Binance’s BNB Chain Announces New Decentralized Storage System

Binance’s blockchain 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 Web3 applications will be powered by BNB tokens, according to the project announcement. The system aims to grant users and decentralized applications (dapps) complete ownership of their data, allowing the system to support website hosting, publishing, data storage and personal cloud applications.

Community developer teams from Amazon Web Services, NodeReal and Blockdaemon aim to launch the BNB Greenfield testnet within the next few months.

The BNB Chain's newest decentralized offering comes at a time when Binance is ramping up its influence in the decentralized finance space in the wake of the collapses of several high-profile centralized crypto exchanges. The network’s previous iteration, Binance Smart Chain (BSC), attracted criticism for being too centralized and susceptible to rug pulls.

The release of the decentralized storage system’s whitepaper was having a modest effect on the price of other storage tokens on Wednesday. Filecoin (FIL), Storj (STORJ), and Arweave (AR) are now trading 2%, 5% and 6%, respectively, above their pre-announcement prices.

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