- 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.
BNB Chain is excited to announce the release of the BNB Greenfield whitepaper.
[1/7] 🧵… pic.twitter.com/tlCi77ZwPb
— BNB Chain (@BNBCHAIN) February 1, 2023
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.
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.
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.