In this post, I’ll tell you about Greenfield Chain, another blockchain that Binance is building.

Last month, Binance announced that it will be launching a brand-new chain called BNB Greenfield to tackle the blockchain scalability problem.

It then means that Binance will have three chains:

• BNB Beacon Chain
• Binance Smart Chain
• Greenfield Chain

Interestingly, all three chains will use the BNB coin.

But what exactly is the purpose of the Greenfield Chain?

Why Is Binance Releasing Greenfield Chain?

a. To meet the need for cloud storage

Following digitalization trends and the possibility that real cash may cease to exist, storing information online and exchanging appropriate documents will require cloud storage providers.

Greenfield is a means for Binance to position itself to meet this need as the future unfolds.

b. To take over the cloud storage market

Greenfield is not the first of its kind but existing cloud storage providers have scalability issues.

Centralized platforms like Google Drive, YouTube, and Instagram, are well, centralized. Data are stored off-chain and there may be privacy issues.

On the other hand, decentralized platforms like Filecoin (FIL) have storage space problem as every node needs a copy of all data. Thus, the system is not scalable.

To take over this market, Greenfield needs to do better. So, Binance is creating Greenfield to be fast, consume less energy, provide ample data storage, and manage a large number of transactions at once.

Furthermore, Greenfield will employ the concept of “distribution” to achieve scalability.

Distribution is simply dividing data into little bits rather than saving the complete data set.

Greenfield Chain will distribute data in smaller parts and store them at various network nodes.

As data is divided into smaller pieces, each piece is assigned a unique hash. Such that when the data is required, it can be retrieved from the hash. So cool!

Additionally, Greenfield Chain will integrate the Ethereum Virtual Machine (EVM) to ease migration for people who have previously created Ethereum apps.

Binance Greenfield – A new use case for BNB Coin?

As mentioned, the Greenfield chain will also be powered by the BNB coin.

Once Greenfield is launched, data will be stored and retrieved using the BNB coin.

In other words, users that have data saved on Greenfield will have to pay for their storage using BNB coins.

Filecoin (FIL), BTT by Tron, Arweave, Siacoin, and Stroj are other prominent coins in the data storage sphere.

However, experts predict that Binance will do a better job with Greenfield, given its reputation of prioritizing high-quality goods.

Closing Thoughts

A few months back, it was ChatGPT and Microsoft trying to steal Google’s #1 rank for global searches. Now, it is Binance trying to take over its Drive storage, with analysts predicting that BNB may reach $2000.

I guess we’ll watch and see where this road of Greenfield Chain leads. Kindly subscribe to our newsletter in order not to miss the update.

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