Binance, white paper on distributed storage system | coindesk JAPAN | Coindesk Japan

BNB Chain, the blockchain network of the crypto asset (virtual currency) exchange Binance, released a white paper on its new distributed data storage system “BNB Greenfield” on February 1.

BNB Greenfield is a decentralized storage system with Web3 applications integrated with smart contracts, powered by Binance Coin (BNB). The system aims to give users and Dapps (decentralized apps) full ownership of their data, and can support website hosting, data storage, personal cloud applications, and more.

According to the whitepaper, the developer communities of Amazon Web Services, NodeReal and Blockdaemon are aiming to launch a BNB Greenfield testnet in the coming months.

Following the collapse of several major centralized cryptocurrency exchanges such as FTX, Binance has increased its influence in the DeFi (decentralized finance) space. However, the previous version of BNB Chain, Binance Smart Chain (BSC), was criticized for being too centralized and prone to lag-pulls.

The announcement of the decentralized storage system white paper had a minor impact on other storage tokens on the 1st. Filecoin (FIL), Storage (STORJ), and Arweave (AR) are up 2%, 5%, and 6%, respectively, from their pre-announcement prices at the time of writing.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Unsplash
｜Original: Binance’s BNB Chain to Offer New Decentralized Storage System