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BNB Greenfield, Decentralized Storage System by Binance

The BNB Chain, a blockchain platform launched by Binance, has released a white paper on a blockchain-based Web3 infrastructure called BNB Greenfield, which will allow users to store data on a distributed network and access or monetize it via smart contracts.

"BNB Greenfield is decentralized storage infrastructure within the broader BNB Chain ecosystem where users and dApps can create, store and exchange data with full ownership to form a new data economy. BNB Greenfield will also open the floodgates to novel, innovative and transparent Web3 business models for dApps," - says the official website.

Greenfield is the BNB ecosystem’s third blockchain network, following BNB Beacon Chain, which focuses on BNB governance and security, and BNB Smart Chain, which focuses on smart contract development.

What are Decentralized Storage Systems and why do we need them? Cloud storage is widely known and widely used by pretty much every internet user. Unfortunately, centralised cloud systems have several flaws. There is always a chance that a centralised system will be attacked or destroyed and all the data will be lost. Not to mention the privacy and security problems and data leaks… Decentralized solutions make it possible to create systems independent of a central server by distributing storage between nodes, where reliability is guaranteed by protocols. These systems split the user’s files and distribute them across nodes. With multiple nodes, there is no single point of failure, ensuring that the system remains operational even if some components fail.

The main competitors of BNB Greenfield are Filecoin, Storj Arweave, BitTorrent and Sia. According to the Greenfield whitepaper, which has not yet been completed, at its core it focuses on 3 segments, which differ from existing storage systems:

  • It enables Ethereum-compatible addresses to create and manage both data and token assets.
  • It natively links data permissions and management logic onto BSC as exchangeable assets and smart contract programs with all other assets.
  • It provides developers with similar API primitives and performance as popular existing Web2 cloud storage.
BNB Greenfield capacities. Source: BNB Greenfield official website
BNB Greenfield capacities. Source: BNB Greenfield official website

BNB Greenfield consists of three components which are Core, dApps and Smart Chain:

BNB Greenfield components. Source: BNB Greenfield official website
BNB Greenfield components. Source: BNB Greenfield official website

Greenfield is quite flexible as a storage provider and has the option of storing data anywhere: “from decentralized individual terminals all the way to established, centralized storage services”. This means that Greenfield does not completely exclude well-established centralized services, which is a wise choice in our opinion.

Among potential use cases of Greenfield are personal cloud storage, website hosting, blockchain data storage, publishing, and the secure personal data market etc.

Nowadays it is tough going in the DeFi space. The crypto winter has forced some companies to go bankrupt and lay off staff etc. Their users are afraid of liquidity crises and have withdrawn money that has only further aggravated the situation. Although recently we made some observations that could be considered as red flags for Binance, the exchange seems to be sailing smoothly through the storm. This project may further strengthen its position.

The launch date for Greenfield has not been announced yet. Let's hope that the crypto winter will not completely undermine users' trust and hinder further technological development, and we will see Greenfield soon. Keep your data safely decentralized and we shall continue to observe for you!

By the way, do you think we should try Greenfield out when it goes live and publish our observations through BNB Smart Chain?