BNB GREENFIELD

11/03/2023

Web3 is a vision for the future of the Internet, where users have more control over their data and online experiences. Blockchain tech has played a huge role in this move to Web3. Blockchains have enabled peer-to-peer (P2P) transactions without the need for trusted third parties, as well as the creation of DApps that use smart contracts to automate agreements.

Transparency and data ownership are the next steps in unlocking Web3’s full potential. As such, there is an increasing need for decentralized storage, which allows data to be stored and accessed in a distributed manner rather than on a single centralized server. BNB Greenfield addresses this need through plans for the creation of a decentralized data storage system, as well as an entire economy to complement it.

Decentralization is one of the core properties of Web3 blockchain technology. The key design principle is that no one person or organization is in charge. The tech allows users to transact safely without having to rely on a third party to maintain trust.

It also opens the door for smart contracts to automate these interactions, allowing for the creation of DApps that support a wide array of products — from decentralized finance (DeFi) services to games (GameFi) and more.

BNB Chain is a distributed blockchain network upon which developers and innovators can build DApps as part of the move to Web3. At the time of writing (February 2023), BNB Chain is the world’s largest smart-contract blockchain in terms of transaction volume and daily active users.

On February 1, 2023, BNB Chain announced the release of the BNB Greenfield whitepaper. To summarize, BNB Greenfield provides decentralized storage infrastructure within the broader BNB Chain ecosystem. The idea is to help users and DApps to create, store, and exchange data with full ownership, and form a new data economy.

BNB Greenfield is a storage-oriented blockchain interacting with a decentralized network of storage providers (SPs). Users upload their data with unique access and usage permissions. SPs store that data off-chain with proper redundancy and backup, while metadata of users’ BNB ledger is stored on the BNB Greenfield blockchain.

Thanks to a native cross-chain bridge, all aspects of the data stored in the BNB Greenfield ecosystem can easily be transferred to BNB Smart Chain, where it can be used both in the existing BNB Chain DApp ecosystem, as well as with a new generation of BNB Greenfield DApps. These DApps can either help users interact with the Greenfield ecosystem or function as Web3 products that leverage the available data.

The ability to uniquely configure permissions on data in a native smart contract-enabled environment enables myriad potential business models that will benefit users and other BNB Greenfield participants.

Here are a few of the possibilities BNB Greenfield can unlock to create a new wave of DApps.

BNB Greenfield will enable applications to store your encrypted personal data in your own personal account and only allow other applications to use it if you grant permission. Better yet, you can even charge a fee for this usage of your data.

As of February 2023, BNB Chain’s core developer team has been actively engaging Amazon Web Services (AWS), NodeReal, and Blockdaemon. At the same time, it has already begun working on BNB Greenfield, with plans for a testnet in the coming months.

BNB Greenfield is built to be inclusive to both the Web2 and Web3 communities. APIs are designed to perform similarly to popular cloud storage systems, and while fees will be paid in BNB, they will be charged in USD, providing users with a consistent understanding of BNB Greenfield’s cost structure.

As can be seen from the list of use cases, the arrival of BNB Greenfield has the potential to open the floodgates to an entirely new wave of novel, innovative, and transparent Web3 business models for DApps.

Transparency and data ownership are the next step in unlocking Web3’s full potential. BNB Greenfield will continue to develop this new frontier in partnership with the broader Web3 community, for the benefit of the next generation of users.

The February 2023 launch of the BNB Greenfield whitepaper is just the first step in the journey towards greater data independence, ownership, and opportunity for users, builders, and the broader Web3 community.

To learn more about BNB Greenfield and the Future of Web3..Click the link below

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