Binance’s New Blockchain Platform Aims to Build Web3 Infrastructure

In its recently published BNB Greenfield white paper, the cryptocurrency exchange Binance stated that it is interested in constructing a blockchain-based Web3 infrastructure. BNB Chain is a blockchain platform that was established by Binance.

According to the white paper, it is a decentralised storage infrastructure that is integrated into BNB Chain. This infrastructure grants users and decentralised applications (DApps) complete control of the data stored inside it. Hosting websites, maintaining personal clouds and data archives, publishing, and other applications are all examples of possible use cases.

The core team at BNB Chain is responsible for building the testnet for the planned Web3 infrastructure. This testnet is backed by community developer teams from Amazon Web Services, NodeReal, and Blockdaemon. BNB Greenfield is a distributed storage system that is currently in development. It will integrate smart contract functionality for Web3 apps and is powered by the BNB (BNB) token (previously known as Binance Coin).

Victor Genin, senior solution architect at BNB Chain, revealed the intention to create a new theme for the ownership and utility of data while discussing the motivation behind the upcoming initiative. He added that “BNB Greenfield will build utility and financialization opportunities for data that is in storage as well as bring programmability to the ownership of data.”

Users that have BNB tokens and a BNB Chain address are able to store data on BNB Greenfield, which functions in a manner similar to that of Web2 cloud storage systems such as DropBox. The creation of websites and the archiving of historical data are two more possibilities.

In addition to this, the system will make use of something called nonfungible tokens, or NFTs, in combination with smart contracts in order to govern who owns the data and who has permission to view it. On the backend, BNB Chain will be utilised to hold the storage metadata; however, the actual data storage will be handled by third-party storage providers.

Recent events have resulted in a cooperation between Mastercard and Binance for the introduction of a prepaid cryptocurrency card in Latin American countries. This desire for continued product growth has been pursued by Binance.

On January 30, the cryptocurrency exchange made the announcement that it will be launching the Binance Card in Brazil. The card will be issued by Dock, a payment institution that is licenced by the central bank.

The card enables real-time conversion of fiat currency to any of 14 different cryptocurrencies, and it comes with a number of enticing bonuses, such as the opportunity to earn up to 8% cash back in cryptocurrency on qualifying transactions and waived fees for certain ATM withdrawals.


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YFI, HXRO and AR post gains even as Bitcoin price dips to $45.5K

Bitcoin (BTC) bulls took another beating on Dec. 17 as a midday onslaught dropped the price to $45,500. The price did manage a quick bounce back to $47,000 but sweeping a new daily low could be a sign that additional downside is in store.

Amid the wider market downturn, several altcoins provided weary traders with a source of refuge as token buybacks and increased network activity helped bolster their prices and provide shelter from the storm.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were (YFI), Hxro (HXRO) and Arweave (AR).

YFI benefits from token buybacks is a decentralized finance (DeFi) aggregator service that utilizes automation to allow investors to maximize their profits from yield farming.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $18,844 on Dec. 15, the price of YFI shot up 56.48% to a daily high of $29,488 on Dec. 17 as its 24-hour trading volume spiked 220% to $844 million.

YFI/USDT 4-hour chart. Source: TradingView

The sudden surge higher in YFI comes as the project revealed that it has been buying back tokens since November after the community voted to improve the tokenomics for YFI. To date, the protocol has purchased 282.4 YFI at an average price of $26,651 and has indicated that further buybacks will be conducted in the future using funds from the project’s $45 million treasury.

Hxro features on the TD Ameritrade Network

Hxro is a cryptocurrency options trading protocol that operates on the Ethereum (ETH) network and offers users access to popular cryptos including BTC, Ether, Dogecoin (DOGE) and Solana (SOL).

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for HXRO on Dec. 14, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. HXRO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for HXRO elevated into the green zone on Dec. 14 and reached a high of 77 around 45 hours before the price increased 13.2% over the next day.

The boost in HXRO price comes after the co-founder of Dan Gunsberg was featured on the TD Ameritrade Network’s Market on Close podcast discussing the future of Bitcoin and the evolution of the wider cryptocurrency ecosystem.

Related: New survey reveals 83% of millennial millionaires now own crypto

Arweave sets a new daily transaction record

Arweave is a decentralized storage network designed to be the first truly permanent information storage network that is backed by a sustainable endowment.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AR on Dec. 14, prior to the recent price rise.

VORTECS™ Score (green) vs. AR price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AR climbed into the dark green zone on Dec. 14 and hit a high of 77 around sixteen hours before the price increased 40.78% over the next two days.

The move higher in the price of AR comes as the transaction count on the protocol’s Bundlr Network hit a new all-time high of 2.19 million transactions which marked a 50x increase in the maximum daily transactions from less than a year ago.

The overall cryptocurrency market cap now stands at $2.192 trillion and Bitcoin’s dominance rate is 40.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.