Binance’s blockchain network BNB Chain published the white paper for BNB Greenfield, a new decentralised data storage system that would complement Binance’s current decentralised network, on Wednesday morning.
According to the project release, BNB coins will fuel the decentralized storage system with smart contract-integrated Web3 apps. The system’s goal is to provide users and decentralized applications (dapps) with total data ownership, allowing the system to handle website hosting, publication, data storage, and personal cloud applications.
According to the white paper, community development teams from Amazon Web Services, NodeReal, and Blockdaemon plan to launch the BNB Greenfield testnet within the next few months.
The release of the BNB Chain’s newest decentralized product comes at a time when Binance is expanding its impact in the decentralized financial field in the aftermath of the failures of numerous high-profile centralized crypto exchanges. Binance Smart Chain (BSC), the network’s earlier form, was criticized for being excessively centralized and vulnerable to rug pulls.
On Wednesday, the publishing of the white paper for the decentralised storage system had a minor impact on the price of other storage tokens. Filecoin (FIL), storj (STORJ), and arweave (AR) are presently trading 2%, 5%, and 6% higher than their pre-announcement values, respectively.