Binance has taken a step towards a decentralized future with the unveiling of its BNB Greenfield white paper. The new blockchain platform aims to build a Web3 infrastructure, providing a decentralized storage solution that gives users full ownership of their data.
With support from Amazon Web Services, NodeReal, and Blockdaemon, Binance is looking to create a new landscape for the ownership and utilization of data.
According to Victor Genin, the senior solution architect at BNB Chain:
the BNB Greenfield platform will build utility and financialization opportunities for data that is in storage as well as bring programmability to the ownership of data.
The platform will utilize the BNB token (previously known as Binance Coin) and smart contracts to manage ownership and access to the stored data, which will be backed by BNB Chain and third-party storage providers.
Users of the exchange who own BNB tokens and a BNB Chain address will be able to store data on the platform, similar to traditional Web2 cloud storage services like Dropbox. The system will also use NFTs to add an extra layer of security to the stored data.
This new initiative is a significant move towards the decentralization of data and puts the exchange at the forefront of the Web3 revolution. By giving users full ownership and control over their data, Binance is poised to create a new paradigm in the way we store, share, and access information.
Binance Expands Reach with Mastercard Partnership
The exchange also expanded its product offerings, as seen by its recent collaboration with Mastercard to introduce a prepaid crypto card in Latin America, as reported by Tronweekly.
On January 30th, the world’s largest exchange announced the launch of the Binance Card in Brazil, which is issued by Dock, a central bank-regulated payment institution.
The card supports real-time fiat-crypto conversions of 14 digital assets and comes with several perks, including up to 8% cash back in crypto on certain transactions and no fees on certain ATM withdrawals.
However, the exchange’s recent move into the Web3 infrastructure space with BNB Greenfield and its expanding product offerings, such as the Binance Card, are signs of a company that is committed to staying at the forefront of the ever-evolving crypto landscape.