February 23, 2024

Chinese State-Sponsored Blockchain Firm to Go International

Blockchain Without Crypto

China is aiming to go international as it pushes its state-sponsored blockchain forward. The country set up the Blockchain Service Network for crypto trading and associated services. It is now set to take the international market by storm.

Red Date Technology, based in Hong Kong, is one of the founding partners of BSN. The CEO of Red Date, Yifan, spoke with CNBC in a recent interview. He mentioned that the BSN is working on launching its first project abroad.

Yifan stated that the international project called Spartan Network is aimed to launch in August. The Blockchain Service Network projects itself as a place to launch all blockchain apps. It claims to be a one-stop shop for every cloud-destined blockchain application launch.   

The means of deploying blockchain applications are traditionally not cost-effective and it takes time. What BSN sets out to achieve is to connect various blockchains and help businesses deploy. With that, they can all easily have their respective applications deployed.

A few larger economies have begun signup to be part of what they consider revolutionary. It is a blockchain technology for various purposes. Whereas it was made popular by cryptocurrencies, blockchain has a range of other applications.

But it is said that the BNS blockchain will not operate with any cryptocurrency. This is because China has placed a complete ban on their usage long ago. Proponents in the blockchain sector have said that BNS would hasten business onboarding processes.

Businesses are to have a seamless experience while signing up to BNS and operating it.  It is widely reported that BNS has the personal support of President Xi Jinping. 

According to the plan, the Spartan Network would consist of six public blockchains. None of them would be operating with digital assets. One of the blockchains, however, is going to be a non-crypto variant of ETH.

Furthermore, transaction fees on the blockchain would be paid in US Dollars rather than ETH. The CEO of Red Date stated that the aim is to cut costs. It should not be expensive to use public blockchains. This will help many traditional technology firms use it as part of their operations.

The Link With China

One of the obstacles BNS would face abroad is its Chinese origin. This may well obstruct any expansion it plans to make at every point. In Yifan’s words, people might say BNS is dangerous because it comes from China.

He emphasized that the blockchain network will be open-sourced. The company, it is said, will not access anything from its end. That is why it is collaborating with major public protocols to guarantee a non-crypto mainstream.

He equally acknowledged that the absence of cryptocurrency would be a big challenge. Yifan said that BNS might be hard to push initially because of the understanding of crypto.  

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous post EUR/USD Holds on to Profit Close to 1.0600
Next post Unbanked Americans Using Cryptocurrencies Reach 13%