China's BSN to open support for public blockchains, reveals Dragonfly Capital managing partner
China's Blockchain Services Network (BSN) will open support for Public Blockchain with Ethereum and the Nervos Network is expected to be first on this list.
Haseeb Qureshi, managing partner of Dragonfly Capital, broke the news in a Twitter thread. Haseeb wrote:
"Several sources informed me that China's BSN will be integrated with public blockchains, the first of which are the Ethereum and Nervos Network."
BSN support for public Blockchain is great news, as China has always been very cautious regarding public blockchains and without permission. After his offensive against cryptocurrencies and initial coin offerings in 2017, a lot has changed now.
While crypto assets are still banned in the country, China is working tirelessly to beat the United States and other nations in adopting Blockchain.
After President Xi Jinping's call to accelerate Blockchain development on October 24, 2019, the process has moved forward. In April 2020, China launched a major new blockchain initiative called the Blockchain Services Network (BSN) as part of its national blockchain strategy that was announced by President Xi in late November 2019.
But most of the supported blockchain projects were licensed in this state. backed by the Blockchain program and China had many reasons to do this.
Haseeb said also:
"It remains to be seen whether public officials will support and recognize this integration. They have largely avoided recognizing public channels in the past. "
It seems that the Chinese government has now realized that public chains are crucial because of their decentralized nature, which is a fundamental nature of Blockchain technologies.
According to Haseeb Qureshi, Ethereum and Nervos Network, a Proof of Work (PoW) blockchain of multiple assets, They will be the first public Blockchain platforms to integrate with BSN. He said that supporting the public chain will also help cryptocurrencies in the country. He wrote:
"In any case, BSN's push to open up with support for public blockchains will help China accelerate innovation within cryptocurrencies."
Blockchain Services Network (BSN) aims to provide infrastructure technology for massive interconnectivity across the continent, from municipal governments to businesses and individuals alike. Although the BSN is a forked branched chain from Hyperledger Fabric, it does allow interoperability with public chains and other decentralized platforms.
The official BSN announcement is yet to happen. If this happens, this will add much more to the long-awaited Chinese Blockchain initiative.
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