Decentralized data storage system for data ownership and freedom
BNB Chain, the world’s largest smart contract blockchain in terms of daily active users, unveils the whitepaper for a new blockchain-based Web3 infrastructure, set to transform the freedom and control users have over their own data.
The BNB Chain core team and a few community developer teams, including Amazon Web Services (AWS), NodeReal and Blockdaemon have started working on BNB Greenfield already and aim to release a testnet in a few months.
The whitepaper outlines the design of BNB Greenfield, a decentralized storage system with smart contract integrations for Web3 applications. BNB Greenfield utilizes BNB as its native token and will become the 3rd blockchain in the BNB ecosystem, after BNB Beacon Chain which focuses on BNB governance and security, and BNB Smart Chain for smart contract computing.
“2021 was a year of breakthroughs for the decentralization of finance, with the rise of decentralized finance (DeFi) platforms. In 2022, we saw the emergence of a new trend in decentralization with the rise of non-fungible tokens (NFTs) and the decentralization of digital ownership. Now, in 2023, BNB Chain is leading the way in creating a new theme for the ownership and utility of data with BNB Greenfield. BNB Greenfield will build utility and financialization opportunities for data that is in storage as well as bring programmability to the ownership of data,” said Victor Genin, Senior Solution Architect at BNB Chain.
The whitepaper introduces BNB Greenfield as a decentralized and convenient infrastructure for crypto-aware users and developers. Anyone who has a BNB Chain address and holds BNB can:
1. Store their data on BNB Greenfield seamlessly in a similar way as they use DropBox on desktops or mobile devices.
2. Deploy a website in mere minutes without the rigmarole of completing a registration or credit card.
3. Use AWS S3 similar interfaces to manipulate their data in a programmatic way. 4. Store historical data for BNB Smart Chain and other BNB ecosystem infrastructure data.
The whitepaper also highlights 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.
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The ownership and permission to read can be managed by EOAs or Smart Contracts on BNB Smart Chain via NFTs in a financial way. EOAs and smart contracts cannot only manage the NFTs on behalf of the data but the data itself. The native cross-chain protocol provides easy operations that can facilitate the “data ownership” concept for Web3. For example,
1. Authors can easily perform digital publishing and sell their works on BNB Smart Chain via smart contracts directly;
2. Data creators can upload and exchange their products in smart contracts and compose with other DeFi;
3. New ways of decentralized social media can build upon BNB Greenfield. Users can own their data on BNB Greenfield and store their social graph in a decentralized way, while different social media frontends facilitate users to build the social network. Fandom and subscriptions can also be managed with any sort of economics by smart contracts.
In the long run, BNB Greenfield can also serve as a good backbone system for Trusted Computing and Federated Learning.
Behind the scenes, the above will be supported by a new BNB Greenfield blockchain and a network of storage providers. The blockchain stores the storage metadata with users’ BNB ledger, while the storage providers maintain off-chain object storage systems to store content data with proper redundancy and backup.
Different from other existing decentralized storage, the data availability of BNB Greenfield is guaranteed via both economic incentive and punitive challenge mechanisms: while users can proactively select different storage providers to use at any time, different storage providers can compete to be the prime storage provider for more objects in order to make more profit; the non-functioning SPs that cannot stand with the data availability challenges will also suffer “slashes” on their collateral deposit.
BNB Greenfield is designed to be inclusive of both existing Web 2 developers and large user bases. To accomplish this, the APIs are designed to be familiar and perform similarly to
popular cloud storage systems. Additionally, storage providers will charge fees in USD, providing users with a stable, long-term understanding of the cost of using BNB Greenfield, even though payments will be made in BNB.