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BNB Smart Chain recently announced the development of a unique data storage Web3 and ownership infrastructure known as BNB Greenfield.

This newest infrastructure paradigm will emphasise user flexibility and ownership to place it at the centre of data storage for users.

BNB Chain is focusing on inventing a new blockchain technology that would help users and Dapps (Decentralised Applications) gain the ability to access, store, and manage data with private accessibility and personal keys.

Greenfield will work together with the existing BNB chain apps and would also interact with the decentralised storage and new blockchain providers.

Earlier known as the Binance Smart Chain or BSC, the BMB chain is a decentralised, community driven, censor content resistance technology powered by Binance. It consists of BNB Smart Chain and BNB Beacon Chain and is EVM compatible.

It also facilitates a multi-chain ecosystem. Via the concept of MetaFI, the BNB chain aims at building an infrastructure to power a virtual parallel ecosystem. In a recent report by Arcane Research, Binance controls over 92% of overall Bitcoin trading.

The crypto market is renowned by the name of Binance. This hybrid, non-standard approach allows extracting advantages of both approaches while offsetting the cons. The concept around BNB and the use of cryptocurrencies has been particularly popular across iGaming platforms such as Betting.co.uk which offer high limit and no limit betting, involving seasoned players from across the world.

The potential utility for BNB Greenfield includes personal cloud storage, a new social media model, deployment and hosting websites, and storage of terabytes from BNB Smart Chain.

Ownership and data storage have been controversial topics during the transition from Web2 to Web3.

Web3 has offered a centralised, major grip on the storage of ownership and data.BNB chain has a list of capabilities for BNB Greenfield which mentions:

User ability to create, read, and execute accurate data with known UX interfaces

Log-in ability with cryptographic keys or IDs which are anonymous

Users can own and manage their data assets including programming.

Leveraging of data ownership is offered to users for financial benefits

BNB chain also confirmed that the testnet for BNB Greenfield is undergoing development with Nodereal, Amazon Cloud, and Block Daemon.

BNB Greenfield uses Non-Fungible Tokens or NFTs, smart contracts for managing data ownership. They also give access and permission to view the available data on the system. It has also added a feature where BNB Greenfield can store metadata whereas third-party providers store the original data.

As per a press statement released, the storage system is designed for catering to Web2 developers along with large user bases. Victor Glenn, the senior solution architect of BNB Chain mentioned that BNB Chain is focused on creating a new theme for the utility of data and ownership with BNB Greenfield.

This will also build financialisation and utility opportunities for data in storage. It would also allow owners of data via programmability. Technically, BNB Greenfield is composed of a trinity that works hand in hand for providing decentralised data storage systems.

The trinity includes new BNB Greenfield applications, existing BNB chain applications, and BNB Greenfield blockchain inclusive of storage providers.

Binaces blockchain network BNB Chain recently released BNB Greenfield in 2023 which is a new decentralised data storing system that would work around its existing network. This decentralised storage method is enabled with smart contract-integrated Web3 apps and is powered by BNB tokens.

This system aims at granting Dapps and users ownership of personal data and allows the system to support publishing, website hosting, and personal cloud-based applications.

This new project is launched at a time when Binance is already focusing on its influence in the decentralised finance space before the collapse of multiple high-end centralised cryptocurrency exchanges.

Earlier, Binance Smart Chain, or BSC had faced immense criticism for being extremely susceptible and centralized to rug pulls.

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Access, Storage, and Personal Keys: BNB Smart Chain & BNB ... - Retail Technology Innovation Hub