BNB Chain releases whitepaper for new Web3 blockchain – Crypto News – Crypto News
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BNB Chain releases whitepaper for new Web3 blockchain BNB Chain releases whitepaper for new Web3 blockchain

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BNB Chain releases whitepaper for new Web3 blockchain – Crypto News

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2 years ago

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  • BNB Chain announced the release of the Greenfield whitepaper on Wednesday, 1 February 2023.
  • The new blockchain will provide the infrastructure for a decentralized data economy, powered by BNB.
  • Developers are working on a testnet expected over the next few months.

The BNB Chain team has today released the white paper for a new decentralized data ownership and storage network dubbed BNB Greenfield.

According to the whitepaper, the blockchain-based Web3 data system will offer an infrastructure and ecosystem needed for a decentralized data economy.

Notably, BNB Greenfield will leverage smart contracts to facilitate easy storage and management of data, helping to power the future of Web3 innovation. In a tweet, the BNB Chain team called Greenfield “the new standard in Web3 data ownership and utility,

The architecture of BNB Greenfield

Although it’s a new blockchain, BNB Greenfield’s infrastructure works within a trinity, with a storage-oriented blockchain (BNB Greenfield Core), decentralized applications system (BNB Greenfield dApps) and a cross-chain bridge on the BNB Smart Chain.

All these functionalities are part of the BNB Chain, a blockchain infrastructure of Binance,

In a blog poststhe BNB Chain team said the blockchain will allow dApps to create, store and transfer data as well as monetize it within a smart contracts-enabled ecosystem.

Among the potential use cases on the BNB Greenfield blockchain include decentralized applications in website hosting, personal cloud storage, blockchain data storage, publishing and social media. Across all the use cases, full ownership of the data means users can wholly benefit from the new data economy.

The Binance Coin (bnb) will be the native token powering the entire ecosystem. As such, users will be able to transfer BNB from BSC to the Greenfield network, and vice versa, with holders able to stake coins, pay gas fees or data storage fees.

When will BNB Greenfield launch?

BNB Chain expects to launch BNB Greenfield in coming months, the team declared, adding that they are currently working on a testnet. The project involves a collaboration with Amazon Web Services (AWS), NodeReal and Blockdaemon.

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