Casper Labs becomes the blockchain of choice for Fuzhou town in China as it is building an open-permissioned blockchain protocol and will be a service provider to the China blockchain-based service network so let’s read more in today’s Blockchain news.
Casper Labs becomes the blockchain of choice for the China Blockchain Service Network. Through the agreement that has been minted as nonfungible tokens or NFTs, Casper Network will be added to the Fuzhou City Chain for public and private crypto infrastructure developments in the region. RockTree Capital as an investment company based in New York played a critical role in bridging the connections between Casper and Fuzhou City.
The partnership’s main goal is to enable BSN to gain from the scalability, security, and decentralization of the blockchain as well as the use of the open-permissioned blockchain protocol that will eliminate the need for using crypto to pay for gas fees. Since its launch in 2019, BSN expanded to more than 120 public city nodes in China and serves as data centers running and processing transactions on the umbrella blockchain network. The CEO of CasperLabs Mrinal Manhar said:
“By partnering with Casper, the BSN gains from Casper’s scalability, security, and decentralization. The use of OPB eliminates the use of cryptocurrencies to pay for gas fees. All combined, this makes it much simpler for developers in and around Fuzhou to generate public and private blockchain applications at a lower cost.”
As recently reported, CasperLabs introduced the protocol which is named “Highway” and is allegedly the first correct-by-construction Casper Proof of Stake (PoS) implementation that is provably live and safe. As a press release shared with media sites notes, a protocol is safe if it is consistent in its decision and live if it guarantees such a decision. CasperLabs claims that both of these features are part of Highway and their presence is provable. The firm also released a full research paper to back up the project. As CasperLabs introduces the first provably safe protocol for ETH, it gets the name ‘Casper’ and ‘Highway’ is the particular version that is released as open-source software.
Casper is just getting started!
Thanks to all the builders and supporters of our growing decentralized ecosystem!💪
— Casper (@Casper_Network) December 30, 2021
Also, China’s BSN wants to launch a state-backed NFT platform and it is preparing the infrastructure for digital collectibles. The network will be incompatible with external NFTs and will not accept crypto payments. China came out against crypto time and again over the years ramping up the efforts when it cracked down on Bitcoin mining. The new report from the country suggests that china will debut its own-state backed platform for launching the tokenized digital collectibles but it will be crypto-less.
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