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Why BNB Chain’s development could not bring BNB back to life

2min Read

The BNB Chain ecosystem launches Greenfield blockchain, a data storage solution that leverages Web3 technology. But BNB did not react positively to the news of the launch.

Why BNB Chain's development could not bring BNB back to life

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  • Users and dApps can have full ownership of their data on Greenfield.
  • Greenfield surpassed the industry standard in upload and download speeds during testing.

After a rigorous six-month testing phase, BNB Chain formally announced the mainnet launch of its decentralized storage network Greenfield, marking a “new era for Web3 data ownership.”

Read Binance Coin’s [BNB] Price Prediction 2023-24

Delving into Greenfield

Greenfield is a novel blockchain solution that aims to emulate popular existing Web2 cloud storage solutions in performance while leveraging smart contracts as the underlying technology.

By using the storage-oriented network, users and decentralized applications (dApps) can have full ownership of their data and store them in clouds for security. To the contrary, Web2 solutions like the Amazon Web Services (AWS) give centralized entities control over data.

The Greenfield network works in tandem with storage providers (SPs). The SPs are storage service infrastructures that respond to user requests to upload and download data. SP’s then store the data off-chain with redundancy and backups.

Additionally, Greenfield would have a native bridge to BNB Smart Chain, the EVM-compatible blockchain of BNB Chain. With this, the data created on Greenfield could be integrated with DeFi applications, thus unlocking new use cases and business models.

BNB Chain stated that the network facilitated more than 200,000 on-chain transactions with a unique address count of 150,000 as part of the testing stage. Moreover, it was claimed that Greenfield surpassed the industry standard in upload and download speeds.

During stress testing, the uplink bandwidth was found to be 30 M/sec, while the downlink bandwidth reached 300 M/sec.

How did BNB react?

As per an earlier overview document, Greenfield’s native token for gas and governance would be BNB. Despite the deep linkages, the fourth-largest crypto didn’t react overwhelmingly to the news of the launch.

At the time of writing, BNB was valued at $213.45, with marginal gains of 0.24% from yesterday, per CoinMarketCap.

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

Surprisingly, the launch also couldn’t raise the social bar for BNB. Discussion on crypto-focused social groups fell sharply, indicating that BNB wasn’t on public radar.

Moreover, the Weighted Sentiment plunged into negative territory. This implied that negative commentary around the asset exceeded the positive talk around it.

Source: Santiment


Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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