Binance Dives into Decentralized Web3 Storage, Launches White Paper for Greenfield

Binance has ventured into the decentralized Web3 data ownership and utility space, launching the white paper for its BNB.

A child in neon glowing clothes walks through a lush green field towards a glowing BNB coin

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.

Sponsored

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia