Chainbing price prediction: Project lacks proof of concept

Chainbing aims to become a decentralised data-sharing platform, but full details are lacking

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Will Chainbing make good on its promise to deliver decentralised data storage? – Photo: Shutterstock
                                

Contents

What is Chainbing?

Chainbing is an in-development data-sharing platform that aims to become a blockchain information aggregation engine (BIAE).

According to the project’s whitepaper, the anonymous enterprise’s vision entails “storing, indexing, analysing and sharing data on the blockchain to provide users with fast and accurate information”.

To achieve its aim, Chainbing intends to deploy a decentralised data centre operated by a nodal network employing a tokenised incentive structure. The nodal network will consist of four layers, which are:

  • Collector layer: For collecting raw network data

  • Processor layer: For processing raw data into user-readable content

  • Creator layer: For outputting the content

  • Monitor layer: Network validators ensuring accurate data processing and good behaviour.

Are you still asking yourself: What is Chainbing? Well, you may not be alone. Chainbing’s official website and whitepaper lack the necessary details to determine how this vision will be implemented.

A roadmap outlines a Q4 2022 launch date for the first data centre. Until then, we can only hope that further details will emerge in due course.

Who are Chainbing?

As well as supplying scant information about the underlying technology, Chainbing’s team details are equally difficult to find. No team members are mentioned online and a company listing cannot be found.

Analysing the ERC-20 CBG token contract on Etherscan produced some interesting results. The Chainbing token was created on 28 July 2021 by the Attila: Deployer account, which sent 10 billion CBG to what is currently the seventh-largest CBG holder.

Attila (ATT) is a “decentralised information communication protocol based on blockchain technology” that never launched, and that appears to have since been abandoned.

Screenshot of Chainbing’s contract deployment – Source: etherscan.io
10 billion CGB were created on 28 July 2021 – Source: etherscan.io

Corresponding with the token transfer between Attila: Deployer and Chainbing was a 169% spike in value of ATT, followed by a reversal in the following weeks, according to data from CoinMarketCap.

In another coincidence involving Attila and Chainbing, both tokens are listed on Indodax, a little-known centralised exchange based in Indonesia. Both Attila’s and Chainbing’s Twitter accounts have a high volume of replies and mentions in Bahasa Indonesia – Indonesia’s official language.

What does this all mean, and does it even matter? Perhaps not, but given the failure of Attila’s platform, a link between the two entities could be a worrying sign.

Currency.com has reached out via email and Chainbing’s official Telegram channel for further input.

Chainbing (CBG) tokenomics

According to an official blog post, CBG’s supply of 10 billion tokens is spit as follows:

  • Foundation: 30%

  • Team/advisors/contractors: 15%

  • Private sales: 15%

  • Ecosystem incentives: 30%

  • Marketing and operations: 10%

The above percentages broadly align with the largest token holders, as seen below.

In total, over 95% of the entire CBG coin supply is held by only 10 accounts, none of which are exchanges, liquidity pools or smart contracts.

Chart of Chainbing’s top 10 address holders
High levels of centralisation are a problem in crypto – Source: Etherscan.io

Chainbing cites token vesting schedules ranging from one to three years. However, Chainbing’s token contract contains no coding that is indicative of any vesting periods.

Chainbing’s pledged node staking rate (the amount of tokens helping to secure the network) is 35% of the 10 billion CBG supply, although this is purely up to the discretion of token holders.

According to the Indodax exchange, the CBG coin price as of 10 August 2022 was 59,008 Indonesian Rupiah ($3.97).

The largest trading volume in the past 90 days was on 31 May, when $2,600,000 CBG changed hands. Trading volumes are typically far lower, ranging from $800,000 to $1,000,000.

Chainbing token price prediction

TechNewsLeader has a Chainbing price prediction for 2022 of $5.01, followed by a 2025 target of $14.78 and a 2030 target of $95.73.

According to PricePrediction’s Chainbing token price prediction, the token could increase to $4.58 in 2022, and $13.78 in 2025.

DigitalCoinPrice expects CBG to hit $4.89 in 2022, while the forecaster’s Chainbing price prediction for 2025 is $7.14. The site also gives a Chainbing price prediction for 2030 of $17.42.

Please note that these price targets are purely speculative and are constructed using automated technical indicators. Potential investors should make sure to research the project thoroughly before placing money down.

No information displayed in this article is presented as financial advice.

FAQs

Chainbing is an in-development data-sharing platform with the aim of becoming a blockchain information aggregation engine (BIAE), although substantial project details and proof of concept are currently lacking.

While the Chainbing price predictions suggest a possible rise in price, investors should not see this alone as a reason to invest.

Chainbing is lacking in robust technical information on how the project will deliver its vision. Be sure to do your own research before investing.

CBG has a total supply of 10 billion tokens.

That decision is up to you. There is little in the way of robust information on the team and platform in its current state. Investors should conduct proper research before investing.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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