Binance, the world’s largest cryptocurrency exchange, is entering into the blockchain-based Web3 data ownership and utility space, launching the white paper for its BNB Greenfield.
Binance Unveils White Paper for BNB Greenfield
On Wednesday, February 1st, Binance announced the white paper for BNB Greenfield – a decentralized data storage system that will finalize Binance’s existing decentralized network.
As per the announcement, BNB Greenfield will be a decentralized storage system with smart contract-integrated Web3 applications. Binance’s BNB tokens will power the new protocol.
Binance to Revolutionize Decentralized Storage
BNB Greenfield aims to grant users and decentralized applications (dApps) complete data ownership.
As part of the broader goal of BNB Greenfield, Binance is building the system to support website hosting, publishing, data storage, and personal cloud applications.
According to the white paper, the testnet for BNB Greenfield will be released over the next few months. Users need BNB to upload their data with unique access and usage permissions.
On the Flipside
- Today, data ownership and control are the domain of major centralized entities, with Amazon, Google, Facebook, and Microsoft holding the most data.
Why You Should Care
Billed to decentralize data storage and access, BNB Greenfield is poised to compete with big tech giants.
The expansion of Binance is covered in:
Binance to Enhance Local Presence and Compliance in Poland
Binance Partners with Mastercard to Introduce Prepaid Crypto Card in Brazil
Find more decentralized storage alternatives:
Decentralized Data Storage Networks: Top 7 Alternatives To Consider In 2022