The Binance exchange blockchain, BNB Chain, will launch a new blockchain-based Web3 infrastructure product, called BNB Greenfield.
According to the platform, BNB Greenfield is a decentralized storage system with smart contract integrations for Web3 applications, which will allow users to have full control over their data.
BNB Chain is excited to announce the release of the BNB Greenfield whitepaper.
This new standard in Web3 data ownership and utility introduces a new structural and economic paradigm for data in the #Web3 era.https://t.co/6IZH1bJevW
[1/7] 🧵… pic.twitter.com/tlCi77ZwPb
— BNB Chain (@BNBCHAIN) February 1, 2023
The storage system’s test network is currently being developed and built by BNB Chain, along with community developer teams from Amazon Web Services (AWS), NodeReal, and Blockdaemon.
The storage system will use BNB as a native token and will become the third blockchain in the BNB ecosystem, which already comprises the BNB Beacon Chain and BNB Smart Chain.
“Storage providers will charge fees in dollars, providing users with a stable, long-term understanding of the cost of using BNB Greenfield, although payments will be made in BNB,” its website mentions.
The platform would allow users to store their data, deploy their websites, manipulate data programmatically, and store historical data for the BNB ecosystem.
BNB Greenfield will use NFT for data ownership
Greenfield will use non-fungible tokens (NFT) and smart contracts to control ownership and grant permission to read data available in its system.
The proposed Web3 infrastructure test network – built by the BNB Chain core team – is supported by developers from the Amazon Web Services community, NodeReal, and Blockdaemon.
BNB Greenfield is being built as a decentralized garage device with clever agreement integrations for Web3 programs, that allow you to use the BNB token BNB token (formerly called Binance Coin).
Victor Genin, the chief solutions architect at BNB Chain, defined the purpose behind this initiative, including that it is approximately creating a brand new topic for records possession and software:
“BNB Greenfield will create opportunities for financialization and application for saved statistics, further to giving programmability to statistics ownership.”
Users with BNB tokens and BNB chain addresses will be able to store data in BNB Greenfield, similar to DropBox cloud storage. Other features include historical data storage and website deployment.
The website stresses that the blockchain would store the metadata while third-party providers store the actual data.
The storage system is designed to cater to Web2 developers and large user bases.
BNB Chain’s latest decentralized offering comes at a time when Binance is increasing its influence in the decentralized finance (DeFi) space in the wake of the collapses of several high-profile centralized exchanges.
BNB Chain is a blockchain on which developers and crypto enthusiasts can build Web3-focused decentralized applications (DApps).
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