Binance’s BNB Chain Reveals New Decentralized Storage System

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Binance’s BNB Chain Announces New Decentralized Storage System

BNB Greenfield’s test net will be released over the following few months, reports by the project’s white paper, released Wednesday morning.

Binance’s blockchain tech network BNB Chain released on Wednesday morning the white paper for BNB Greenfield, a new decentralized data storage system that will round out Binance’s existing decentralized network.

The decentralized storage system with smart contract-integrated Web 3.0 applications will be powered by BNB crypto tokens, reports by the project announcement. The system intends to provides users and decentralized applications (dapps) complete ownership of their data, allowing the system to facilitate website hosting, publishing, data storage and personal cloud applications.

Community developer teams from Amazon Web Services, NodeReal and Blockdaemon intend to launch the BNB Greenfield testnet within the following few months, reports by the white paper.

The BNB Chain’s latest decentralized offering comes at a time when Binance Crypto exchange is ramping up its influence in the (DeFi) space in the wake of the collapses of plenty of high-profile centralized cryptocurrency exchanges. The network’s previous iteration, Binance Crypto exchange Smart Chain (BSC), attracted criticism for being as well centralized and susceptible to rug pulls.

The release of the decentralized storage system’s white paper was having a modest effect on the price of other storage crypto tokens on Wednesday. Filecoin (FIL), storj (STORJ), and arweave (AR) are now trading 2%, 5 percent and 6%, respectively, over their pre- notice prices.

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