What is Binance's new chain BNB Greenfield?

On February 1, 2023, BNB Chain, the smart contract blockchain with the highest number of daily active users worldwide, released a new whitepaper on blockchain-based Web3 infrastructure, which will revolutionize users' freedom and control over their own data.

The BNB Chain core team and some community developer teams, including Amazon Web Services (AWS), NodeReal, and Blockdaemon, have started working around BNB Greenfield and plan to release a test network in the coming months.

The white paper outlines the design of BNB Greenfield, a decentralized storage system with integrated Web3 application smart contracts. BNB Greenfield utilizes BNB as its native token and will become the third chain in the BNB public chain system, with the other two focusing on BNB governance and security (BNB Beacon Chain) and smart contract computation (BNB Smart Chain).

"With the rise of decentralized finance (DeFi) platforms, 2021 was a year of breakthroughs for decentralized finance. In 2022, we saw a new trend in decentralization, the rise of NFTs and decentralized digital ownership. Now, in 2023, BNB Chain is creating a new theme for data ownership and utility through BNB Greenfield. BNB Greenfield will bring utility and financial opportunities to data stored, and programmability to data ownership," said Victor Genin, Senior Solution Architect of BNB Chain."

The whitepaper introduces that BNB Greenfield is a decentralized convenience infrastructure for users and developers with cryptocurrency awareness. Anyone who owns a BNB Chain address and holds BNB can:

- Seamlessly store their data on BNB Greenfield in a way similar to using DropBox on a desktop or mobile device.

- Deploy a website in just a few minutes without the hassle of completing registration or binding a credit card.- Use APIs similar to AWS S3 to programmatically manipulate their data.

- Store historical data of BNB Smart Chain and infrastructure data of other BNB ecosystems.

The whitepaper also emphasizes that the true revolution of BNB Greenfield is rooted in its native integration with BNB Smart Chain, allowing smart contracts to interact with users' own data assets.

External accounts or smart contracts on BNB Smart Chain can manage ownership and read permissions of NFTs in a financial manner. They cannot only represent data to manage NFTs, but the data itself. The native cross-chain protocol provides simple operations to promote the concept of "data ownership" in Web3, for example:

- The author can easily engage in digital publishing and directly sell their works on BNB Smart Chain through smart contracts.

- Data creators can upload and exchange their products in smart contracts and synthesize with other DeFi.

- A new way of decentralized social media can be built on BNB Greenfield. Users can own their own data on BNB Greenfield and store their social graph in a decentralized way, while different social media front-ends will provide convenience for users to build their social networks. Fans and subscribers can also be managed through any form of token economy via smart contracts.

In the long run, BNB Greenfield can also serve as a good backbone system for trusted computing and federated learning.

In the background, the above content will be supported by a new BNB Greenfield blockchain and a storage provider network. The blockchain uses the user's BNB ledger to store metadata, while the storage provider maintains an off-chain object storage system to store content data in an appropriate redundant and backup manner.

Unlike other existing decentralized storage solutions, BNB Greenfield's data availability is ensured through an economic incentive and punitive challenge mechanism: while users can choose to use different storage providers at any time, different storage providers can compete to become the primary storage provider for more objects to gain more profits; non-functional storage providers that cannot withstand data availability challenges will also suffer from "discounting" of pledged deposits.

The design of BNB Greenfield is intended to accommodate both existing Web 2 developers and a large user base. To achieve this goal, the API is designed to be similar to the cloud storage systems currently in use. In addition, storage providers will charge fees in US dollars to help users understand the cost of using BNB Greenfield in a stable and long-term manner. However, payments will still be made in BNB.

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