Incorporating decentralized storage solutions, the BNB Chain ecosystem will begin testing BNB Greenfield on April 10.
BNB Greenfield is designed to resemble conventional Web2 cloud storage solutions, delivering rapid and cost-effective data services along with improved ownership and integration for Web3 applications and services.
The announcement described the initial features that will enable users and developers to begin utilizing decentralized storage.
Data permission can be moved cross-chain to the BNB Smart Chain, enabling data to be transformed into tradable digital assets that can be integrated with a wide range of decentralized finance (DeFi), nonfungible tokens (NFTs), and GameFi applications on the BNB Chain.
On BNB Greenfield, users can create wallets and manage data, while developers can exercise control over data assets. This includes the ability to manually or programmatically set access and conditions.
A relayer connects the BNB Chain and Greenfield, enabling decentralized applications (DApps) on the BNB Chain to integrate with Greenfield using a software development kit. The BNB token from the Binance ecosystem will serve as the gas token and governance token for BNB Greenfield. Validators will stake BNB, participate in network governance, and receive storage fees as compensation.
In the meantime, users create accounts, transfer BNB to manage storage resources, and use BNB Chain and Greenfield’s native cross-chain communication.
On the Greenfield testnet, storage providers (SPs) will collaborate with validators to facilitate the storage services of the platform. SPs are responsible for storing actual data, while validators utilize consensus algorithms to process metadata and financial ledger information.
To become an SP, a user must deposit a service stake on the Greenfield blockchain, which is then voted on through the governance process by validators. The design is intended to ensure the efficient storage, redundancy, and security of user data. Greenfield’s proof-of-stake mechanism implements decentralized platform governance.
BNB Chain senior solution architect Victor Genin stated that Greenfield is now accessible to SPs and users for endurance testing on its Congo testnet:
“Developers will be able to choose to store data anywhere, from decentralized terminals to centralized storage services while validators will be instrumental in shaping the future of data ownership and utility in Web3.”
With over 1,400 active DApps and 200 million unique addresses across the BNB Chain, the company anticipates that its data storage solution will support a thriving data economy. According to data from Fortune Business Insights, the global market for data storage will surpass $777 billion by 2030.