BSN’s NFT infrastructure soft-launched today and is slated for an official launch with 26 founding partners in March
BSN Distributed Digital Certificate (BSN-DDC) Network is set to become the go-to place for NFT deployment in China
[Hong Kong SAR, January 25th, 2022] The Blockchain-based Service Network (BSN) today announced that the BSN Distributed Digital Certificate (BSN-DDC) Network (ddc.bsnbase.com), an infrastructure dedicated to Non-Fungible Token (NFT) adoption in China, has soft-launched with eight platform operators along with seven Open Permissioned Blockchains, most of which are converted from public chains, including Ethereum, Cosmos/IRISnet, and EOS.
To differentiate from NFTs outside China that are traded on public chains with cryptocurrencies, NFT is renamed Distributed Digital Certificate (DDC) by BSN to indicate that NFT technology is for universal digital certification purposes, going beyond digital art and copyrighted content. The renaming also dispels the association between the technology and cryptocurrencies, which are banned in China.
“NFT/DDC technology is a digital certification and distributed database technology that can be applied in any scenario where digital proof is required. We anticipate billions of DDCs issued annually in China in the future. The biggest market for DDCs lies in certificate and account management for all types of businesses”, said Yifan He, CEO of Red Date Technology and Executive Director of BSN Development Association.
In China, the BSN-DDC Network offers the most diverse, transparent, credible, sustainable, and reliable environment for DDC-related business platforms to mint and manage their DDCs. The BSN-DDC Network offers network access, core APIs, and SDKs — a one-stop-shop for businesses to develop and manage user portals or apps for all types of DDC applications. Gas fees are paid in fiat currency via BSN-DDC portals, and the minting fees can be as low as 0.05 yuan (0.7 US cents), which is significantly lower than public chains.
Unlike existing NFTs deployed on private chains controlled by one entity, or other available options in China, the BSN-DDC Network is a public infrastructure that employs a multi-party governance model to ensure the decentralization, transparency, and authenticity of the network. The nodes of the network will be jointly operated by multiple organizations to ensure the long-term stable operation of the BSN-DDC Network.
“The majority of NFTs today in China are minted on private chains, and our clients were concerned about the reliability of a chain environment controlled by just one company. With the BSN-DDC Network, our clients can be more assured about the safety and authenticity of their NFTs,” said Chuanlin Liu, Director of Product from Sumavision, a publicly-traded video technology service provider in China.
The BSN-DDC network has integrated ten OPBs, where all official DDCs will be minted and stored. The BSN OPB is an innovative new form of hybrid blockchain that embraces the openness of permissionless chains and supports the flexible business logic of permissioned chains at the same time. To comply with Chinese regulations, the OPBs allow permissioned control over node deployment and require payments to be made in fiat rather than cryptocurrencies.
The ten OPBs include Wuhan Chain powered by Ethereum, Wenchang Chain powered by COSMOS/IRISnet, Zunyi Chain powered by Corda, Zhongyi Chain powered by EOS, and Tai’an Chain powered by FISCO BCOS.
“Wenchang Chain is the first OPB on BSN, and we are thrilled to see the growth of NFT applications on the chain, with more than ten NFT applications already deployed. The built-in interchain capability of the Wenchang Chain also supported the first interchain NFT transfer from BSN to OpenSea. Wenchang Chain is pleased to give technical support to the BSN-DDC Network, which has the potential to support a trillion-dollar market for NFT adoption and transform our industry.” According to Harriet Cao, Founder of Bianjie, the technology builder of Wenchang Chain, based on Cosmos and IRISnet.
Adhering to the BSN’s core focus areas, which are driving down the cost and enabling interoperability, the BSN-DDC Network will enable cross-chain services among all OPBs on the DDC network, as well as one-way transfers from OPBs to the Ethereum mainnet and other public chains.
The eight platform partners announced today include 350-year-old state-owned art house, museum, and auction house Rong Bao Zhai Auction, global blockchain leader EY Blockchain, video technology service provider Sumavison, China’s second-largest tax-based receipt service provider Baiwang, Digital Art Fair Asia, a next-generation art fair showcasing digital NFT art and immersive art experiences, and Hainan International Culture and Artworks Exchange Center, which has acquired the first license to run a legal NFT marketplace in China.
BSN will announce all twenty-six founding partners, disclose future roadmaps, and outline the governance structure of the network at the official launch ceremony and press conference in Nanjing, China, in late March.
The Blockchain-based Service Network (BSN) is a cross-cloud, cross-portal, and cross-framework global public infrastructure network used to develop, deploy, and maintain all types of blockchain distributed applications (DApps). BSN aims to change the existing problem of the high cost of developing and deploying blockchain applications by, just like the internet, providing public resource and interoperability environments to developers. In this way, the development and universal adoption of blockchain technology can be largely accelerated.