The BNB Chain ecosystem is ready to integrate decentralized storage solutions, with trials of its BNB Greenfield starting on April 10.
BNB Greenfield is modeled to emulate conventional Web2 cloud storage solutions, providing fast and cost-effective data services in combination with enhanced ownership and integration for Web3 applications and services.
The testnet announcement shared with Cointelegraph highlighted initial features that will allow users and developers to get started with decentralized storage.
Data permission can move through the BNB Chain, allowing data to be converted into tradable digital assets that can be integrated with a variety of decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and GameFi within the BNB ecosystem.
Users can create portfolios and manage data in BNB Greenfield, while developers can exercise control over data assets. This includes the ability to set access and conditions both manually and programmatically.
A repeater links BNB Chian and Greenfield, allowing decentralized applications (DApps) on the network to integrate with Greenfield using a software development kit. The BNB Token (BNB) from the Binance ecosystem will serve as the gas and governance token for BNB Greenfield. Validators will lock up BNB, participate in network governance, and earn revenue from storage fees.
Meanwhile, users create accounts, transfer BNB to manage storage resources, and use native communication between BNB Chain and Greenfield.
In the Greenfield testnet, storage providers (SPs) will work with validators to facilitate the platform’s storage services. Storage providers are responsible for storing the actual data, while validators process metadata and financial ledger information using consensus algorithms.
To become an SP, a user must deposit a service share into the Greenfield blockchain, which is then voted on by validators through the governance process. The design aims to ensure efficient storage of user data, as well as redundancy and security. Greenfield’s proof-of-stake mechanism institutes decentralized governance of the platform.
Victor Genin, Chief Solution Architect at BNB Chain, has stated that Greenfield is now open for service providers and users to start testing the service on its Congo testnet:
“Developers will be able to choose to store data anywhere from decentralized endpoints to centralized storage services, while validators will be instrumental in shaping the future of data ownership and utility on Web3.”
With over 1,400 active DApps and 200 million unique addresses on the BNB Chain, the company envisions its data storage solution serving a booming data economy. Data from Fortune Business Insights estimates that the global data storage market will be valued at more than USD 777 billion by 2030.
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