Mining Data “Banknote Capability,” BNB Greenfield Upgrades Web3 Infrastructure

The “power” of data is self-evident. The reason why many Internet products are free to use at present is that they can profit from the data provided by users for free. The vigorous development of the digital economy has made people realize that data is the blood and source of the economy, realize the value of the data they generate, and try to truly own the value of the data. This is the origin of the Web3 era.

From the birth of Ethereum to the attack of “Ethereum killers,” from cloud storage to decentralized storage, the data infrastructure is still expanding and improving. At present, the public chain BNB Smart Chain with the highest user activity (also known as BSC) recently released the decentralized storage infrastructure, BNB Greenfield, hoping to realize the synergy of data-centric smart contracts and tap the data “money ability” in the information age.

Solve the industry’s problems and integrate the two major infrastructures of storage and computing

In the situation of explosive data growth and privacy data leakage, decentralized storage has been exploring the way for nearly ten years. As early as 2014, Storj started storage services based on blockchain technology, and then Sia began to build a distributed cloud system in 2015, and IPFS proposed a decentralized storage solution in the same year.

In 2017, inspired by ICO and the token economic model, IPFS-based Filecoin and Arweave, which focus on permanent storage, were launched, and then storage projects based on various public chains came out one after another.

In fact, public chains such as Ethereum can also be stored. For example, some users previously wrote banned articles into the Ethereum block, and PANews once wrote the winner information of the annual event on the Ethereum block.

These all content will be permanently stored on Ethereum. However, due to block capacity and loading speed, public chains such as Ethereum are not suitable for a large amount of storage, so a dedicated storage public chain is required. Therefore, neither Ethereum nor various current EVM public chains, such as Polygon, etc., have their own distributed storage capabilities and can only rely on storage projects built on their public chains to make up for their shortcomings.

This creates another problem. The public storage chain and the smart contract public chain are like two continents separated from each other. In particular, most of the public storage chain is for data storage and does not have the ability to analyze and calculate data independently. It is necessary to develop a virtual machine to realize the smart contract function.

Otherwise, it is impossible to build complex DAPP on it. How to combine decentralized storage and smart contracts to provide real-time data analysis and execution, transaction and other multi-scenario capabilities, and give full play to the value of data has become the difficulty and focus of current technology development.

The big brother of decentralized storage, Filecoin, has been promoting the development of FVM (Filecoin Virtual Machine) to realize the combination of verifiable storage and smart contract functions. However, the progress has been very slow.

Judging from the official progress and planning, it is expected that the FVM test network will be launched in February 2023, and the main network will be launched in May. I don’t know whether Filecoin, which always likes to put pigeons, can “hand in the paper” as scheduled this year.

In addition, through the innovative consensus mechanism to achieve permanent storage of files, Arweave has proposed the concept of Smartweave intelligent integration and has also built some ecological projects.

However, due to the characteristics of Arweave, its usage scenarios are limited, and it is mainly suitable for decentralized H5-APP such as media, NFT, and web front-end applications, and lacks compatibility with Ethereum’s EVM, and it is difficult to achieve compatibility due to the current technical framework. The same is true for other storage projects, Storj and Sia Coin, and their essence is the docking of storage resources.

They lack effective content addressing methods, which are not conducive to file sharing, such as movies, audio, etc., and are slightly insufficient in storage functionality.

It is worth mentioning that the early public chain Dfinity realized the smart contract function through the concept of “container” and embedded the distributed storage architecture. However, because the project has been progressing slowly before and does not support EVM, the ecology is relatively isolated. The current ecology Development is at a disadvantage in the competition of public chains.

The launch of BNB Greenfield just solved the problem of the separation of these two major infrastructures. According to the white paper, BNB Greenfield DApp is a new type of decentralized application with data endpoints, transaction interfaces, P2P networks, and corresponding SDKs to help developers build BNB Greenfield dApps.

According to the official list of use cases, including personal cloud storage, decentralized front-end web pages, blockchain data storage, social media, personal data market, personal electronic publications, etc. If data is compared to oil in the digital age, BNB Greenfield is Saudi Aramco, which provides a series of upstream oil exploration, production, refining, and transportation, and downstream companies can further use oil for sale or reprocessing into other products. petroleum products.

Consolidate the cornerstone of Web3 and realize data programmability

Web3 natives who are used to DeFi mining and NFT casting may no longer pay attention to the automatic execution of “smart contracts” after clicking approve. As early as 1994, the famous cryptographer Nick Szabo proposed the concept of smart contracts by referring to automatic vending machines, so in a sense, it can be said that vending machines are the first large-scale application of smart contracts.

If Bitcoin, which aims at decentralized peer-to-peer transactions, is the 1.0 era of the blockchain, and Ethereum, which realizes Turing’s complete smart contract function, leads the blockchain into the 2.0 era.

Because of smart contracts, blockchain technology can be applied to various industries such as finance, medical care, the Internet of Things, AI, etc., and smart contracts will become one of the cornerstones of the future digital society. Later, a series of emerging public chains, such as BSC, is also based on Ethereum to further improve the performance and improve computing power of smart contracts.

But in the future, if smart contracts want to truly change the world, they still need different data support and need to connect different systems such as the Internet of Things, the Internet, and finance, and they need the latter to provide data support.

Compared with the development of public chain smart contracts, we have experienced many decentralized applications, and decentralized data storage has only entered the first chapter of development, and the amount of data it carries is not the same as traditional storage.

But the massive amount of data generated every day will only accelerate its production scale, making storage an important and lucrative business. According to IDC’s “Worldwide Enterprise Infrastructure Quarterly Tracker: Buyers and Cloud Deployment” report, it is estimated that the global cloud storage market will reach more than $100 billion from 2020 to 2025.

The reason why decentralized storage is important is that it solves the above-mentioned pain points of Web 2.0 centralized cloud storage, and it is more in line with the needs of the development of the big data era and can be used at a lower cost.

Compared with traditional centralized storage, the advantages of decentralized storage mainly lie in the protection of privacy, support for edge storage, and lower costs brought about by co-construction and sharing.

According to the IDC report, 75% of future data increments will be unstructured edge data. Decentralized data storage, especially for unstructured data, has obvious cost advantages. Because distributed storage changes the production relationship through nodes and token rewards, allowing end users to use storage, indexing and other services at very low prices.

The core infrastructure of BNB Greenfield includes the Greenfield blockchain and SPN (Storage Provider Network) Initially, some validators run by the BNB community or SP (Storage Provider) will start BNB Greenfield through genesis, and some SP will also start the corresponding storage infrastructure and register itself on the Greenfield blockchain.

SPs form another P2P network, providing applications and users with a full feature set to create, store, read and trade data, while using the Greenfield blockchain as a metadata and ledger layer.

The real power of the Greenfield ecosystem is that the platform is not only designed to store data, but also to support value creation based on data assets and their associated economies. The asset characteristics of data are first established on permissions, such as the permission to read data.

When such rights are disconnected from the data itself, they become tradable assets and amplify the value of the data. This can be amplified when the data themselves can execute (a new type of “smart code”), interact with each other and generate new data. This creates a lot of room to imagine building a new, data-intensive, trustless computing environment.

BNB Greenfield dApps are also part of the BNB Chain infrastructure, and both parties also have a native cross-chain bridge. Although data can be created and read at a lower cost on Greenfield Core Infra, related data operations can be transferred to BSC and integrated with smart contract systems there (such as DeFi), resulting in a multiplier effect that will release many New business opportunities for data and its operations.

The address format of the Greenfield blockchain will be fully compatible with BSC (and Ethereum). It also accepts EIP-712 transaction signing and verification. These enable existing wallet infrastructure to interact with Greenfield naturally from the start. Therefore, Greenfield will integrate with existing systems and reuse existing infrastructure and dApps, such as NFT trading platforms, data indexes, and blockchain browsers.

BNBGreenfield’s infrastructure core, Greenfield’s Dapp ecosystem and BSC form a trinity ecological pattern.

From the perspective of BNB Greenfield DApps, these applications can help users create, read and execute data on BNB Greenfield, Greenfield SP and BSC, and serve users’ needs. From the perspective of BNB Greenfield, they accept requests and observations from Greenfield dApp on behalf of users and at the same time accept instructions from BSC to work together for different business scenarios. From the perspective of BSC, they can accept the data assets transferred from BNB Greenfield and provide more business scenarios for the new Greenfield dApp through smart contracts.

In such a three-in-one structure, users can directly or indirectly interact with some of them for different purposes. DApps can define how they want to package assets from Greenfield, truly enabling data programmability.

Empowering again, BNB is marked with a new label of decentralized storage

Starting from Binance’s platform currency, BNB Smart Chain will be launched in September 2022, transforming BNB from a platform currency to an ecological currency. Now BNB is now expanding its usage scenarios again, becoming a distributed storage public chain/BSC sidechain native Governance and Gas tokens.

There is a native cross-chain bridge between the Greenfield blockchain and BSC. The initial BNB will be locked on BSC and re-minted on Greenfield. The total circulation of BNB will remain the same, but will flow between BNB Beacon Chain, BSC and Greenfield.

Greenfield’s initial validator set at the beginning of creation will first lock a certain amount of BNB into the “Greenfield Token Hub” contract on BSC. This contract will also be used as part of the native bridge for BNB post-genesis transfers. These initially locked BNB will be used as collateral and early gas fees for validators.

At present, Greenfield has not disclosed the economic model, such as how many BNBs need to be held and pledged for SP registration and verification node election, and incentive design is needed to ensure an appropriate number of SPs. SPs need to follow a series of actions to ensure user data redundancy, otherwise they will be fined.

However, with the launch of Greenfield, there will be a series of BNB demands. For example, SPs will need to purchase or borrow BNB pledges. Users need to pay BNB as storage or execution fees to use Greenfield. In the future, if the real-time burning mechanism is implemented like BSC, Burning the gas fees collected by the verification nodes in each block according to a fixed ratio will further reduce the total amount of BNB in circulation and increase the scarcity of BNB.

How much value will BNB add due to the addition of Greenfield? We can refer to the current mainstream decentralized storage projects. Among them, FIL, with the highest market value is $2 billion, and Arweave has a total market value of nearly $800 million. Compared with BNB, which has a total market value of $65 billion, the market value of these projects is insignificant. This is also related to the fact that the development of decentralized storage is still in its early stages and there are few applications.

However, with the rigid demand for decentralized storage and the development of data programmability in the foreseeable future, the oil resources in the new era of data will be further explored and explored, and the multiplier effect with other fields is very worth looking forward to.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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