Written by: Linnn
Decentralized storage is on the cusp!
On February 17, "ETH", the head of Filecoin's ecological growth, tweeted that the decentralized storage project Filecoin will launch smart contracts on March 23, making it a mature Layer1 .
On February 14, Binance founder CZ said in a Twitter AMA that most people underestimated the potential of BNB Greenfield. BNB Greenfield will open up a new scene for BNB in the field of data storage. After it goes online, more people will realize its impact on the market. affect .
BNB Greenfield is the third chain in the BNB ecosystem after BNB Beacon Chain and BNB Chain, a decentralized storage public chain.
This article will explain why decentralized storage needs smart contracts, the characteristics and potential geometry of BNB Greenfield?
Decentralized storage requires smart contracts
First of all, let's make a simple and crude conclusion: decentralized storage is an important cornerstone of the development of Web3.0 .
After all, in today's industry with the slogan of "decentralization", its underlying infrastructure is still dominated by traditional cloud service providers such as AWS, and passers-by have to pay some "travel money".
However, just as " an NFT stored on a centralized server is not a real NFT ", those projects that only have the shell of "decentralized services" but do not achieve the decentralization of the underlying storage cannot be regarded as a pure Web3 in the strict sense project.
Compared with the convenience of centralized storage, decentralized storage ensures immutability and trustlessness, and realizes data persistence and censorship resistance .
Then someone has to ask, why not store the data directly on the corresponding public chain ?
Because storing data directly on the blockchain is very expensive, which is why the blockchain mainly stores transaction data; moreover, storing data on the chain is very inefficient, and the block size is limited.
It is also necessary to decentralize data storage, and it cannot be directly stored on the smart contract public chain, which makes the decentralized storage network useful, so a batch of distributed storage represented by Storj, Sia, Arweave, and Filecoin appeared class items.
At present, these decentralized storages are doing static storage, such as storing some articles, videos, and NFT pictures, but these storage networks themselves have no smart contracts, lack of computing power, and the data cannot be programmed. Dapps that interact with data cannot use these decentralized storage networks, such as many Gamefi and Socialfi projects.
This is the embarrassment of the current decentralized storage: compared to storage efficiency and cost performance, it is not as good as traditional cloud service providers; compared to computing power, it is almost nonexistent . This also leads to the concept of decentralized storage being often mentioned. It has prospects, needs, and a big narrative, but it has not been implemented well, and the market performance is relatively mediocre.
If decentralized storage wants to break through the shackles and open the ceiling, it needs to plug in the wings of smart contracts, provide intelligent and dynamic storage solutions, and have more usage scenarios:
1. Perform calculations directly in the space where the data is stored without transferring data;
2. A smarter storage market can be established, such as dynamic pricing of storage based on time, replication level, or regional availability;
3. Establish a token economic model for data storage and create Data DAO;
4. Realize the local storage of NFT, and the content coexists with the registry that tracks its content
5. Achieve interoperability through cross-beam bridges, network integration for Dapps on other chains, and provide storage functions.
...
Therefore, I want to adjust the conclusion at the beginning of the article that decentralized storage with smart contracts is the cornerstone to support the development of Web3.0 .
It is against this background that BNB Greenfield, which has both decentralized computing and storage capabilities, was born in response to demand.
On February 1st, the BNB Greenfield white paper was officially released. My definition is that BNB Greenfield is a BNB Chain sidechain that can simultaneously realize decentralized storage and computing .
There are three key words: storage, computing and BNB Chain side chain, which are also the three major characteristics of BNB Greenfield.
First of all, the basic function of BNB Greenfield is distributed storage .
For example, using BNB Greenfield, anyone who has a BNB Chain address and holds BNB can:
1. Store their data seamlessly on BNB Greenfield using DropBox.
2. Deploy a website in just a few minutes without the tedious work of registering or binding a credit card.
3. Manipulate their data programmatically using an interface similar to AWS S3.
4. Store historical data of BNB Smart Chain and infrastructure data of other BNB ecosystems.
Whether it is Web2 or Web3, storage is a rigid demand. BNB Greenfield has taken into account the huge Web2 market at the beginning of its design. Using the currently popular API, storage suppliers will charge fees in US dollars, but the payment will still be in BNB pay.
Secondly, the revolutionary nature of BNB Greenfield is that it is compatible with smart contracts and brings computing programming capabilities .
A consensus in the blockchain world is that data is also an asset, but for individuals, assets in centralized static storage cannot be realized, it is just data, and it is difficult to become a tradable asset.
BNB Greenfield allows the smart contract to interact with the user's own data assets. Ownership and read permissions can be managed by the EOA wallet on the BNB smart chain in a financial way through NFT . It is tradable, endowing it with financial attributes .
Using the example in the white paper, when a writer puts the electronic version of a novel on a decentralized storage network, for the author, the storage network is simply a decentralized storage tool.
But in fact, this e-book contains a variety of rights and interests, such as copyright, copyright, and film adaptation rights. BNB Greenfield jumped out and said, come to me, not only to help you store, but also to sell your works on the BNB Smart Chain directly through smart contracts to help you make money.
In terms of specific implementation, the author can store and encapsulate the novel he created on Greenfield, and then map it to BSC, and turn the reading access right into Token or NFT on BSC. Users can only have access to novels by purchasing a certain Token or NFT with BNB The right to the file, so that the novel in storage becomes an asset that can generate income.
Another important scenario is decentralized social networking .
At present, a major problem that plagues various decentralized social protocols and products is how to store social data. Of course, it is impossible to store all of them on the chain. It is more likely to adopt a composite model of recording identity information on the chain and storing data off the chain. .
The emergence of BNB Greenfield provides a new possibility for decentralized social media .
Users can have their own data on BNB Greenfield and store their social graphs in a decentralized manner, while different social media front desks will facilitate users to build social networks, and can also pass any form of tokens through smart contracts economy to manage fans and subscribers.
Personally, I think very subjectively that decentralized social networking will be an area and direction that Binance will value in the future .
Finally, BNB Greenfield is definitely not an independent "storage public chain", used to benchmark Filecoin\Arweave, but should be placed in the BNB Chain ecosystem to undertake the demand and traffic on the BNB Smart Chain.
There is a native cross-chain bridge between the Greenfield blockchain and BSC, and the combination of the two can make things happen. BNB Smart Chain provides BNB Greenfield with project resources and traffic, and BNB Greenfield helps projects on BNB Smart Chain to carry out better Cloud storage, and bringing utility and financialization opportunities to data in storage, and bringing programmability to data ownership.
All for BNB
When I look at Binance's series of actions, there are usually two mindsets:
First, Binance will try to lay out almost all fields in the ecological niche, and cannot be absent;
The second is that all actions will try to empower BNB. Until now, I still remember the slogan that Binance co-founder He Yi once shouted that BNB is greater than Binance many years ago.
When launching Greenfield, Binance’s official slogan was, one coin, three chains .
BNB Greenfield did not issue new native assets, but continued to use BNB as the core Token, one token, and three public chains .
Since then, the three public chains of BNB Chain have linked the three public chain worlds respectively to form an ecosystem:
1. The BNB Beacon Chain is developed based on the Cosmos-SDK and can be linked with the Cosmos ecosystem through IBC;
2. BNB Smart Chain is compatible with EVM and can be linked with other EVM compatible chains and Layer2;
3. BNB Greenfield combines smart contracts with decentralized storage based on the proof of equity of the Tendermint consensus.
In the economic model design of BNB greenfield, users rent storage space and pay BNB; nodes provide the security of the public chain, and the income is BNB; similarly, the income provided by storage service providers is also BNB. In the future, more node services, pledge mining After the mine is launched, it can also drive the financial demand for BNB loans.
It seems that there is a lot of room for imagination, but looking back, when BNB Greenfield was launched, the market did not give much positive response. On the one hand, it may be due to new concepts such as Nostr, LSD, and AI. The core reason is still "Storage" is determined by the characteristics of the track itself .
Decentralized storage is a "long-term business" that flows slowly and silently. At the same time, it does not constitute an independent track, similar to middleware such as Chainlink, which requires an influx of external demand to drive growth .
For example, in 2021, Arweave's secondary market and storage data will increase significantly, largely due to star products such as Mirror, and most of the popular Solana NFTs at that time choose to store on Arweave. as the default storage method.
Therefore, the entire storage track is still in the waiting stage. One is to wait for the official launch of the smart contract decentralized storage network, such as BNB Greenfield and FEVM. Infrastructure improvement is the first step; An opportunity or hotspot is needed to ignite a new narrative.
It's time to build a nest to attract phoenixes!
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