What is BNB Greenfield? BNB Greenfield is a blockchain that is specifically assigned to decentralized storages of customers of BNB Chain and DApps. It is important to fill this need on behalf of Binance, considering that there is no native storage of data on the BNB Chain today that is external-based. The post discusses what is exclusive to BNB Greenfield, its advantages, and how it influences the blockchain industry.
What is BNB Greenfield?
BNB Greenfield is a blockchain designed to provide decentralized data storage solutions and create an economy based on that data. It represents an essential addition to the Binance ecosystem, as existing BNB Chain data storage depends on third-party services.
BNB Greenfield is the third blockchain within Binance’s ecosystem, alongside BNB Beacon Chain and BNB Smart Chain. Binance continues to use BNB as the governance token for the entire ecosystem, including this new blockchain.
With BNB Greenfield, Binance will provide its ecosystem of apps with its fastest, most cost-effective infrastructure to date. The initiative features an easy-to-use SDK that makes it convenient to connect and make use of BNB Greenfield’s facilities for storage.
How BNB Greenfield Works
BNB Greenfield operates as a blockchain for decentralized storage providers. Users upload their data and receive exclusive access rights. Storage providers store the data off-chain, while metadata is stored on the BNB Greenfield blockchain.
Through cross-chain bridges, data stored on BNB Greenfield can be seamlessly transferred to BNB Smart Chain, where numerous DApps operate with a TVL of $5 billion. If BNB Greenfield proves efficient, it could unlock new opportunities in user-permissioned data usage.
Advantages and Benefits of BNB Greenfield
BNB Greenfield is offering a decentralized scheme of storage that makes markets more efficient, maximizes control of assets by the customers, and protects data better. It is within the BNB Chain ecosystem making it budget-friendly to developers and customers alike. Following are the advantages of using innovative blockchain-based storage along with its most important features.
Advantages of Decentralized Storage for BNB Greenfield
Since BNB Greenfield operates in the decentralized storage sector, it benefits from the following advantages:
- Enhanced data security through encryption and multiple data copies.
- Greater privacy and transparency enabled by blockchain technology.
- User-controlled storage, ensuring complete data ownership.
- Reduced trust issues and risks compared to centralized storage.
- Improved market efficiency by utilizing unused storage resources.
Despite these advantages, Web3 storage solutions have not yet fully replaced Web2 storage due to high costs and suboptimal user experience. BNB Greenfield aims to address these challenges.
Benefits for Participants
BNB Greenfield offers various benefits to different stakeholders:
- Users and data providers can monetize their data.
- Storage providers can generate revenue while optimizing resources.
- DApps can access abundant, low-cost storage provided by BNB Greenfield.
Benefits for Binance
BNB Greenfield provides several strategic advantages for Binance:
- Completes Binance’s missing infrastructure in the DeFi market.
- Provides a fast and cost-effective decentralized storage solution.
- Supports Binance’s goal of decentralizing the BNB Chain network.
- Increases BNB coin’s utility across Binance’s three blockchains.
Applications of BNB Greenfield
According to Binance, BNB Greenfield can be applied in various use cases:
- Web Hosting: Offers APIs similar to Amazon Web Services, enabling easy website deployment with BNB-based payments.
- Cloud Storage: Allows users to store encrypted personal files, accessible only with private keys.
- Blockchain Storage: Functions similarly to Arweave, offering cost-effective and high-speed data storage.
- Publishing: Enables content creators to store works on BNB Greenfield and sell them via BNB Chain, granting access rights upon payment.
- Social Media: Empowers influencers and creators to own and control their content, distinguishing Web3 social media from Web2.
- Monetizing Personal Data: Encrypts personal data, allowing users to grant access to applications for a fee.
Development History and Milestones
Here are some key milestones in BNB Greenfield’s development:
- Feb 1, 2023: Binance releases the BNB Greenfield whitepaper.
- Feb 2023: Binance collaborates with AWS, NodeReal, and Blockdaemon.
- Mar–Jul 2023: Binance runs the Zero2Hero program with a $25,000 prize for Greenfield developers.
- Mar 29, 2023: BNB Greenfield publishes documentation for testnet validators.
- Apr 11, 2023: BNB Greenfield officially launches its testnet.
How to Use BNB Greenfield
BNB Greenfield offers a straightforward process for users to access its decentralized storage services. Whether you are adding the testnet network, obtaining testnet tokens, or bridging assets, the following steps will help you get started.
Adding BNB Greenfield Testnet Network
To add the BNB Greenfield testnet, follow these steps:
- Use a non-custodial EVM-compatible wallet (e.g., MetaMask, Coin98 Super App).
- Visit BNBChainlist and search for “Greenfield BSC testnet” and “Greenfield Blockchain testnet.”
- Connect your wallet to add these networks.
Getting Testnet Tokens via Faucet
- Visit the Greenfield Faucet.
- Share the required post on Twitter.
- Replace 0x000…000 with your BSC address.
- Paste the Tweet URL into the Faucet to request tBNB.
- Check your wallet for the received tBNB tokens.
Bridging Assets to BNB Greenfield
To bridge tokens from BNB Smart Chain to Greenfield, use the DCellar bridge developed by NodeReal, a key partner of BNB Greenfield.
Competing Projects
BNB Greenfield competes with various decentralized storage projects, such as:
- Filecoin (FIL)
- Arweave (AR)
- BitTorrent (BTT)
- Ocean Protocol (OCEAN)
- Sia (SC)
- Storj (STORJ)
- IPFS (no token issued yet)
Conclusion
In the future, well-established players of Web2 like AWS, Azure, and Google Cloud can also venture into the market of Web3 storage, putting BNB Greenfield into more competition outside of its ecosystem on the BNB Chain.
The move by BNB Greenfield is Binance’s move to have its ecosystem of storage on its blockchain environment. By overcoming storage limitations on Web3, Binance is set to make a cost-saving and friendly option along with enhancing the role of BNB within its ecosystem.
