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

According to a post from BNB Chain on February 1, Binance has reportedly released a white paper for its Greenfield Web3 storage project. Once the white paper was available, it began preparing the latest project on the Binance Chain for final launch and use.

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

In addition to the existing BNB Beacon Chain, which handles management 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 core team of the BNB Chain project leads the lead on the testnet, with help from the community development teams of AWS, NodeReal, and Blockdaemon.

Furthermore, BNB Greenfield will focus on a distributed storage network with smart contract interfaces for Web3 applications. It will function as part of BNB Chain’s decentralized storage infrastructure, providing end users and decentralized applications with full access to their data.

BNB is the winner

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

Binance rises in short while MVRV falls

A short-term analysis of Binance Coin revealed that it increased in value. On a six-hour time frame chart, the asset was up about 0.3% and trading near $309. The chart also showed the asset’s relative strength index at the neutral line, indicating a positive trend , albeit a weak one.

Source: Trade View

Realistic or not, here is the BNB market cap in terms of BTC

In addition, an assessment of Binance Coin’s 30-day market value to realized value (MVRV) ratio revealed a drop in profitability. The MVRV was about 0.8% at the time of writing. Despite the low MVRV, the current position offers interested investors the ideal entry point.

Source: Sentiment

The Greenfield initiative represents Binance’s efforts to be present in the Web3 market. In addition, it is a sign of potential future use for BNB, which could encourage a price increase.

This post Binance Launches Greenfield Whitepaper, More Utility for BNB: Details Inside

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