BNB Chain releases BNB Greenfield whitepaper, revolutionizing the data ownership economy
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BNB Chain releases BNB Greenfield whitepaper, revolutionizing the data ownership economy
February 1, 2023 – BNB Chain, the smart contract blockchain with the highest number of daily active users worldwide, released a new whitepaper outlining its blockchain-based Web3 infrastructure, set to revolutionize user freedom and control over their own data.
Navigating Web3 tides with focused insightsFebruary 1, 2023 – BNB Chain, the smart contract blockchain with the world's highest number of daily active users, has released a new whitepaper outlining a blockchain-based Web3 infrastructure that revolutionizes user freedom and control over their own data.
The core BNB Chain team and several community developer teams, including Amazon Web Services (AWS), NodeReal, and Blockdaemon, have already begun working on BNB Greenfield and plan to launch a testnet within months.
The whitepaper outlines the design of BNB Greenfield, a decentralized storage system integrated with Web3 application smart contracts. BNB Greenfield uses BNB as its native token and will become the third chain in the BNB chain ecosystem, alongside the BNB Beacon Chain, which focuses on BNB governance and security, and the BNB Smart Chain, used for smart contract computation.
"With the rise of decentralized finance (DeFi) platforms, 2021 was a breakthrough year for DeFi. In 2022, we saw a new decentralized trend—the rise of NFTs and decentralized digital ownership. Now, in 2023, through BNB Greenfield, BNB Chain will create a new theme around data ownership and utility. BNB Greenfield will bring utility and financialization opportunities to stored data and introduce programmability to data ownership," said Victor Genin, Senior Solutions Architect at BNB Chain.
The whitepaper introduces BNB Greenfield as a convenient decentralized infrastructure built for crypto-native users and developers. Anyone with a BNB Chain address and holding BNB can:
- Seamlessly store their data on BNB Greenfield in a way similar to using Dropbox on desktop or mobile devices
- Deploy a website within minutes without going through cumbersome processes like registration or credit card binding
- Programmatically manage their data using interfaces similar to AWS S3
- Store historical data from the BNB Smart Chain and other infrastructure data within the BNB ecosystem
The whitepaper also emphasizes that BNB Greenfield’s true revolution lies in its native integration with the BNB Smart Chain, enabling smart contracts to interact directly with users’ own data assets.
Externally owned accounts or smart contracts on the BNB Smart Chain can financially manage ownership and read permissions via NFTs. External accounts and smart contracts don’t merely represent data—they *are* the data itself. Native cross-chain protocols enable simple operations that advance the Web3 concept of "data ownership," such as:
- Authors being able to easily publish digitally and directly sell their works on the BNB Smart Chain via smart contracts
- Data creators uploading and exchanging their products within smart contracts and combining them with other DeFi applications
- New models of decentralized social media being built on BNB Greenfield. Users can own their data and store their social graphs in a decentralized manner, while different social media front-ends facilitate network building and allow fan and subscriber management through token economies powered by smart contracts
In the long term, BNB Greenfield could also serve as a robust backbone system for trusted computing and federated learning.
Behind the scenes, these capabilities will be supported by a new BNB Greenfield blockchain and a network of storage providers. The blockchain stores storage metadata on users' BNB ledgers, while storage providers maintain off-chain object storage systems that store content data with appropriate redundancy and backup mechanisms.
Unlike other existing decentralized storage solutions, BNB Greenfield ensures data availability through economic incentives and punitive challenge mechanisms: while users can actively choose different storage providers at any time, providers compete to become primary custodians of more data objects to earn higher profits; non-functional storage providers failing data availability challenges will suffer staking deposit slashing.
BNB Greenfield is designed to accommodate both existing Web2 developers and a broad user base. To achieve this, APIs are designed to resemble those used by popular cloud storage systems today. Additionally, storage providers will charge fees in USD terms to help users clearly understand the long-term cost of using BNB Greenfield, although payments will still be made in BNB.Whitepaper Link
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