The BNBChain core team, in collaboration with AWS NodeReal and Blockdaemon, among others, plans to release the BNB Greenfield testnet in a few months, along with the BNB Greenfield white paper, which aims to revolutionize the economics and utility of data ownership. BNB Chain said that BNB Greenfield, if successfully launched, will be the first public chain to combine smart contracts with decentralized storage.
Binance New Chain BNB Greenfield What exactly is it?
2021 was a breakthrough year for DeFi with the rise of Decentralized Finance (DeFi) platforms," said Victor Genin, Senior Solutions Architect at BNB Chain. In 2022, we saw a new trend in decentralization with the rise of NFT and decentralization of data ownership. Now in 2023, the BNB Chain will create a new theme for data ownership through BNB Greenfield, which will bring utility and financialization opportunities to data in storage and programmability to data ownership."
BNB Greenfield utilizes BNB as its native token and will be the third chain in the BNB Public Chain System, the other two being the BNB Beacon Chain, which is responsible for BNB's governance and security, and the BNB Smart Chain, which is used for smart contract calculations.
The White Paper describes that anyone who has a BNB Chain address and holds a BNB can:
- Seamlessly store their data on BNB Greenfield using DropBox!
- Deploy a website in minutes without the hassle of registering or tying up credit cards
- Programmatically manipulate their data using an interface similar to AWS S3
- Stores historical data of the BNB Smart Chain and infrastructure data of other BNB ecosystems.
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NFT and data ownership
External accounts or smart contracts on the BNB Smart Chain can financially manage ownership and read access via NFT. Native cross-chain protocols provide simple operations that facilitate the Web3 concept of data ownership:
- Authors can easily digitally publish and sell their work directly on the BNB Smart Chain through Smart Contracts.
- Data creators can upload or exchange their products in smart contracts and synthesize them with other DeFi.
- The new way of decentralized social media can be built on BNB Greenfield, where users can own their data and store their social graphs in a decentralized way, while different social media fronts will facilitate the construction of social networks for users, as well as managing fans and subscribers in any form of token economy through smart contracts. Subscribers.
Mechanisms for economic incentives and punitive challenges
Data availability at BNB Greenfield is guaranteed through a mechanism of economic incentives and punitive challenges, and whilst users can actively choose a different storage provider to use at any time, different providers can compete to become the dominant provider to a wider range of objects in order to make more profit; non-functional storage providers that cannot withstand the challenge of data availability will also suffer from the collateralized deposits' " price cuts".
BNB Greenfield is designed to be inclusive of existing Web 2 developers and a large number of users, and to achieve this, the API is designed to be almost identical to that used by today's popular cloud storage systems. In addition, the storage provider will charge in USD so that users can understand the cost of using BNB Greenfield in the long term, but of course, the payment will still be in BNB.
Conclusion｜Will BNB tokens be needed more in the future?
Previously, hot storage projects such as Filecoin wanted to do smart contracts, but the progress has been slow, in the end, BNB Greenfield can get a head start?Layer 1 public chains such as Ether and Polygon are doing cross-chain and second-tier applications, but BNB Greenfield is the first public chain to successfully integrate decentralized storage, which will truly allow users to store and own data, as well as trade/financialize their own data.
If BNB Greenfield succeeds, it will be the third public chain supported by BNB. With one token used on multiple public chains and multiple applications, BNB will be transformed from a platform coin to an eco-coin, which is believed to broaden the use of BNB, and the improvement of the eco-system can provide more decentralized applications for users. The demand for BNB will follow.