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Binance launches Greenfield Whitepaper, more utility for BNB: Details inside

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  • Binance released a whitepaper for its Web3 blockchain project.
  • Binance Coin (BNB) will be used as gas and payment on the new network.

According to a post by BNB Chain on 1 February, Binance has reportedly issued a whitepaper for its Greenfield Web3 storage project. Once the whitepaper was made available, it began the process of preparing the newest project on the Binance Chain for its eventual launch and use.

How much are 1,10,100 BNBs worth today?

In addition to the existing BNB Beacon Chain, which handles governance and security for Binance Coin [BNB], and the BNB Smart Chain, which is used to deploy smart contracts, BNB Greenfield is a new decentralized storage blockchain.

The BNB Chain project’s core team is leading the charge on the testnet, with assistance from the community development teams at AWS, NodeReal, and Blockdaemon. 

Further, BNB Greenfield will be focusing on a distributed storage network with smart contract interfaces for Web3 applications. It will function as part of BNB Chain’s decentralized storage infrastructure, which provides end-users and decentralized applications full access to their data.

BNB is the winner

Binance Coin will undoubtedly emerge as the winner of the whitepaper. Reportedly, BNB will function as the blockchain’s utility coin, and will be used as gas and payment for Greenfield’s storage. Additionally, BNB will be used for staking, as BNB Greenfield uses Proof-of-Stake based on Tendermint-consensus for its security. These tools will be built to increase the token’s utility and boost its demand.

Binance rallies in a short time frame as MVRV falls

A short-term analysis of Binance Coin revealed that it increased in value. On a chart with a six-hour time frame, the asset rose by about 0.3% and was trading close to $309. The chart also displayed the asset’s Relative Strength Index on the neutral line, indicating a positive trend, albeit a weak one.

Binance Coin (BNB) price move

Source: Trading View

Realistic or not, here’s BNB’s market cap in BTC’s terms

Additionally, a review of Binance Coin’s 30-day Market Value to Realized Value (MVRV) Ratio revealed a decline in profitability. Its MVRV was approximately 0.8% as of this writing. Despite the low MVRV, the current position offers interested investors the ideal entry point.

Binance Coin (BNB) MVRV

Source: Santiment

The Greenfield initiative represents Binance’s effort to establish a presence in the Web3 market. Additionally, it is a sign of potential future usage for BNB, which can spur a price increase.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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