BNB chain, a blockchain platform owned by Binance has launched its BNB Greenfield to delve into decentralized Web3 storage. The exchange announced the development in a Twitter post on Wednesday. Notably, the core team of the chain also unveiled the whitepaper of the new product.
According to the whitepaper, the product runs as a decentralized storage infrastructure within the BNB chain. It empowers users and decentralized applications (DApps) with full ownership of the data. As revealed, it can be used for website hosting, personal cloud, data storage, publishing, and many more.
Notably, the project earned the support of a team of community developers. They include Amazon Web Services, NodeReal, and Blockdaemon. Generally, the BNB Greenfield functions as a decentralized storage system with smart contract integrations for Web3 applications.
BNB Chain Senior Solution architect, Victor Genin has reacted to the launch. According to him, the motive behind the launch is to create new theme for the ownership and utility of data. He further that BNB Greenfield intends to build utility and financial opportunities for data that are in storage. In addition, Genin revealed that programmability will as well be brought to the innovation.
BNB chain wants token holders to store data on Greenfield
The Binance Chain also authorized users with BNB tokens and BNB Chain addresses to store data on BNB Greenfield. Notably, the BNB Greenfield runs similarly to Web2 cloud storage services like Dropbox. In addition, its others capacities include deploying websites and storing historical data.
Furthermore, BNB Greenfield intends to use nonfungible tokens(NFTs) in conjunction with smart contracts for the management of ownership and permission to read the available data. Also, on the Backend, the binance chain will be utilized to store the storage metadata. In addition, the third-party storage takes the responsibility for storing the data.
Beyond expanding the coast of the BNB chain, Binance has also been unrelenting in promoting its other offering. Recently, it partnered with Mastercard to launch a prepaid crypto card in Latin America. As revealed, it intends to allow users make payments and pay bulls with 13 cryptocurrencies, including Bitcoin, either, and Binnace USD. According to Binance, it maintains a charge of 0.9% fee per transaction involving crypto. It also intends to offer up to 8% worth of cashback with crypto and allow ATM withdrawals without fees.