Binance develops blockchain solution for cloud storage and Web3

News from the Binance Coin (BNB) ecosystem: A whitepaper indicates developers are working on a blockchain solution for storage services and Web3 applications.

Binance has laid the groundwork for ecosystem expansion in the past with its Smart Chain (BSC). According to data from DeFiLlama, the BSC ranks third among the most used Decentralized Finance (DeFi) networks, with more than 500 crypto projects docked to the Binance Smart Chain. Now, according to a whitepaper, another blockchain is to be developed, trimmed for efficiency for cloud storage and Web3. A web presence for the project under the name “BNB Greenfield” has also already been set up.

Amazon Web Services, a heavyweight in cloud computing, is also participating in “BNB Greenfield”. A public test network is to be available soon. In the “BNB Greenfield” network, Binance Coin (BNB) will be the means of payment. According to the plans, people will be able to rent online storage space and computing capacity, for example, which will be organized in a decentralized manner. In combination with smart contracts, this will result in far-reaching control over access rights for data, and cloud storage at BNB Greenfield should be able to keep up with market leaders such as Dropbox in terms of user experience.

In concept, however, “BNB Greenfield” already goes one step further. Applications from all areas can be implemented via DApps, from creating websites to social media. NFTs are also planned for “BNB Greenfield” in order to be prepared for Web3. BNB Greenfield” will be embedded in the microcosm of Binance, which has long since extended beyond the classic business of a crypto exchange and is proclaiming MetaFi as its goal, a merging of divisions such as DeFi, Metaverse and blockchain gaming. Since DApps already existing in the Binance Smart Chain will also function under “BNB Greenfield,” a launch with attractive content seems guaranteed.

Conclusion: “BNB Greenfield” as a competitor to Filecoin (FIL) and Internet Computer (ICP)?

Among the 50 most capitalized cryptocurrencies, Filecoin (FIL) is one that specializes in decentrally organized cloud storage. Internet Computer (ICP) is also getting in on the action. However, the success of Filecoin and Internet Computer has remained modest. Binance, with its more than 30 million customers, is in an excellent starting position to establish new services. The coming months will show whether “BNB Greenfield” will be a success and thus also have a positive effect on Binance Coin.

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