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What is Paxos Standard Token (PAX)?

PAX issued by Paxos Trust Company is the main regularized cryptoasset in the world, it is based on the Ethereum ERC20 network, being a standard token that provides great speed, flexibility, and sending, storing and receiving in Ethereum wallets. It is also called a stable coin because it is associated with and supported by the fully protected 1:1 US dollar.

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What is Binance Coin (BNB)?

Binance Coin was created with the purpose of making trading transactions easier and better for all investors. This crypto was launched by the Binance platform, it is based on Ethereum token ERC20, to hold the trades that are made within the Binance exchange platform. BNB is different from the other cryptocurrencies compared to Bitcoin, this crypto cannot be mined because all the tokens were already mined by Binance at its inception. It also has an open-source software built by a cluster system. To increase the security of the system it has its organization on a data carrier with several allocation units and accelerate data research.

Advantages and Disadvantages of the Blockchain

Advantages

- It is focused on safety and security. It also offers many more guarantees than other traditional databases. - The blockchain is based on decentralization, this means that no government or organization can modify or change the crypto prices or the value of the assets. - Transactions are very fast.

Disadvantages

- It will take time to adapt globally because its innovation has difficulty to be implemented in companies and organizations since for the initial installation it has a high price. - One of the problems of the blockchain is that it is unalterable, this means that if there is a mistake or we are victims of a scam and we send cryptos to a false and cheating address we will not be able to recover them and we will lose them. - Depending on how saturated the network is, the speed will depend on it. The Blockchain is still in the process of solving this problem.

Comparison between Paxos Standard Token (PAX) and Binance Coin (BNB)

Paxos Standard Token (PAX)

• It was created on the Ethereum ERC20 network. • PAX was founded in 2012. • Its main use is to limit the volatility of cryptoassets. • For the future, it is expected that its use will expand and will also be used by consumers to make stable value transactions outside the United States. • To obtain PAX tokens, USD must be transferred to the token issuer's bank account.

Binance Coin (BNB)

• It is also based on the Ethereum ERC20 block sequence. • BNB was launched in 2017. • We can use it to earn passive income by making investments in BNB, and thus employ for our benefit the volatility of the crypto market. • It is limited only to exchanges on the Binance platform, and for this reason it will not spread like the other cryptocurrencies. • In the case of Binance Coin BNB we can only make its purchase only and specifically on the Binance exchange house.

Conclusion

In short both blockchain have their similarities and also their differences, we can say that PAX is built on Ethereum network as well as BNB. We know that Paxos Standard Token (PAXOS) is in research for rebuilding the foundations to make it a reality to move any asset anywhere in the world fast and instantly. In the case of Binance Coin BNB is being favorable for traders, because with a single button they can pay commissions and also get discounts, but all within the Binance platform.