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The BNB Chain ecosystem is preparing to incorporate decentralized storage solutions, with the testing phase of its BNB Greenfield commencing on April 10.
BNB Greenfield is designed to replicate traditional Web2 cloud storage solutions, offering rapid and economical data services alongside improved ownership and integration for Web3 applications and services.
The testnet announcement shared with Cointelegraph detailed initial features that will enable users and developers to start utilizing decentralized storage.
Data permissions can be transferred cross-chain to the BNB Smart Chain, enabling data to be transformed into tradable digital assets that can be integrated with various decentralized finance (DeFi), non-fungible tokens (NFTs), and GameFi applications on the BNB Chain.
Related: BNB Chain now has more unique addresses than Ethereum, developer says
Users can establish wallets and manage data on BNB Greenfield, while developers can maintain control over data assets. This includes the capability to set access and conditions either manually or programmatically.
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A relayer connects the BNB Chain and Greenfield, allowing BNB Chain decentralized applications (DApps) to integrate with Greenfield through a software development kit. The Binance ecosystem’s BNB (BNB) token will function as the gas and governance token for BNB Greenfield. Validators will stake BNB, engage in network governance, and earn revenue from storage fees.
In the meantime, users create accounts, transfer BNB to manage storage resources, and utilize native cross-chain communication between BNB Chain and Greenfield.
The Greenfield testnet will involve storage providers (SPs) collaborating with validators to enable the platform’s storage services. SPs are tasked with storing actual data, while validators handle metadata and financial ledger information through consensus algorithms.
To qualify as an SP, a user must deposit a service stake on the Greenfield blockchain, which is then voted on by validators through the governance process. The design aims to guarantee efficient user data storage, redundancy, and security. Greenfield’s proof-of-stake mechanism establishes decentralized governance of the platform.
BNB Chain senior solution architect Victor Genin stated that Greenfield is now accessible for SPs and users to commence stress testing the service on its Congo testnet:
“Developers will be able to choose to store data anywhere, from decentralized terminals to centralized storage services while validators will be instrumental in shaping the future of data ownership and utility in Web3.”
With over 1,400 active DApps and 200 million unique addresses across the BNB Chain, the firm anticipates its data storage solution will cater to a rapidly growing data economy. Data from Fortune Business Insights predicts that the global data storage market will exceed $777 billion by 2030.
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