, NEO, Qtum, Iota, IOST, Atom and Monero.
Question 20. What happens to dust on Binance:
Answer: You can convert it to BNB
Within a cryptocurrency exchange, the term dust refers to small fractions of cryptocurrencies that are left from trades. Most exchanges have a minimum trade requirement, meaning that these small amounts are unable to be transacted.
Fortunately, Binance allows you to convert your dust into BNB. In order to qualify the dust must have a value less than 0.001BTC. You can convert multiple coins at the same time. This operation can be completed once every 24 hours. However, it is not possible to convert delisted coins.
We hope you enjoyed this short and fun quiz and learned a few things. There will be more! Keep on learning with GAINS! Congratulations to all the winners.
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