BNB Greenfield is a young project. It first appeared in February 2023. It is closely linked to the BNBChain ecosystem. What does it base its operation on? On data.
In short, BNB Greenfield provides a decentralized storage infrastructure within the BNB Chain. As a result, users and dApps can create, store and exchange large amounts of data that they fully own.
Behind-the-scenes talk is that BNB Greenfield is a new data-driven economy where all those connected to the BNB Chain ecosystem can make money.
What Is BNB Greenfield and How Does It Work?
BNB Greenfield serves as an extension of the BNB Chain ecosystem, offering a decentralized storage infrastructure exclusively within this system. Its core objective is to facilitate users and decentralized applications in the seamless creation, storage, and exchange of data while ensuring full ownership rights. We can surely say that it is helping to create a new data economy.
However, let’s start at the beginning so that we can more easily understand the whole operation of the system. As we know, decentralization is a fundamental property of blockchain and Web3. It allows users to perform transactions securely, without the need for third-party assistance.
Decentralization is also closely linked to smart contracts, which automate interactions and enable the creation of dApps.
BNB Chain, because that’s actually where we should start, is a distributed blockchain network. Here developers can create decentralized applications. All as part of the transition to Web3. In 2023, BNB Chain was the largest smart contract blockchain. In the same year, BNB Chain released the white paper of the protocol we are discussing today, which provides BNB Chain with a storage infrastructure.
Now that we know where BNB Greenfield came from in BNB Chain, we can now consider how it works.
- BNB Greenfield focuses on data storage.
- It is closely linked and works with a network of storage providers (SPs).
- Users upload their data to the protocol, getting unique usage access.
- The storage stores this data off-chain, creating a backup.
- Users’ BNB ledger metadata is stored on the BNB Greenfield blockchain.
We can easily transfer all data stored in the BNB Greenfield network to BNB Smart Chain. All thanks to the native interchain bridge. We can easily use such transferred data in BNB Chain’s dApp system or in BNB Greenfield’s decentralized applications. In turn, the dApps created in this way help users interact with the Greenfield ecosystem or function as separate Web3 products.
The unique ability to configure permissions within an environment that supports smart contracts opens up possibilities for the creation of numerous new and exciting features that benefit users within the BNB Greenfield ecosystem.
Will BNB Greenfield Be the Future of Web3?
As the white paper reads, BNB Greenfield could open the door to entirely new and innovative models for dApps and businesses in Web3.
Transparency and data ownership, as we know, is another nod to Web3. Will BNB Greenfield bring us brand new decentralized applications we haven’t seen before? Let’s now examine what use cases in the cryptocurrency ecosystem the protocol under discussion may have.
- Social Media. In the next-generation Internet, BNB Greenfield will bring an even better infrastructure for social media, influencers and apps. They will fully own their own content and data. Interestingly, for a small fee, dApps will be able to use the information so shared and make it public, via a decentralized social network.
- Personal data. BNB Greenfield can solve a complicated problem. What is it? How to own your data (page views, registrations, clicks or behavioral data) without sharing it with centralized monopolies. The whole ecosystem could be a great weapon against the much-hated cookies.
- Site Hosting. The entire ecosystem discussed today provides developers with APIs. In its operation, it uses concepts very similar to Amazon S3. As a result, users who want to use BNB Greenfield will be able to easily deploy their websites and manage their payments using BNB Chain.
- Cloud data. BNB Greenfield provides high privacy, so with its help, users can create their own network drives. Private keys provide high protection. Transferring encrypted photos, videos or files will no longer be a problem.
- Storing data on the blockchain has its advantages, and BNB Greenfield aims to leverage them. By utilizing this ecosystem, users can experience reduced L1 latency and improved data accessibility. Additionally, the platform can serve as a cost-effective option for storing layer 2 transactional data.
- BNB Chain commerce. BNB Greenfield is a great place to store artwork or files for artists and creators. With connections to the BNB Chain, such materials can be transferred and sold on the BNB Chain. Reading privileges are then granted to buyer addresses as soon as payment is received.
Summary
BNB Greenfield is an interesting data monetization option. The ecosystem allows applications to store encrypted user data in their personal account. At the same time, after granting consent, applications will be able to use this data. What’s more, an additional fee can be charged for such actions!
BNB Greenfield – a breakthrough in the structure of smart contracts and Web3?
Complete the lesson!