Tag: BSN

Chinese-based BSN to Launch First International Expansion in August: CNBC

by Blockchain News

Chinese state-backed blockchain company Blockchain-based Service Network (BSN) is reportedly to launch an international project within serval months, according to CNBC, citing people with the matter.

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The project for the expansion will be named” BSN Spartan Network”, which is expected to begin in August, according to a CNBC report, citing Hong Kong-based startup Red Date Technology’s CEO Yifan He, one of the founding members of the BSN.

The official website introduces the BSN as a “one-stop-shop” for DApp developers to deploy and manage any permissions or permissionless blockchain applications. Aiming to help businesses adopt this top-notch technology by connecting with various blockchains.

According to a report, the Spartan Network will “eventually be made up of half a dozen public blockchains that do not operate with cryptocurrencies.” One of those will be a non-crypto version of the Ethereum blockchain when the project is ready to launch.

Yet, no official announcement can be confirmed at the time of writing.

The BSN is co-founded by the State Information Center (SIC), which sits under China’s powerful National Development and Reform Commission (NDRC), and China Mobile, a state-owned telecommunications company.

As the organization is considered highly connected with the Chinese government, the data access is concerned could be in breach of privacy. He admitted the background of the organization would be a challenge. Still, he emphasized that users are able to examine the code behind the project, making sure that no backdoor access for the Communist party-led government:

 “People will say BSN is from China, it is dangerous. Let me emphasize, BSN Spartan will be open source … we will not access anything from our end.”

China continues crackdown on crypto trading and mining activities

Chinese President Xi Jinping proposed to explore blockchain technology to “optimize the digital economy” in 2019. However, China also implemented the strongest crackdown measures against crypto mining and trading activities last year.

The BSN, therefore, do not adopt crypto but uses fiat money in US Dollar to pay for transaction fees instead, He added. 

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BSN Has Partnered with MetaverseSociety to Launch the South Korean BSN Portal Operator in November

by Blockchain News

On September 1, BSNbase announced that it has partnered with the Korean blockchain high-tech company MetaverseSociety to launch the Korean BSN portal operator in November, supporting Korean developers to quickly and efficiently build and operate blocks through its localized BSN platform Chain application.

This is the first time it has been established outside of China, the BSN portal operator. Blockchain-based Service Network (BSN), backed by the Chinese government’s State Information Center (SIC) and Red Date, China Mobile, and China UnionPay, officially launched in April 2020.

The issue of high cost is hampering a global public infrastructure network establishment used to deploy and run blockchain applications across cloud services, portals, and underlying frameworks.

Currently, BSN has established or is establishing 128 public city nodes globally. By joining BSN, enterprises can spend 20% of traditional blockchain cloud services to complete on-chain operations and start operations.

The CEO of Red Date Yifan, added that:

“The BSN makes the cost of creating and running applications exceptionally low, with the added benefit of multi-frameworks and interoperability, and larger customer bases.”

The BSN project is currently split into BSN China and BSN International, led by Red Date.

David DoYoen Kim, CEO of MetaverseSociety, said that in the medium to long term, more public institutions and large companies will use private BSN and revealed that:

“BSN will strengthen trust and increase efficiency in the linkage and utilization of global blockchain-based systems.”

MetaverseSociety announced on April 27 this year that the MarX project, a Korean-based project aiming to capture the market of NFT and DeFi, is now fiercely expanding.

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Korean firm will become first BSN portal operator outside of China

by Cointelegraph

Red Date Technology, one of the four founding members of the Chinese Government-backed Blockchain Service Network (BSN), has announced Korean firm MetaverseSociety as the first BSN portal operator located outside of mainland China.

Twitter account “BSNbase” broke the news on Sept. 1, announcing that MetaverseSociety expects to launch its BSN portal during November of this year.

According to the tweet, the Korean portal will allow local developers to “build and operate blockchain applications quickly and effectively” on top of the BSN once live.

MetaverseSociety, also dubbed MarX Project, describes itself as seeking to build “a virtuous ecosystem: boasting direct connections between value generators and consumers on a nonfungible token (NFT)-powered decentralized finance platform.

The project offers unique token standards for digital asset and NFT issuers, and has launched a decentralized exchange enabling swaps between MetaverseSociety tokens.

China announced the launch of its BSN in April 2020, with the centralized blockchain network comprising a joint initiative between the National Information Center, China Mobile, China UnionPay and Red Date Technology.

Within two months, the project had splintered into two networks, BSN China and BSN International. Red Date is heading BSN International’s development.

Related: China’s blockchain project BSN to integrate R3 Corda

In June, Red Date Technology announced it had completed a $30 million Series A equity financing round. The round was led by Prosperity7Ventures and Kenetic, and also saw participation from Switzerland’s Bank Pictet and Thailand’s Bangkok Bank.

At the time, Red Date CEO Yifan He asserted that “The Internet’s ‘golden age’ was only made possible when the cost of building websites was reduced to near zero.” adding:

“The BSN makes the cost of creating and running applications exceptionally low, with the added benefit of multi-frameworks and interoperability, and larger customer bases.”