China’s surging ahead with its blockchain aspirations even as the world grapples with the basic regulation around distributed systems and digital currencies.Moving into public blockchains
A fund manager revealed Sunday the country will soon onboard Ethereum to its ambitious Blockchain Service Network (BSN) project, as part of a broader push to leverage blockchain technology within the country.
Haseeb Qureshi, the managing partner of crypto-focused Dragonfly Capital, said local sources confirmed the BSN will feature Ethereum and Nervos Network, apart from other unannounced-as-of-yet public blockchains.1/ I’ve been informed by multiple sources that China's BSN is going to be integrating with public blockchains, the first of which are @ethereum and @NervosNetwork. This is kind of a big deal. Thread. 👇 — Haseeb Qureshi (@hosseeb) June 28, 2020
The development comes a week after Chainlink, the blockchain agnostic platform, was earmarked to be onboarded to the BSN in the coming weeks. The news sent LINK surging over 20 percent at the time.
While no information on how Ethereum will be utilized exists at press time, reports confirm Chainlink will be used to secure the “blockchain middleware” that enables developers to create interconnected smart contracts.
Qureshi believes the partnership marks a “big deal” for Ethereum and the broader cryptocurrency sector. The development is in step with China’s apparent “blockchain, not Bitcoin” narrative; which sees the country heavily censor the use of cryptocurrencies while pursuing rapid growth in the blockchain space.
Supporting public blockchain would mean anyone on the planet can access data and confirm transactions on the BSN. This is contrary to China’s notorious image of being extremely private about its internal policies.6/ Regardless, BSN's push to open up with support for public blockchains will help China accelerate innovation within crypto. “Blockchain, not Bitco...