Binance Introduces Decentralized Web3 Storage BNB Greenfield

The community developer teams from Amazon Web Services, NodeReal, and Blockdaemon are helping to maintain the testnet of the planned Web3 infrastructure, which was developed by the BNB Chain core team.

In its latest BNB Greenfield white paper, BNB Chain, a blockchain platform introduced by cryptocurrency exchange Binance, expressed interest in creating a blockchain-based Web3 infrastructure.

The decentralized storage architecture within BNB Chain is described in the white paper as giving users and decentralized applications (DApps) complete control of the data. Website hosting, personal cloud and data storage, publishing, and other uses are examples of potential use cases.

The community developer teams from Amazon Web Services, NodeReal, and Blockdaemon are helping to maintain the testnet of the planned Web3 infrastructure, which was developed by the BNB Chain core team. A decentralized storage system called BNB Greenfield is being developed with smart contract connectors for Web3 apps that will employ the BNB coin (previously known as Binance Coin).

Victor Genin, senior solution architect at BNB Chain, shared the purpose behind the planned endeavor, revealing the intention to develop a new theme for the ownership and utility of data, adding:

“BNB Greenfield will build utility and financialization opportunities for data that is in storage as well as bring programmability to the ownership of data.”

Similar to Web2 cloud storage services like DropBox, users who have BNB tokens and a BNB Chain address may store data on BNB Greenfield. Website deployment and data storage are further features.

Along with smart contracts, the system will also utilize nonfungible tokens (NFTs) to control ownership and access rights to the data that is provided. The data will be stored by third-party storage providers, while the storage metadata will be kept on the backend by BNB Chain.

Recent efforts by Binance to expand its product line resulted in a cooperation with Mastercard to introduce a prepaid crypto card in Latin America.

The cryptocurrency exchange said on January 30 that Dock, a payment company under the control of the central bank, will be launching the Binance Card in Brazil.

The card offers benefits including up to 8% cash back in cryptocurrency on certain transactions and no fees on select ATM withdrawals, as well as real-time conversion of 14 digital assets between fiat and cryptocurrency.