Breaking: Binance-led BNB Chain To Launch “BNB Greenfield”

Binance’s blockchain platform, BNB Chain, recently expressed interest in developing a Web3-based storage infrastructure, calling it to be BNB Greenfield. According to the whitepaper shared on February 1, it’s a part of BNB Chain’s decentralized storage infrastructure that gives users and DApps complete control over their data.

Binance’s BNB Chain Launches Greenfield

The community developer teams from Amazon Web Services, NodeReal, and Blockdaemon are providing support for the testnet of the planned Web3 infrastructure, which is being spearheaded by the core team of the BNB Chain project. BNB Greenfield is currently being developed as a distributed storage network with smart contract interfaces for Web3 applications. These applications will be developed in such a way that would enhance the use of BNB, which will in turn drive demand for the token.

According to the official whitepaper, BNB Greenfield has been described as:

BNB Greenfield’s ecosystem is a trinity of entities that work in concert to provide a novel decentralized data storage system – all with the user at the center.

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

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Real-World Use Cases Of BNB Greenfield

On BNB Greenfield, users who have BNB tokens and a BNB Chain address can hold data in a manner analogous to that of Web2 cloud storage services such as DropBox. In addition to these features, the whitepaper details different possibilities for BNB Greenfield, such as personal cloud storage, hosting and deploying web portals, a new social media model, storing gigabytes of data from BNB Chain, and L2 roll-up transactions among many others.

Moreover, the system will make use of non-fungible tokens, or NFTs, in conjunction with smart contracts in order to govern who owns the data and who has permission to read it. The storage metadata will be kept on the backend by BNB Chain, while the data will be kept by third-party storage providers.

As a result of the announcement, the price of BNB has moved to almost $310 at the time of writing. And, according to the crypto market tracker published by CoinGape, this results in a growth of 0.54% over the course of the previous 1-hour, in contrast to a jump of 2.45% over the last seven days.

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The post Breaking: Binance-led BNB Chain To Launch “BNB Greenfield” appeared first on CoinGape.