BNB Chain (BSC), the blockchain operated by Binance, announced that they have developed a new storage blockchain called Greenfield. It will provide new storage solutions for data hosted on the BNB network with added interoperability with Ethereum. 

The announcement comes during a time of increased activity in web3 as prices for coins including Bitcoin, BNB, and Ethereum all appear to be rising following multiple banking collapses in March. 

Binance’s web3 storage solution

The new storage solution for web3 will offer developers a variety of different features that they can build on to help expand the web3 industry and decentralized data storage. 

Greenfield Features:

• Account creation

• Data storage 

• Access control

• Native cross-chain communication

• Storage provision

• Node validation

• Staking

However, Greenfield is accessible via their testnet which has just been deployed. Their mainnet is not slated for release until later in the year, supposedly around Q3 or Q4, but that’s not a bad thing. The testnet will provide early developers with the time they need to create Dapps that are fully operational and free of bugs for users to interact with immediately once the mainnet is deployed. 

Further, this will give additional value to the BNB cryptocurrency as it will be used to power the Greenfield network as an incentive for storage providers and validators using the network. 

Interoperable with BSC and EVM

One exciting highlight of Greenfield is its interoperability with the Ethereum blockchain as an Ethereum Virtual Machine (EVM). This will help developers create bridges between the networks so that users from both blockchains can interact with each other. 

This will create a massive opportunity for data on the Ethereum blockchain to be hosted on BSC which is considerably cheaper than the Ethereum network. 

Validators and storage providers are needed

However, the new network is in need of support and is requesting more people join the testnet as validators to support the expansion of Greenfield. In order to participate as a validator, node operators will have to stake 1000 BNB into the testnet. Fortunately, there are no slashing penalties for validators at this moment, giving node operators ample time to fine-tune their systems. 

Storage providers are also being requested in order to help increase the amount of data that can be stored on-chain for developers. This is essential for storage blockchains as they need to increase the amount of information that can be stored to remain relevant and useful as the network scales upward.

A hackathon is also being hosted by Binance called Zero2Hero. Participants who join and create successful programs on Greenfield will be eligible for prize rewards to help boost their creations. 

Will the mainnet rival IPFS?

While Greenfield is being developed by one of the largest companies in web3 - Binance - they are not necessarily the largest player in web3 storage. Protocol Labs recently deployed their own mainnet for Filecoin and IPFS earlier this year, which is garnering major attraction from developers on Ethereum meaning that a new rivalry between the two networks could happen soon. 

IPFS has largely been used as the primary hosting source for most NFT collections on the Ethereum blockchain. Beyond that, Protocol Labs is in close partnership with Lockheed Martin who recently took a Filecoin node into outer space on one of their satellites. 

If Binance wishes to make serious waves in the web3 storage sector, they have some major competition standing in their way and it will be up to the market to decide which is best.