- BNB Chain has released its cloud data protocol dubbed BNB Greenfield.
- With a mission to decentralize data storage and access, the new protocol is poised to compete with big tech giants.
The Binance exchange-backed layer-1 protocol, BNB Chain has announced the launch of the BNB Greenfield protocol as it seeks to take Web3.0 data ownership to a new level. Taking to its official Twitter page, the protocol said the new standard in Web3 data ownership and utility introduces a new structural and economic paradigm for data in the Web3 era.
BNB Chain is excited to announce the release of the BNB Greenfield whitepaper.
This new standard in Web3 data ownership and utility introduces a new structural and economic paradigm for data in the #Web3 era.https://t.co/6IZH1bJevW
[1/7] … pic.twitter.com/tlCi77ZwPb
— BNB Chain (@BNBCHAIN) February 1, 2023
Data ownership remains one of the most controversial subjects in the world today. Big tech giants like Amazon, Google, Facebook, and Microsoft control an enormous chunk of users’ data in a centralized manner. The rise of blockchain technology sought to overthrow this narrative by decentralizing access to data storage and ownership to return power back to the average user.
As a high-performance protocol, the launch of the new protocol is the blockchain’s own way of joining this revolution. According to the released Whitepaper, the protocol consists of a trinity that works together to provide a decentralized data storage system with users at the center. These three core aspect includes the new blockchain and its multitude of storage providers; the new BNB Greenfield dApps; and existing BNB Chain dApps.
The system is designed to harness the functionalities of these trio to ensure the appropriate safeguard of data in a decentralized manner.
Operation model and benefits of BNB Greenfield
According to BNB Chain, for users to utilize BNB Greenfield, they will need to upload their data with unique access and usage permissions. Once this is done, registered and verified storage providers will store that data off-chain with proper redundancy and backup. The Metadata of users’ BNB ledger is then stored on the BNB Greenfield blockchain.
When this is done, “a native programmable layer connects BNB Greenfield with BNB Smart Chain, opening the door for both new and existing #dApps to leverage data stored on the network in new and exciting ways,” BNB Chain said.
BNB Greenfield is designed to benefit everyone within the Web3.0 ecosystem and while data can be stored faster, it can also be stored more cheaply when compared to the centralized alternatives around. The provision of personal Cloud Storage for users comes off as one of the major benefits of BNB Greenfield.
Additionally, the system will provide hosting and website deployment services, an offering that will directly compete with dominant giants like Amazon Web Services and Microsoft Azure. The protocol’s benefits also extend to a new social media model as well as the storage of Terabytes of Data from BNB Smart Chain and L2 Rollup Transactions
No spam, no lies, only insights. You can unsubscribe at any time.
Today, data ownership and control has been tipped as one of the most defined roles blockchain technology will play in today’s digital ecosystem. According to BNB Chain, the release of BNB Greenfield is just the start of a whole new era that will shape the future of data ownership.
“The release of the BNB Greenfield whitepaper is just the beginning of a journey towards greater data independence, ownership, and opportunity for users, builders, and the #Web3 community.”
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.