Major Breakthrough in China’s Blockchain Ecosystem as the “BSN Open Permissioned Blockchain Initiative” Officially Launched
Beijing, China — September 30th, 2020 — On September 27th, the Blockchain-based Service Network (BSN) Development Association and related partners held a global launch ceremony for the “BSN Open Permissioned Blockchain Initiative” in Beijing, China.
The BSN Open Permissioned Blockchain Initiative will adapt public chains to offer permissioned controls over node deployment, and removes the mechanism of using cryptocurrencies to pay for gas fees. The BSN Development Association, the governing body of BSN China, will launch the BSN Open Permissioned Blockchain Initiative within BSN’s network environment in China. By doing so, this will promote the orderly development of public chain technology in China in a legal and compliant manner.
The BSN Open Permissioned Blockchain Initiative is expected to 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. At the Beijing launch event, founders and executives from these public chains appeared on video to give their support to the project.
Compared with traditional permissioned blockchains, an open permissioned blockchain allows DApps to operate through master nodes instead of running their own peer nodes. Additionally, just like public chains, DApps are public and can be invoked by anyone with the smart contract addresses. For many small to medium-sized companies, this open permissioned blockchain framework is an easier and more cost-effective way to deploy DApps, even with the limited capability compared to traditional permissioned frameworks such as Hyperledger Fabric.
After the technical transformation of each framework, in order to avoid confusion with their public chain counterparts, the corresponding open permissioned chain will be renamed after Chinese cities. After the initial release, an additional 20–30 open permissioned blockchains will be online in the first quarter of 2021, all of which will be based on frameworks of internationally renowned public chains. The interoperability mechanism among all open permissioned blockchains, a core feature of the BSN network as a whole, will also be available in the first half of 2021.
At launch, BSN Open Permissioned Blockchain Initiative will be jointly operated by the BSN Development Association and its partners in China. The BSN Development Association will work with public blockchain providers on a technical level, helping to build and operate the various platforms and gateways. During the event, AWS China was named the Primary Cloud Provider for the BSN Open Permission Blockchain Initiative.
In her speech at the event, Chen Tao, AWS’s China Telecom Industry Business Development Director, said that since the release of BSN, AWS has continued to provide BSN with high-security, high-reliability, high-stability, high-agility and high-quality cloud resources. AWS provides professional support services for BSN and helps to establish high-quality resources in China, North America, Europe, South America and other regions as well as provides guarantees for BSN’s continuous and stable service. In the future, AWS will continue to provide excellent services for the “BSN Open Permissioned Blockchain Initiative” with its leading cloud technology and high-quality cloud resources.
For the first year, all BSN Open Permissioned Blockchains will be free to use for developers, after which developers will need to pay for operational expenses incurred by DApps, such as gas fees, with fiat currency such as RMB.
The official launch of the “BSN Open Permissioned Blockchain Initiative” highlights that China’s blockchain industry and ecosystem have achieved a major breakthrough, as developers can develop, deploy and operate various blockchain applications (DApps) at a low cost and with high efficiency. By realizing simple interoperability between blockchains, BSN will allow China to maintain its leading position in the global blockchain industry development wave. The establishment of the BSN Open Permissioned Blockchain Initiative will enable developers in China to continue to cultivate their development abilities and ecological awareness of the public chain framework. It is also the only path for public blockchain projects to enter the Chinese market legally.
Speaking at the launch event, Director of the Information and Industrial Development Department of the State Information Center and Chairman of the BSN Development Association, Shan Zhiguang said the “BSN Open Permissioned Blockchain Initiative” provides a clearer compliance standard and regulatory mechanism for the application of outstanding blockchain technology in China. This lets blockchain technology play a greater potential role in empowering the high-quality development of China’s economy and society, and at the same time allows China’s developers to master the underlying technology of the blockchain under the premise of safety and control, thereby ensuring that China always remains a leading position in the global blockchain industry.”
BSN Intro:
The BSN is a cross-cloud, cross-portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain applications. BSN aims to tackle the existing problem of high costs of developing and deploying blockchain applications by providing public blockchain resource environments to developers. By doing so, the BSN greatly reduces costs associated with the development, deployment, operations, maintenance, and interoperability of blockchain applications, thus accelerating the development and universal adoption of blockchain technology.
Event Video:
Several renowned guests appeared in the video played during the launch event, including Silvio Micali — Founder of Algorand, Björn Wagner — CCO & Co-Founder of Parity/Polkadot, David Shin — Head of Asia for Tezos, Chjango Unchained — Vice President at Cosmos/Tendermint, and Jehan Chu — Managing Director of Kenetic Capital.
You can watch the video at: https://youtu.be/olQ6lzTCDIc
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