Decentralization is one of the essential properties of the blockchain technology that powers Web3. The fundamental design principle is that no one person or organization is in charge. The technology allows users to carry out transactions securely without having to rely on a third party to maintain trust.
It also opens the door for smart contracts to automate these interactions and enable the creation of dApps that support a wide range of products, from decentralized finance (DeFi) services to games (GameFi) and more.
BNB Chain is a distributed blockchain network on which developers and innovators can build dApps as part of the transition to Web3. At the time of writing (February 2023), BNB Chain is the largest smart contract blockchain in the world in terms of transaction volume and daily active users.
On February 1, 2023, BNB Chain announced the release of the BNB Greenfield whitepaper. In summary, BNB Greenfield offers a decentralized storage infrastructure within the broader BNB Chain ecosystem. The idea is to help users and dApps create, store and exchange data with full ownership over it and form a new data economy.
How does BNB Greenfield work?
BNB Greenfield is a storage-oriented blockchain that interacts with a decentralized network of storage providers (SPs). Users upload their data with unique access and use permissions. SPs store that data off-chain with proper redundancy and backup while users' BNB ledger metadata is stored on the BNB Greenfield blockchain.
Thanks to a native cross-chain bridge, all aspects of the data stored in the BNB Greenfield ecosystem can be easily transferred to BNB Smart Chain, where it can be used both in the existing ecosystem of BNB Chain dApps and with a new generation of BNB Greenfield dApps. These dApps can help users interact with the BNB Greenfield ecosystem or function as Web3 products that leverage available data.
The ability to uniquely configure permissions for data in a native smart contract-enabled environment opens up a host of potential business models that will benefit users and other participants in BNB Greenfield.
Potential use cases:
These are some of the possibilities that BNB Greenfield can unlock to create a new wave of dApps.
Web hosting. As BNB Greenfield provides several APIs and uses very similar concepts to Amazon S3, users can easily deploy their websites using BNB Greenfield and conveniently manage their BNB payments.
Personal cloud storage. With their private keys, users can create their own network drives using BNB Greenfield to upload and download their encrypted files, photos and videos using their desktop or mobile devices.
Blockchain data storage. L1s contain dozens of terabytes of historical data, much of which is inactive. BNB Greenfield can be used to store this data to reduce L1 latency, improve data availability, and easily deliver idle data to L1 when needed. BNB Greenfield can also be used as a cheaper alternative for storing Rollup L2 transaction data.
Publication. Authors can store their works on BNB Greenfield and mirror them on the BNB Smart Chain, where they can sell them by granting read permissions to a buyer address after receiving payment.
Social networks. BNB Greenfield provides the infrastructure for social media influencers and opinion leaders (KOLs) to own their own content and data. In exchange for a commission, dApps can use this data and share it with a public audience through a decentralized social network.
Personal data market. This may be the most complicated problem to solve today: how to take control of your data, such as page views, registrations, clicks, behavioral data and much more, without allowing platforms (typically large centralized monopolies) to manage it independently. improperly or make improper use of them.
BNB Greenfield will allow apps to store your personal data encrypted in your own personal account and will only allow other apps to use it if you give them permission. Or better yet, if they pay a commission for making this use of your data.
In conclusion:
As can be seen from the list of use cases, the arrival of BNB Greenfield has the potential to open the floodgates to a whole new wave of novel, innovative and transparent Web3 business models for dApps.
Transparency and data ownership are the next step to unlock the full potential of Web3. BNB Greenfield will continue to develop this new frontier in partnership with the broader Web3 community to benefit the next generation of users.
The release of the BNB Greenfield whitepaper this February 2023 is just the first step in this journey to gain more independence, ownership and opportunities for users, creators and the Web3 community at large.
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