Will BNB Greenfield become a fertile ground for killer dApps?

Co-founder of Ethereum, Gavin Wood, first proposed the concept of Web 3.0 in 2014. In the following years, Web 3.0 became an imagination for a better internet, which is commonly referred to as Web3. Although there is no clear definition of Web3 yet, it has distinct features of being able to read, write, and own, which is different from Web1's read-only and Web2's read and write.

In the past, many Web3 projects have attempted to achieve success in a single field, which has led to poor interoperability and high costs in the Web3 field.

On February 1st, BNB Chain released the "BNB Greenfield" whitepaper. This is the third chain in the BNB Chain ecosystem, following BNB Beacon Chain and BNB Smart Chain. BNB Greenfield is committed to integrating smart contracts with decentralized data storage, making it a decentralized storage system with Web3 application smart contract integration.

The addition of BNB Greenfield brings new possibilities to the BNB Chain ecosystem. The BNB Greenfield Core, BNB Greenfield dApps, and BNB Smart Chain architecture provide greater interoperability and lower costs for realizing the Web3 vision.

The development of technology often leads the way for the implementation of applications. Today, BNB Greenfield has taken the lead in technological breakthroughs, providing a new approach for the industry. If successfully launched, this will further advance the development of the Web3 industry.

Trinity, Native Integration

Decentralized storage, as one of the most important infrastructure in Web3, can be traced back to 2017. Currently, there are various protocols for data storage solutions in Web3, including IPFS/Filecoin, Arweave, Ceramic Network, and more.

However, these protocols are more of an additional option for users and project parties, rather than truly changing the industry's landscape and direction. The reasons for this are complex, with an important factor being the inability to balance user experience, efficiency, and cost. As we all know, in the current Web3 world, the most widely used public chain smart contract system is the EVM-compatible chain. However, mainstream data storage solutions are independent of this system.

How to efficiently combine the two with low communication costs has become a challenge in the industry.

The solution of BNB Chain is to build a sidechain called BNB Greenfield as a decentralized storage infrastructure. Unlike other solutions, BNB Greenfield is natively integrated with BNB Smart Chain, which means that smart contracts can interact with users' own data assets, reducing communication friction in different architectural environments and improving efficiency.

 For example, Greenfield users can use the same address format as Ethereum and BSC, and the blockchain also supports signature verification similar to EIP712. Therefore, Greenfield dApps can leverage existing wallet systems such as Trust Wallet, MetaMask, Ledger, and WalletConnect. As of now, other DSNs have not been able to provide such a seamless solution.

In terms of design, BNB Greenfield follows several principles including simplicity, upgradability, openness, scalability, and decentralization. For example, the high computational proof used by Filecoin is not simple enough and therefore not widely adopted.

In terms of architecture, BNB Greenfield uses a three-in-one architecture to achieve native integration with BNB Smart Chain. The BNB Greenfield Core consists of a Storage Provider (SP) network composed of Greenfield blockchain network and storage service infrastructure providers. The Greenfield blockchain network has a native cross-chain bridge with the BNB Smart Chain, and relevant data operations can be transferred to the BNB Smart Chain and integrated with the BNB Smart Chain smart contract system.

Of course, the target users of BNB Greenfield are not limited to the Web3 field, and Web2 users can also use it. To meet this demand, the BNB Greenfield API is designed similar to popular cloud storage systems. Service providers can charge customers based on their own costs and business conditions.

Smart contracts and decentralized storage are more than just 1+1

As mentioned earlier, the biggest innovation of BNB Greenfield is its native integration with the BNB Smart Chain. This means that BNB Chain will integrate smart contracts with decentralized storage, creating something new and different from the past.

BNB Chain senior solution architect Victor Genin said that through BNB Greenfield, BNB Chain will create a new theme for data ownership and utility. BNB Greenfield will bring utility and financial opportunities to data stored, and bring programmability to data ownership.

If the integration of public chain and decentralized storage can achieve the effect of 1 + 1 = 2, then the utility generated by the combination of internal smart contracts and decentralized storage in the BNB Chain ecosystem is far more than 2. Although BNB Greenfield has not yet officially launched, we can get a glimpse of it from the white paper.

When we talk about Web3, we often involve the issue of data ownership. In current reality, there is no better way to identify and verify data except through centralized means. This has led to the undervaluation and even non-recognition of some data. However, with the support of smart contracts, BNB Greenfield can bring about certain changes to the existing environment. After the launch of BNB Greenfield, the creation of data assets and their related economic value can be applied to the BNB Chain.

In the white paper, Greenfield believes that the asset characteristics of data are first established on permissions, such as the permission to read data. However, when permissions are separated from the data itself, they become tradable assets and promote the value of data. When the data itself can be executed, it becomes a new "Smart Code". At the same time, when they can interact with each other and generate new data, it creates a great imagination space for building a new, data-intensive, and trustless computing environment.

Note that the Greenfield blockchain network has a native cross-chain bridge with the BNB smart chain, allowing data permissions to be transferred across chains to the BNB smart chain and become digital assets. These assets may be used in DeFi or other types of protocols in the future.

 In summary, the root cause of BNB Greenfield's ability to bring far more than 2 utility to the BNB Chain is that the smart contracts on the BNB Smart Chain share the same address format as the accounts on the Greenfield network. Smart contracts can become owners of data objects and inherit different permissions.

BNB's Iteration and Web3 Vision

Counting the multiple iterations of BNB, its captured value and scope have exponentially expanded. Initially, BNB was just a platform token for Binance, with its user base limited to Binance users. However, with the launch of BNB Smart Chain, BNB gradually transformed into a public chain token, and its coverage gradually spread to blockchain users.

With the launch of BNB Greenfield, the coverage of BNB will further expand to Web3 users. As the competitiveness of BNB Greenfield increases, Web2 users will also begin to accept using BNB. BNB Greenfield was not limited to Web3 from the beginning, it provides API primitives and performance similar to popular cloud storage in existing Web2, making it easy for Web2 projects to migrate data storage to BNB Greenfield.

 For BNB holders, BNB Greenfield will greatly increase the market demand for BNB, expand its use cases, and broaden its application beyond the world of cryptocurrency.

The launch of BNB Greenfield showcases the ambition of BNB Chain's continuous evolution. This ecosystem has the capability to reconstruct a standalone decentralized storage network, choose to build sidechains and integrate them into the BNB Chain ecosystem, and pursue more efficient technologies, which has sparked speculation in the market about the next hot trend and breakthrough.

Smart contract integration with decentralized storage, especially in the ecosystem of BNB Chain with such a huge user base, will become the fertile ground for the growth of killer dApps. We look forward to it.

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