Binance’s New Blockchain Platform Aims to Build Web3 Infrastructure

Binance, a cryptocurrency exchange stated that it is interested building a blockchain-based Web3 infrastructure in its newly published BNB Greenfield paper. Binance created BNB Chain, which is a blockchain platform.

It is described in the whitepaper as a decentralised storage system that is integrated into BNB Chain. This infrastructure allows users and decentralised application (DApps), to have complete control over all data stored within it. You can use this infrastructure for hosting websites, publishing, data archives, personal clouds, and maintaining data archives.

BNB Chain’s core team is responsible for creating the testnet for the Web3 infrastructure. The testnet is supported by the community developers teams from NodeReal, Amazon Web Services and Blockdaemon. BNB Greenfield is a distributed file storage system currently in development. It will incorporate smart contract functionality to Web3 apps, and it is powered by BNB (previously known under the Binance Coin) token.

Victor Genin (Senior Solution Architect at BNB Chain) discussed the motivation behind the new initiative and revealed his intention to create a new theme in the ownership and use of data. He said that BNB Greenfield will create utility and financialization options for data stored in storage, as it will also bring programmability to data ownership.

BNB tokens and BNB Chain addresses are required to be able to store data in BNB Greenfield. It functions in a similar way to DropBox or Web2 cloud storage systems, such as DropBox. Two other options are the creation of websites or the preservation of historical data.

To control who is allowed to see the data, smart contracts will be used in conjunction with nonfungible tokens. BNB Chain, which will store the storage metadata, will be used on the backend. However the actual storage will be managed by third-party providers.

Recent events have led to Mastercard’s cooperation with Binance in the creation of a prepaid crypto card for Latin American countries. Binance is pursuing this goal of product growth.

The cryptocurrency exchange announced that the Binance Card will be launched in Brazil on January 30th. Dock, a central bank-licensed payment institution, will issue the card.

It allows real-time currency conversion to any one of 14 cryptocurrencies. There are also a variety of attractive bonuses like the chance to earn as much as 8% in cryptocurrency for qualifying transactions, waived fees for ATM withdrawals, and a minimum of $0 transaction fee.

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