Open Permissioned Blockchain, a Hybrid Blockchain Offers the Best of Public and Private Chains
#3 Current status of the Open Permissioned Blockchain Initiative
The BSN Open Permissioned Blockchain (OPB) is a unique mechanism that combines the technical features of public and permissioned chains.
Officially launched in September 2020, the OPB is a public permissioned chain similar to a standard permissionless public chain. BSN OPB provides a standard blockchain environment for all subscribed users, saving individual users from building and maintaining their own blockchain space. Subject to their permissions, each user can see and call all deployed smart contracts.
This article focuses on the current status and key advantages of the BSN OPB, while further introductory information on the technical features of the OPB can be accessed here.
BSN OPB Advantages
1. Regulatory Compliance
The size and growth potential of the Chinese domestic market make it a desirable target for international companies. However, the outright ban on using all cryptocurrencies in China from September 2021 created a significant regulatory hurdle. Most public chains require cryptocurrencies to make ‘gas’ payments, prohibiting their use in China today. The OPB, on the other hand, is fully compliant with China’s regulatory standards because there is no need for cryptocurrencies to make payments. In practice, OPB users can use RMB to top-up their account from any BSN portal and then pay the gas fees for their network usage in RMB.
The importance of regulatory compliance cannot be overstated. While here at BSN, we have always argued that blockchain technology can and should be seen as an independent area distinct from cryptocurrencies. Public chains’ technical transformation into legal versions in China via the OPB is an enormous advantage for all users.
2. Multi-chain Architecture
The BSN OPB is based on multiple well-known blockchain frameworks. Precisely because the OPB effectively modifies or adapts existing blockchain frameworks to make them compliant with China’s anti-cryptocurrency legislation, the OPB is becoming a sort of ‘digital warehouse’ containing many different blockchain frameworks.
In this way, developers have more options available within the OPB; they can conveniently and familiarly draw on their previous development experience.
At the same time, as the provider of the infrastructure underlying the OPB, BSN hopes and expects that different chains will compete within this single space, thus driving innovation further and faster. This competition could take the form of striving for improvements in the provision of better development tools, enhanced smart contracts, bespoke virtual machines, and refinements of other related technologies.
All of this should mean continual improvements in the services offered to developers and more and more consumers getting to share in the benefits of blockchain innovation.
3. Fast On-chain Transactions
The software development kits (SDK) needed to build decentralized applications on the OPB have been designed with simplicity and ease of access in mind. With our basic and user-friendly SDKs, developers only need to choose a framework and deploy their smart contacts to connect their traditional business systems to on-chain applications through a Public City Node (PCN) gateway. PCNs are virtual data centers with blockchain operating environments installed within them, and all the PCNs are connected to form the BSN.
4. Interoperability
Interoperability between different blockchains has been another stumbling block slowing down the adoption of decentralized applications. Interoperability is the ability to see, access, and share information across other blockchains, and without this, many businesses are reluctant to commit to a single framework.
BSN inter-chain services enable cross-chain interoperability between different OPBs and permissioned frameworks on the BSN public network.
Again, similar to the approach to blockchain frameworks themselves, BSN hopes that the free-market logic of competition between several candidates will facilitate the emergence of increasingly user-friendly solutions here. Multiple cross-chain protocols have already been tested and integrated, including Poly Enterprise and Irisnet.
Currently Released OPBs
BSN has so far released six different OPBs for public use:
· Wenchang Chain based on IRITA v2.2.1;
· Taian Chain based on FISCO BCOS v2.8.0;
· Wuhan Chain based on Ethereum v1.10.8;
· Tangshan Chain based on DBChain v1.0;
· GuangYuan Chain based on Free TON;
· ZunYi Chain based on the China Corda Network.
In the initial stage, each OPB has five to ten PCNs allocated to it, although this is regularly monitored and adapted in response to the level of consumer demand for each OPB. These 6 OPBs are already online and free to use in 2021, and many more are expected to arrive in 2022. We predict the number of OPBs available will reach approximately 20~30 by the end of 2022, bringing more customizability and choices to BSN users.
