BNB Announces Decentralized Storage “BNB Greenfield”

BNB Chain, a blockchain platform launched by crypto exchange Binance, revealed interest in building a blockchain-based Web3 infrastructure in its new BNB Greenfield white paper.

It Could Be A Big Step In Decentralized Data Storage

The white paper outlines a decentralized storage system within the BNB Chain, allowing users and DApps full autonomy over their data. Possible applications range from hosting websites to personal cloud and data storage and publishing without limit.

The BNB Chain core team has constructed a testnet of the proposed Web3 infrastructure, and development teams from Amazon Web Services, NodeReal, and Blockdaemon bolster it. Dubbed BNB Greenfield, this decentralized storage system will integrate smart contracts for Web3 applications while using previously recognized Binance Coins, now referred to as BNB tokens.

Victor Genin, a senior solution architect of BNB Chain, shared the reasoning for their upcoming initiative to create a new theme around data ownership and utility. He further elaborated: “BNB Greenfield will bring an array of benefits, from unleashing the financial potential in stored data to introducing programmability into its possession.”

If you possess BNB tokens and a BNB Chain address, then the potential of what can be accomplished with BNB Greenfield is limitless. You are able to securely store data in a manner comparable to popular cloud storage services such as DropBox. Additionally, it allows for deploying websites and archiving historical information expeditiously and efficiently.

To facilitate the management of ownership and permission to read available data, a combination of nonfungible tokens (NFTs) and smart contracts will be utilized. BNB Chain is responsible for storing related metadata on its backend, while third-party storage providers store the actual data itself.

BNB Announces Decentralized Storage "BNB Greenfield"

BNB Continues to Expand Its Areas of Use

Through its continual quest to expand its product offering, Binance, the company behind BNB Chain, recently collaborated with Mastercard to introduce a prepaid crypto card in Latin America.

On January 30th, the cryptocurrency exchange Binance declared the launch of their new card in Brazil. This highly anticipated financial product was issued by Dock, a licensed payment institution regulated by The Central Bank. With this card, users can instantly convert 14 digital assets into fiat money and experience an array of benefits, including up to 8% cash back in crypto on qualified purchases and zero fees on certain ATM withdrawals.

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Armaan Khatri

I'm Armaan Khatri, a financial writer, editor, and market analyst. A former VP and market risk advisor worken in India at Citizens Financial Group. Have more than 15 years of financial services experience that also includes personal finance, personal banking, IRAs, and retirement services.

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