BSN Launches Initiative as “Only Way” for Public Blockchains to Access Chinese Market

Selfchain Finance

BSN Launches Initiative asThe Blockchain-based Service Network (BSN) has expanded the scope of its cross-cloud, cross-portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain applications with the global launch of the “BSN Open Permissioned Blockchain Initiative” held this week in Beijing.

Described as “the only legitimate way for public chains to enter China”, the launch will see public chains adapt to offer permissioned controls over node deployment and remove the mechanism of using cryptocurrencies to pay for gas fees thus allowing decentralized applications (dApps) to operate through master nodes instead of running their own peer nodes.

Backed by the governing body of BSN China, the BSN Development Association, and related partners, BSN confirms the Initiative will likely go live in mid-November 2020, with popular public chains Polkadot, Tezos, Algorand, Cosmos, Ethereum, Huobi Chain, Nervos and IRISnet to be in the initial release.

“By integrating PolkaDot and Substrate into the BSN OPP programme, we hope to enable a space where developers can seamlessly build and launch their own chains, optimized and layered for specific use case without having to hire large testing tube for basic things like networking and consensus list,” says Bjorn Wagner, COO of Polkadot’s Parity Technologies. “By collaborating with BSN, we wish to provide developers in China maximum freedom to create and customize their blockchain precisely for application or business logic.”

Another team rep who shared their views after the launch ceremony is David Shin, Head of Asia for Tezos. He said the initiative which enables developers to build dApps on Tezos in the China market with compliant access to Chinese enterprise client and government agencies, “is designed to make the architectural integrity of the consensus layer in public blockchains with a decentralized nature.”

“On the application layer, BSN applies a compliant-permissioned mechanism suited for the China market,” Shin notes. “This inititive will enable developers in China to access affordable developing tool and create ecological awareness of Tezos on the BSN platform. It is also the fastest path for public blockchain projects such as Tezos to enter the Chinese market in a compliant manner.”

“One of the big challenges here is that we think that startups have a hard time with customer acquisition,” Jehan said hence their excitement about the BSN and the Open Permissioned Initiative “because we think it solves one of the key issues or attempts to solve one of the key issues which is: how do you reach not just hundreds of thousands but millions, and hundreds of millions or even billions of users.” He adds:

“That’s why we think there is a great opportunity with the Open Permissioned chain in China. We think that the path to true decentralization comes to the gateway of partial decentralization, semi-decentralization and really educating users and enterprises and even sovereigns on how blockchain can be best applied. So we think the open Permissioned network is really a great step forward to achieving the eventual kind of goal and really providing a whole wealth of utility and opening up an entire ecosystem of decentralized applications and distributed ledger applications not only to the world but really to users inside of China for their such great kind of adoption and movement in this space.”

Selfchain Finance