Binance Unveils BNB Greenfield Decentralized Data Storage White Paper

Cryptocurrency exchange prepares to launch BNB Greenfield decentralized storage. The solution should help store user data, block data from various networks, and application data.

Binance representatives call the creation of solutions for storing huge amounts of data one of the stages of preparation for a full-fledged transition to Web3. BNB Greenfield Promised to Store Terabytes of Application Data on the BNB Smart Chain Network. The solution can also be used to create private decentralized clouds, store and publish web pages, create next-generation social networks, and so on.

The solution is being developed by the BNB Chain team. As part of BNB Greenfield, she uses a “triad of elements”. The BNB Greenfield blockchain itself will be a novelty, however, the data will not be stored in the blockchain, but with special “salvage space providers”. Space providers will be responsible for the availability and speed of data access. Another element will be new decentralized applications on the BNB Greenfield network, and existing dApps on BNB Chain should ensure popularity.

“Users will be able to upload their data with the ability to set permissions to access and use. Space providers will store data off-chain but provide fault tolerance and backup. Metadata from BNB Chain applications will be able to be stored in BNB Greenfield,” the development team promises.

It is believed that the launch of BNB Greenfield will benefit from the native coin of the BNB exchange. The coin will be used as gas for transactions and rewards to space providers. BNB can also be used for staking, as the protocol with the Tendermint consensus algorithm based on Proof-of-Stake has been chosen for the BNB Greenfield blockchain. However, the exact launch date is not yet known.

Recall that in the fourth quarter of last year, the Binance exchange burned native BNB tokens in the amount of $575 million.