Hot search keywords

Hot search keywords

BSN Adds China Mobile Chain to Platform to Further NFT Adoption

The Blockchain Service Network (BSN) has announced on its QQ instant messaging page that its portal has adapted and released the “China Mobile Chain” developed by China Mobile Information Technology Center online.

The mobile chain, to be operated by the largest telco in China using the Zhongyi Chain, is based on the underlying framework of the EOS open-source blockchain platform that is run by a global network of token holders and thousands of developers from around the world. The EOS Public Blockchain Network is founded on a community-driven innovation which serves to create decentralized public networks.

The chain seeks to solve the trust problem of efficient collaboration among multiple entities, empowers the construction of digital collaboration networks, and promotes the rapid establishment of cross-subject trust and business innovation and other scenarios, according to a rough translation of the BSN statement.

The BSN, the first state-backed global distributed ledger infrastructure launched in April 2020, also notes that the chain’s operating mechanism and applicable scenarios are different from those of the ordinary consortium chain framework. It states:

“The open consortium chain is based on the transformation of the public chain structure. While ensuring the low latency requirements of the business, it exempts the consortium chain alliance, organization and other restrictions, and node access. It is more convenient and more suitable for scenarios where the business organization structure changes frequently and the business is processed periodically.”

Like WenChang Chain’s consortium blockchain implementation, powered by Cosmos’ interoperable blockchain ecosystem, the new mobile chain forms a part of the BSN Open Permissioned Blockchain (OPB) Initiative which translates to another option for developers to build decentralized apps (dApps). OPBs allow permissioned control over node deployment. They are developed to be an effective way to make China embrace public chain technologies without requiring payments to be made in cryptocurrencies rather than fiat because the regulators are not a fan.

The new mobile chain is to serve users on the BSN-Decentralized Digital Certificate (BSN-DDC) network infrastructure which allows the issuance of non-fungible token (NFT) in China without using cryptocurrency transactions.

DDC is a rename for the concept of NFT in China. The BSN introduced the infrastructure in January 2022 to establish that the NFT technology is for universal digital purposes and content as well as draw a line between NFTs from outside China that are traded on public chains with cryptocurrencies. The change is supposedly necessitated by the BSN’s expectation that billions of DDCs would be issued annually in China in the future, hence the need to set the record straight on the association between the technology and cryptocurrencies, which are banned in China. The BSN-DDC infrastructure is noted to have the potential to support a trillion-dollar market for NFT adoption.

The WenChang Chain became the first BSN OPB Initiative to go to market in February 2021. By November, it completed the first successful interchain NFT transfer from a series created by traditional Chinese culture studio Rongbaozhai to Ethereum.

Harriet Cao, co-founder of Bianjie, the core team behind IRISnet which launched WenChang Chain, said global societies are heading towards a blockchain-based form of digital ownership and a new economy and sees the cross-chain transfer unveiling diverse possibilities of exploring more business implementations through OPB.

“With so many authorized organizations involved in this process and an increasing number of Chinese traditional artworks being launched, there will be more and more people showing interest in and exploring this completely new realm,” Cao says.

Please sign in first