Neo’s technology is among ten blockchain frameworks used to form a China-focused ecosystem on the Blockchain-based Service Network’s Open Permissioned Blockchain. The N3-powered permissioned chain, Jiuquan Chain, will remove cryptocurrency/fungible tokenization functionality to comply with China’s regulations – requiring transactions to be paid in the Chinese Yuan fiat currency.
The BSN OPB network will facilitate the sale and distribution of NFTs, which will be called “Decentralized Digital Certificates.” The rename to DDC purportedly symbolizes that the utility of an NFT has uses beyond creative media content, such as real-world scenarios that require a form of digital proof.
The Jiaquan Chain will not be built on the Neo public blockchain but instead as a completely separate permissioned chain. A permissioned blockchain is a distributed ledger that is not publicly accessible. It is often used by enterprise or government entities that require more protection and privacy for data and information than offered on public blockchain networks. Despite operating as a framework on the OPB, Jiaquan Chain will integrate and use various N3 features such as NeoFS, native oracle service, and a domain name service.
The development of the Jiaquan Chain reflects statements Da Hongfei made in June 2021 regarding an open network vision of operating within different regulatory jurisdictions. In an interview, Da alluded to a future where independent blockchains might operate as part of a broader Neo ecosystem.
On the recent announcement, Da said:
Neo is thriving to bolster our ecosystem under any circumstances in any region. 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.
As cryptocurrencies are not allowed on the BSN OPB, DDCs will only be available for purchase using the Chinese Yuan fiat currency. Further, CNY will be used to pay for transactions and other fees associated with blockchain networks.
More information about DDC deployment and the launch of the Jiaquan Chain is expected to be released in March 2022.
What is the BSN?
The BSN is a cross-cloud, cross-portal, cross-framework global public infrastructure network used to deploy and operate dApps. It consists of a connection of cloud resources and data centers using a set of blockchain operating environment protocols. The BSN part of China’s national initiative was designed to boost the integration and adoption of blockchain in enterprise, small business, and local government.
In July 2020, Neo was among the first public blockchain platforms to partner with BSN. The Neo blockchain became accessible via BSN the following month, which allowed users to integrate with Neo nodes on both MainNet and TestNet.
The full announcement can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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