February 1, 2023 - BNB Chain, the smart contract blockchain with the most daily active users in the world, released a white paper on a new blockchain-based Web3 infrastructure, which will revolutionize users' freedom and control over their own data.
The BNB Chain core team and some community developer teams, including Amazon Cloud (AWS), NodeReal, and Blockdaemon have already started working on BNB Greenfield and plan to release the test network within a few months.
The white paper outlines the design of BNB Greenfield, a decentralized storage system with smart contract integration for Web3 applications. BNB Greenfield uses BNB as its native token and will become the third chain in the BNB public chain system. The other two are BNB Beacon Chain, which focuses on BNB governance and security, and BNB Smart Chain, which is used for smart contract computing.
"With the rise of decentralized finance (DeFi) platforms, 2021 is the year of breakthroughs in decentralized finance. In 2022, we see new trends in decentralization, namely the rise of NFTs and digital ownership. Decentralization. Now, in 2023, through BNB Greenfield, BNB Chain will create a new theme of data ownership and utility. BNB Greenfield will bring utility and financialization opportunities to data in storage and bring Programmability,” said Victor Genin, Senior Solutions Architect at BNB Chain.
According to the white paper, BNB Greenfield is a decentralized and convenient infrastructure for crypto-conscious users and developers. Anyone who has a BNB Chain address and holds BNB can:
- seamlessly store their data on BNB Greenfield in a manner similar to using DropBox on desktop or mobile
- Deploy a website in minutes without the hassle of signing up or linking a credit card
- Manipulate their data programmatically using an interface similar to AWS S3
- Store historical data of BNB Smart Chain and infrastructure data of other BNB ecosystems
The white paper also emphasizes that the real revolution of BNB Greenfield is rooted in its native integration with BNB Smart Chain, allowing smart contracts to interact with users' own data assets.
External accounts or smart contracts on the BNB Smart Chain can financially manage ownership and read permissions through NFTs. External accounts and smart contracts cannot only manage NFTs on behalf of data, but the data itself. The native cross-chain protocol provides simple operations and can promote the development of Web3"data ownership"concepts such as:
- Authors can easily digitally publish and sell their works directly on the BNB Smart Chain through smart contracts
- Data creators can upload and exchange their products in smart contracts and synthesize them with other DeFi
- New ways of decentralizing social media can be built on BNB Greenfield. Users can have their own data on BNB Greenfield and store their social graphs in a decentralized manner, while different social media front desks will facilitate users to build social networks, and can also pass any form of tokens through smart contracts economy to manage fans and subscribers.
In the long run, BNB Greenfield can also serve as a good backbone system for trusted computing and federated learning.
Behind the scenes, the above will be powered by a new BNB Greenfield blockchain and a network of storage providers. The blockchain uses the user's BNB ledger to store storage metadata, while the storage provider maintains an off-chain object storage system to store content data with appropriate redundancy and backup.
Different from other existing decentralized storage, BNB Greenfield's data availability is guaranteed through economic incentives and punitive challenge mechanisms: although users can actively choose different storage providers to use at any time, different storage providers Vendors can compete to be the primary storage provider for more objects to gain more profit; non-functional storage providers that cannot withstand data availability challenges will also suffer from collateralized deposits"cut prices"。
BNB Greenfield is designed to accommodate both existing Web 2 developers and a large user base. To achieve this, the API is designed to be similar to that used by popular cloud storage systems today. In addition, storage providers will charge fees in USD to allow users to have a stable, long-term understanding of the cost of using BNB Greenfield, however payments will still be made in BNB.
