The world is moving towards decentralization based on blockchain technology, and one of the key areas is in data storage. Binance, the biggest crypto exchange by trading volume, isn’t left behind in this revolution.
BNB Greenfield is the company’s “innovative blockchain and storage platform that seeks to unleash the power of decentralized technology on data ownership and the data economy.” Binance has contributed towards the financial freedom of many via cryptocurrencies, and is now ready to explore other important areas where blockchain technology can be applied.
The project seeks to decentralize data management and access, and to revolutionize data storage by making data storage and management easier. In addition, Binance Greenfield seeks to link data ownership with the DeFi context of BNB Smart Chain (BSC).
In this guide, we discuss what Binance Greenfield is, how it works, and why it is a necessary addition to the data economy.
Why BNB Greenfield?
Blockchain technology has many aspects and cryptocurrency has explored an important part of it, leading to tokens, stablecoins, and DeFi, which are growing in popularity. The one aspect that hasn’t received much attention is data management, hence the creation of BNB Greenfield.
One of its main aims is to distribute data access. Rather than allow data to be held by only one person or a central authority, the project is prioritizing shared data among multiple parties, enabling writing, reading, and granting rights for sharing data, and even executing data to generate another.
BNB Greenfield stems from the fact that there’s a need to create a new Web3 infrastructure for data with a performant, convenient, and friendly decentralized storage infrastructure, and data-focused smart contract synergy.
Users will enjoy greater freedom in creating, owning, sharing, executing, and trading their data assets. The BNB side blockchain will also provide transparency on how their data is owned and used.
How BNB Greenfield Works
There are two layers of BNB Greenfield operation – a new, storage-focused blockchain, and a network of “storage providers”. The blockchain keeps record of the storage metadata as the common blockchain state data, while also maintaining the ledger for users.
It uses BNB as the native token for gas and governance. The blockchain also has its own staking platform for governance.
Storage providers on the other hand are service infrastructures provided by organizations or individuals that use Greenfield as the ledger and the single source of truth. Service providers respond to user requests to upload and download data, and also ensure that user rights and authentications are maintained.
BNB Greenfield blockchain and service providers combine to form a decentralized object storage system that serves as the core of this new economy.
Developers can also use the BNB Greenfield to construct decentralized applications (dApps) which can act as client tools that facilitate user interactions with Greenfield. The dapps can also provide Greenfield users with real life use cases that make their lives better.
They use blockchain addresses as user identifiers and connect with features and smart contracts on the Greenfield blockchain, Greenfield service providers, and BSC.
BNB Greenfield has a native cross-chain Bridge that links it to BSC. The link allows relevant data operations to be transferred to BSC and integrated with DeFi smart contract systems to generate new business models.
Conclusion
With the rapid development of blockchain technology in cryptocurrency, there’s also a need for harnessing the technology for data storage and management. This is why BNB Greenfield was created. There is an increasing need for data from the teeming world population, and storing it in a centralized place can present many problems.
This calls for more decentralized systems to ensure that data is secured and efficiently used for better decision making in business and other aspects of human society. Data is now a critical part of everything we do, and decentralized storage and management makes it more important than ever to have such a system for efficient management of this data.
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