I hope you are all well and had an excellent week, welcome to CryptoGod-1’s blog on all things crypto. This post will be looking at the recent announcement from BINANCE regarding their BNB Chain Greenfield Tech Roadmap.
BNB Greenfield
On the 12th of December 2023 the BNB Chain of Binance released a tech roadmap for its decentralized storage network BNB Greenfield. Within the roadmap there are targets for both Web2 and Web3 developers along with users. All is part of the aim to enhance performance, development experiences, and multichain capabilities.
BNB Greenfield works as an innovative blockchain and storage platform aiming is to achieve mass blockchain adoption. It is looking to make use of the power of decentralized technology for data ownership and the data economy. Its focus is on facilitating decentralized data management and access and will look to revolutionize the data economy through its ease of use in terms of both storage and management of data. This will all be linked with the DeFi context of BNB Smart Chain (BSC) to ensure all linking of data is secure.
The roadmap is designed based upon three key principles. Each of these principles focuses on high performance, simplified development experiences, and a multichain platform. These three key components are:
It allows Ethereum-compatible addresses to create and manage both data and token assets.
It natively links data permissions and management logic onto BSC as exchangeable assets and smart contract programs with all other assets.
It provides developers with similar API primitives and performance as popular existing Web2 cloud storage.
In the future Greenfield hopes it can set the standard with an ultimate goal of establishing a foundation for new data economy and dApp models. This will undoubtedly aid in the development and evolution of the foundation for Web3, as they have earmarked between Q4 of 2023 and Q1 of 2024 for Greenfield to enable smart contracts as a resource. This will allow owners to have better permission control from the BSC/opBNB while also improving SP performance for sealing objects and garbage collection, and simplify SP exit processes.
Key Features
Some of the other key areas that Greenfield focuses on are:
- a prioritization of performance that is comparable to Web2 service providers with an x5 increase in Storage Provider (SP) upload and download speed from 2MB/s to 10MB/s and 20MB/s to 100MB/s;
- compatibility with popular Web2 and Web3 standards to simplify the development experience by introducing storage features such as resource tagging, indexing, simple data migration, and an object atomic update;
- a multichain platform for cross-chain programmability to link with opBNB and EMV-compatible chains;
- and addressing the challenges of artificial intelligence (AI), such as ownership, transparency, and innovation, by integrating it with Web3 on BNB Chain.
The hope is that BNB Greenfield can elevate the experiences of developers and users in Web2 and Web3. This should be achieved with no threat towards Web2 alternatives due to their inability to scale as required. BNB Greenfield will look to end this limitation by driving high performance for “Mass Blockchain Adoption.”
A crucial component of the tech roadmap is to continually prioritize hitting Web2-comparable performance levels Web2 counterparts. This means that with the 5x increase in SP upload and download, with the levels noted above, crypto and Web3 investors should be able to achieve a network with lower cost and faster speed.
NB Greenfield has committed to boosting its storage performance to ensure that there are no threats when processing higher ticket transactions, which usually happens when large crowds put pressure on a protocol through high levels of use. As BNB Greenfield functions with a multipurpose, it will drive access to the Data Availability (DA) layer per its design.
With artificial intelligence (AI) the hot topic in the industry, Greenfield aims to address issues relating to ownership, transparency, and innovation on prominent projects through the potential establishment of their own AI.
How BNB Greenfield Works
One of the most prominent things to understand with BNB Greenfield is that it operates on two layers:
It is built on a new, storage-focused blockchain; and
It consists of a network of "storage providers".
From there the BNB Greenfield Blockchain maintains the ledgers for users and records the storage metadata as the common blockchain state data. The native BNB token is used for paying gas and governance fees, and this token can be transferred from the BNB Smart Chain. Within the BNB Greenfield Blockchain there is also a staking logic designed for governance.
Storage Providers work as storage service infrastructures and are provided by organizations or individuals that use Greenfield as the ledger. Each SP has their own responsibility for responding to user requests, which can include uploading and downloading data, while also serving as the gatekeeper for user rights and authentications.
Thus the new economy is formed with BNB Greenfield Blockchain and the SPs working together to comprise a decentralized object storage system. Developers are able to construct decentralized applications (dApps) using the BNB Greenfield platform and can also act as client tools that facilitate user interactions with Greenfield. It also allows for interaction with applications that provide significant value to users' real lives via the use of Greenfield as their infrastructure. These applications will use blockchain addresses as user identifiers and connect with features and smart contracts on the Greenfield blockchain, Greenfield SPs, and BSC.
With the existing native cross-chain bridge exists between BSC and BNB Greenfield blockchain, it will allow for the swift and ease of use between both blockchains. It is cheaper to create and access data on Greenfield but users can also transfer the relevant data operation to BSC and integrate with DeFi smart contract systems to generate new business models.
The Greenfield blockchain makes use of Tendermint consensus mechanism to implement a Proof-of-Stake approach to ensure network security. Both validator election and governance are managed through a proposal-vote mechanism, which follows the governance module of Cosmos SDK. Greenfield will validate and produce a block every 2 seconds. The validators form an integral part of the network's security and reliability for Greenfield Blockchain, but they also have responsibilities which extend well beyond that:
Validators are tasked with achieving consensus on cross-chain events and relaying cross-chain packets to both Greenfield and BNB Smart Chain. This ensures that cross-chain transactions are executed quickly, securely, and with minimal cost.
Validators play a key role in ensuring the integrity and availability of data provided by service providers (SPs). By challenging the data availability of SPs in a specific or random manner, validators can weed out malicious actors and those who provide subpar services. Punishing such actors through appropriate measures - such as slashing their stake, for example - helps to ensure the quality and reliability of services in the Greenfield ecosystem.
Validators also have a say in the governance of the network. They vote on issues related to the future development of Greenfield's ecosystem and adjust various network parameters as necessary. This ensures that the network remains healthy and sustainable over time, while accommodating the changing needs and demands of its users.
Have a great day.
CryptoGod-1.
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