BNB Chain Launches Testnet for Decentralized Storage Solutions, BNB Greenfield

BNB Chain is preparing to integrate decentralized storage solutions as its BNB Greenfield project had entered the testing stage on April 11th.

The initiative aims to deliver efficient data services while enhancing ownership and integration capabilities for Web3 applications.

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In particular, BNB Greenfield seeks to mirror traditional Web2 cloud storage services while adding advanced features tailored for Web3 applications.

Once fully launched, BNB Greenfield users will be able to use features like "decentralized data storage, access control, native cross-chain communication, storage provision setup, node validation, and staking."

BNB Greenfield facilitates the transfer of data permissions across chains to the BNB Smart Chain, allowing data to be converted into tradable digital assets that can be integrated with a range of decentralized finance (DeFi), non-fungible tokens (NFTs), and GameFi applications on the BNB Chain.

Users can create wallets and manage data on BNB Greenfield, while developers can control data assets manually or programmatically.

In its announcement on Twitter, BNB Chain asked developers and validators to join the testnet. The team behind BNB Chain noted:

Call for developers, testnet validators, and storage providers to join the testnet through a transparent proposal and voting process. Keep in mind that the testnet and upcoming mainnet (Q3 launch) may have different rules.

The Binance ecosystem's BNB token will function as the gas and governance token for BNB Greenfield. Validators will stake BNB, participate in network governance, and generate revenue from storage fees.

Users can create accounts, transfer BNB to manage storage resources, and engage in native cross-chain communication between BNB Chain and Greenfield.

On top of that, BNB Chain noted that by using Greenfield, users will have full control "over their own data."

Users gain control over their own data in Greenfield, enabling them to decide who can access it and set the access fees. This revolutionary approach broadens the concept of data ownership from just assets to real ownership of data.

In not-so-pleasant news for BNB Chain, a recent report revealed that over 70% of rug pulls occurred on BNB Chain during the first quarter of 2023.

by Gile K. - Crypto Analyst, BitDegree

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• Source: https://www.bitdegree.org/crypto/news/bnb-chain-launches-testnet-for-decentralized-storage-solutions-bnb-greenfield