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Binance delves into decentralized Web3 storage with BNB Greenfield

February 1, 2023No Comments


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

The white paper explains it as a decentralized storage infrastructure within the BNB Chain, allowing users and decentralized applications (DApps) Full ownership of the data. Potential use cases include website hosting, personal cloud and data storage, publishing, and more.

The proposed Web3 infrastructure testnet, built by the BNB Chain core team, is supported by community developer teams from Amazon Web Services, NodeReal, and Blockdaemon. BNB Greenfield is being built as a decentralized storage system with smart contract integrations for Web3 applications, which will use BNB (bnb) token (formerly known as Binance Coin).

Sharing the rationale behind the upcoming initiative, Victor Genin, Senior Solutions Architect at BNB Chain, revealed the intention to create a new theme for data ownership and utility, adding:

โ€œBNB Greenfield will create utility and financialization opportunities for the data that is stored, as well as bring programmability to data ownership.โ€

Users who own BNB tokens and a BNB chain address can store data in BNB Greenfield, similar to Web2 cloud storage services like DropBox. Other capabilities include website deployment and historical data storage.

The system will also use non-fungible tokens (NFTs) along with smart contracts for property management and permission to read available data. On the backend, BNB Chain will be used to store the storage metadata, while third-party storage providers will be responsible for storing the data.

Related: Binance blocks some accounts in the middle of the Bitzlato case: "The funds are safe"

Binance's ongoing product expansion aspiration recently led to a partnership with Mastercard to launch a prepaid crypto card in Latin America.

On Jan. 30, the cryptocurrency exchange announced the launch of the Binance Card in Brazil, issued by Dock, a central bank-regulated payment institution.

The card enables real-time fiat-crypto conversion of 14 digital assets with benefits including up to 8% crypto cash back on eligible purchases and zero fees on some ATM withdrawals.