- Blockchain-Based Service Network, based in China, and personally supported by the President, is now expanding their network.
- China does not have a very good history with the cryptocurrency sector, and has taken a hard approach towards digital assets in the past.
- One of the founding members of BSN discussed solving problems linked to high transaction costs.
Blockchain-Based Service Network Is Expanding With Spartan Network
China is now going after the global market after its BSN network made an announcement to roll out their international product Spartan Network.
The product is expected to be revealed during Month of August. This project will primarily focus on blockchain technology. Additionally, BSN will try to make Spartan Network open sourced.
But as China has a bad history with cryptocurrencies, blockchain networks of BSN will not support crypto assets. Back in September, China made a major announcement of imposing a ban on digital assets, calling crypto activities illicit.
Spartan Network will contain 6 open blockchains which aren’t backed by cryptocurrencies, due to the obvious reasons.
Among the creators of Spartan Networks is a non-crypto version of ETH blockchain.
However, Spartan Network and Blockchain-Based Service Network will have to go through a critical observation overseas because of its ties to the Chinese authorities.
The open source impediments are being adopted because of the organization’s Chinese background.
A Solution To Extreme Blockchain Costs
Yifan He, one of BSN’s founding members, talked about resolving elevated blockchain transaction costs. He said that, blockchain of BSN will utilize USD instead of Ether.
He further added that, major motive of this project is to diminish cost of utilizing open chains to as low as possible, to let more IT and business systems in.
China’s Approach On Crypto
China and Crypto can’t stand each other. Back in September, the nation had cracked down on crypto assets by announcing that all the activities associated with digital assets are illicit.
But the crack down wasn’t enough for the crypto miners in China to put a halt on mining, and they continued their operations in the nation.
BSN is a one stop shop for Decentralized Applications devs to handle and deploy permissionless as well as permissioned blockchain apps.
Source: https://www.thecoinrepublic.com/2022/05/23/bsn-global-to-roll-out-its-core-international-project-soon/