Binance Unveils BNB Greenfield Decentralized Data Storage White Paper

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The cryptocurrency exchange is preparing forlaunch of decentralized storage BNB Greenfield. The solution should help store user data, block data from various networks and application data.

One of the stages of preparation for a full-fledgedBinance representatives call the transition to Web3 the creation of solutions for storing huge amounts of data. BNB Greenfield promises to be able to store terabytes of application data on the BNB Smart Chain. The solution can also be used to create private decentralized clouds, store and publish Internet pages, create new generation social networks, and so on.

The solution is being developed by the BNB Chain team.Within BNB Greenfield, it uses a “triad of elements.” The new feature will be the BNB Greenfield blockchain itself, however, the data will not be stored on the blockchain, but by special “usable space providers.” Space providers will be responsible for the availability and speed of data access. Another element will be new decentralized applications on the BNB Greenfield network, and popularity should be ensured by existing dApps on the BNB Chain.

“Users will be able to download their data fromability to set access and use permissions. Space providers will store data off-chain but provide fault tolerance and backup. Metadata from BNB Chain applications will be able to be stored in BNB Greenfield,” promises the development team.

It is believed that from the launch of BNB GreenfieldThe exchange's own coin, BNB, will win. The coin will be used as gas for transactions and payment of rewards to space providers. BNB can also be used for staking, since the BNB Greenfield blockchain uses a protocol with the Tendermint consensus algorithm based on Proof-of-Stake. However, the exact launch date is not yet known.

Let us recall that in the fourth quarter of last year, the Binance exchange burned
$575 million worth of native BNB tokens.