BNB Chain, the blockchain launched by Binance, announced on the 1st the white paper of the third blockchain - decentralized storage infrastructure "BNB Greenfield", with the goal of allowing users and dApps to create, store and Exchange data with "full ownership" to form a new data economy.
So, what exactly is BNB Greenfield, the new chain released by Binance? what is it used for? What impact will it have on the Binance ecosystem?
What is Binance’s new chain BNB Greenfield?
BNB Chain, the blockchain launched by Binance, announced its entry into the Web3 decentralized storage field. On February 1, it announced the white paper of the decentralized storage infrastructure BNB Greenfield, with the goal of allowing users and dApps to create, store and exchange in it. Data with "full ownership" to form a new data economy.
The BNB Chain core team and some community developer teams, including Amazon Cloud (AWS), NodeReal and Blockdaemon, have begun work around BNB Greenfield and plan to release a test network within a few months.
The white paper outlines the design of BNB Greenfield, a decentralized storage system with smart contract integration for Web3 applications. BNB Greenfield uses BNB as its native token and will become the third chain in the BNB public chain system. The other two are BNB Beacon Chain, which focuses on BNB governance and security, and BNB Smart Chain, which is used for smart contract calculations.
“With the rise of decentralized finance (DeFi) platforms, 2021 is a year of breakthrough progress for decentralized finance. In 2022, we see new trends in decentralization, namely the rise of NFTs and the rise of digital ownership. Decentralization. Now, in 2023, through BNB Greenfield, BNB Chain will create a new theme of data ownership and utility. BNB Greenfield will bring utility and financialization opportunities to the data in storage, and bring data ownership Programmability.”
BNB Greenfield System Composition
Officials stated that the BNB Greenfield system consists of a trinity design:
BNB Greenfield Core: It consists of BNB Greenfield, the blockchain itself used for storage, and a decentralized network of storage service providers (SPs). Users upload their data storage requests to BNB Greenfield, the storage provider stores the data off-chain, and the metadata of the user's BNB ledger is stored on the BNB Greenfield chain.
BNB Greenfield dApps: can help users interact with the Greenfield decentralized storage system, or become Web3 products with real value and practicality, using the data stored on BNB Greenfield in innovative ways on a large scale.
Existing BNB Chain dApp: Through the native cross-chain bridge, all data (data, metadata and data permissions) stored on BNB Greenfield can be easily transferred to the BNB Smart Chain and can be used in the existing BNB Chain dApp ecosystem used in.
What are the uses of BNB Greenfield?
BNB Greenfield is a decentralized and convenient infrastructure for crypto-aware users and developers. Anyone who has a BNB Chain address and holds BNB can:
Seamlessly store their data on BNB Greenfield in a manner similar to using DropBox on a desktop or mobile device
Deploy a website in just minutes without the hassle of signing up or linking a credit card
Use an interface similar to AWS S3 to programmatically manipulate their data
Store historical data of BNB Smart Chain and other infrastructure data of the BNB ecosystem
The white paper also emphasizes that BNB Greenfield’s real revolution is rooted in its native integration with BNB Smart Chain, allowing smart contracts to interact with users’ own data assets.
External accounts or smart contracts on BNB Smart Chain can financially manage ownership and read permissions through NFTs. External accounts and smart contracts cannot manage NFTs solely on behalf of the data, but the data itself. The native cross-chain protocol provides simple operations that can promote Web3's "data ownership" concept, such as:
Authors can easily publish digitally and sell their works on BNB Smart Chain directly through smart contracts
Data creators can upload and exchange their products in smart contracts and synthesize them with other DeFi
New ways of decentralizing social media can be built on BNB Greenfield. Users can own their own data on BNB Greenfield and store their social graphs in a decentralized manner. Different social media front-ends will facilitate users to build social networks, and they can also use smart contracts through any form of proxy. Coin economy to manage fans and subscribers.
In the long term, BNB Greenfield can also serve as a good backbone system for trusted computing and federated learning.
How BNB Greenfield works
Behind the scenes, the above will be powered by a new BNB Greenfield blockchain and a network of storage providers. The blockchain uses the user's BNB ledger to store metadata, while the storage provider maintains an off-chain object storage system to store content data with appropriate redundancy and backup.
Unlike other existing decentralized storage, BNB Greenfield's data availability is guaranteed through economic incentives and punitive challenge mechanisms: although users can actively choose different storage providers to use at any time, different storage providers Providers can compete to become the main storage provider for more objects in order to obtain more profits; non-functional storage providers that cannot withstand the challenge of data availability will also suffer "price cuts" from mortgage deposits.
BNB Greenfield is designed to accommodate both existing Web 2 developers and the large user base. To achieve this goal, the API is designed to be similar to that used by popular cloud storage systems today. In addition, storage providers will charge fees in U.S. dollars to provide users with a stable, long-term understanding of the costs of using BNB Greenfield, although payments will still be made in BNB.
Prices of storage tokens such as BNB coins rise
The BNB chain developed by Binance launches a decentralized storage system that allows BNB tokens to have the new attribute of "storage tokens" in addition to platform tokens and public chain tokens.
