Binance delves into decentralized Web3 storage with BNB Greenfield

BNB Chain, a blockchain platform launched by crypto exchange Binance, revealed interest in building a blockchain-based Web3 infrastructure in its new BNB Greenfield white paper.

The white paper explains it as a decentralized storage infrastructure within BNB Chain, which allows users and decentralized applications (DApps) full ownership of the data. Potential use cases include website hosting, personal cloud and data storage, publishing and more

The testnet of the proposed Web3 infrastructure — built by the BNB Chain core team — is supported by community developer teams from Amazon Web Services, NodeReal and Blockdaemon. BNB Greenfield is being built as a decentralized storage system with smart contract integrations for Web3 applications, which will use BNB (BNB) token (previously known as Binance Coin).

Sharing the motive behind the upcoming initiative, Victor Genin, senior solution architect at BNB Chain, revealed the intent to create a new theme for the ownership and utility of data, adding:

“BNB Greenfield will build utility and financialization opportunities for data that is in storage as well as bring programmability to the ownership of data.”

Users who own BNB tokens and a BNB Chain address can store data on BNB Greenfield, similar to Web2 cloud storage services like DropBox. Other capabilities include deploying websites and storing historical data.

The system will also use nonfungible tokens (NFTs) in conjunction with smart contracts for the management of ownership and permission to read the available data. On the backend, BNB Chain will be used to store the storage metadata, while third-party storage providers will be responsible for storing the data.

Related: Binance blocks some accounts amid Bitzlato case: ‘Funds are safe’

Binance’s ongoing product expansion aspiration recently led to a Mastercard partnership to launch a prepaid crypto card in Latin America.

On Jan. 30, the crypto exchange announced the launch of Binance Card in Brazil, issued by Dock, a central bank-regulated payment institution.

The card allows real-time fiat-crypto conversion of 14 digital assets with perks including up to 8% cash back in crypto on eligible purchases and zero fees on some ATM withdrawals.

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