NEO will work with China’s Blockchain Service NEtwork, BSN to create a permissioned network and to enhance the NFT adoption as we can see further in our latest NEO news today.
China continues its foray into the crypto space in a way like no other country does. The country launched its own Blockchain Service Network and it is partnering with NEO to create a permissionless chain so according to the press release, the China-native NEO ecosystem will be creating a permissioned chain dubbed Jiuquan. This will be one of the ten blockchains that will form the Chinese blockchain-based ecosystem but it is also worth noting that China announced that it will have its own take on the NFT industry but the non-fungible tokens will be based on the Distributed Digital Certificate standard.
Speaking on the matter was the CEO of Red Date Technology Yifan He and the executive director of the BSN Development Association who noted:
“NFT/DDC technology is a digital certification and distributed database technology that can be applied in any scenario where digital proof is required. We anticipate billions of DDC’s issued annually in China in the future. The biggest market for DDCs lies in certificate account management of all types.”
According to the release, NEO plans to integrate their domain name service as a part of the new chain that will function as DDCs and will replace their hash strings with memorable sentences. The founder of NEO Da Hongfei noted:
“Neo is thriving to bolster our ecosystem under any circumstances in any regions. We are aiming for creating a solid foundation for the Next-Gen Internet. Being one of the OPBs to participate in BSN-DDC is a step forward to meet our vision and fuse all the eco-projects in different ecosystems.”
Neo will work with China’s BSN finally after announcing the partnership in July 2020. As recently reported, The BSN introduced new NFT infrastructure in China. The BSN distributed digital certificate network is a structure for creating an NFT that is compliant with Chinese regulations as the organization said in a press release. The authorities in China discouraged public networks like Ethereum which are commonly used in the NFT ecosystem. The BSN is marking 10 Open Permissioned Blockchain available on the BSN-DDC and these are localized versions of the permissionless counterparts which set restrictions that can take part in network governance that use fiat currency for payments.
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