Chinese-based BSN to Launch First International Expansion in August: CNBC

Mervyn Kwan   May 23, 2022 08:30

Chinese state-backed blockchain company Blockchain-based Service Network (BSN) is reportedly to launch an international project within serval months, according to CNBC, citing people with the matter. - 2022-05-23T160403.176.jpg

The project for the expansion will be named” BSN Spartan Network”, which is expected to begin in August, according to a CNBC report, citing Hong Kong-based startup Red Date Technology’s CEO Yifan He, one of the founding members of the BSN.

The official website introduces the BSN as a “one-stop-shop” for DApp developers to deploy and manage any permissions or permissionless blockchain applications. They are aiming to help businesses adopt this top-notch technology by connecting with various blockchains.

According to a report, the Spartan Network will “eventually be made up of half a dozen public blockchains that do not operate with cryptocurrencies.” One of those will be a non-crypto version of the Ethereum blockchain when the project is ready to launch.

Yet, no official announcement can be confirmed at the time of writing.

The BSN is co-founded by the State Information Center (SIC), which sits under China’s powerful National Development and Reform Commission (NDRC), and China Mobile, a state-owned telecommunications company.

As the organization is considered highly connected with the Chinese government, the data access is concerned could be in breach of privacy. He admitted the background of the organization would be a challenge. Still, he emphasized that users are able to examine the code behind the project, making sure that no backdoor access for the Communist party-led government:

 “People will say BSN is from China, it is dangerous. Let me emphasize, BSN Spartan will be open source … we will not access anything from our end.”

China continues crackdown on crypto trading and mining activities

Chinese President Xi Jinping proposed to explore blockchain technology to “optimize the digital economy” in 2019. However, China also implemented the most vigorous crackdown measures against crypto mining and trading activities last year.

The BSN, therefore, does not adopt crypto but uses fiat money in US Dollars to pay for transaction fees instead, He added. 

Image source: Shutterstock

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