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Blockchain

BNB Greenfield To Launch The Testnet Congo, Encourage Community To Join

April 11, 2023 - Around 3 mins mins to read

Key Points:

  • The BNB Chain’s decentralized storage infrastructure, BNB Greenfield, has gone live with its testnet Congo.
  • The actual data is stored by the storage provider, while the metadata and financial ledger are handled by the validation node through consensus.
BNB Greenfield, the BNB Chain development team’s decentralized storage infrastructure, has gone live with its test network Congo and is encouraging the community to actively sample the Congo testnet.
BNB Greenfield To Launch The Testnet Congo, Encourage Community Participation

The Greenfield test network storage provider (SP) collaborates with the test network verification nodes to offer comprehensive storage services; the storage provider keeps the real data, while the verification nodes process metadata and financial ledgers through consensus.

BNB Greenfield is said to be a decentralized storage facility in the BNB Chain ecosystem. Users and dApps may generate, store, and share data with complete ownership, resulting in the creation of a new data economy.

The system at BNB Greenfield automatically connects the required accounts to the Stream Pay module for invoicing, which connects the accounts on BNB Greenfield to the peer-to-peer storage provider network. This guarantees that all parties participating in the data storage process are fairly compensated for their duties.

Storage providers cannot distribute data that has been sealed on BNB Greenfield without the client’s agreement. Reading and downloading data are only possible if a client grants the downloader permission, either to a few specific addresses or to everyone, by signing the required transactions on the blockchain.

Data downloading and reading will be free till a particular amount of data bandwidth is used. Customers that want more bandwidth to minimize latency or store more files must pay an extra service charge to their SP.

BNB Greenfield will also concentrate on a distributed storage network with a smart contract interface for Web3 apps. It will be part of the decentralized storage infrastructure of BNB Chain, giving end users and decentralized apps complete access to their data.

This blockchain’s utility token, BNB, will be used as gas to pay for Greenfield’s storage. Moreover, BNB is utilized for staking since BNB Greenfield uses the Tendermint consensus-based PoS consensus for security. These tools, according to the idea, will be developed to boost the usefulness of the token and generate demand.

Binance’s Greenfield strategy is the company’s attempt to create a foothold in the Web3 industry. This is also a sign of the possible future usage of BNB, which may push up the price.

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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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.