Neo-powered, tokenless Jiuquan Chain to be a part of the BSN OPB to Support the Legal NFT Issuance in China
Following the recent Blockchain-based Service Network’s (BSN) announcement about BSN China creating a permissioned blockchain ecosystem, China-based Neo announces their Neo-powered Jiuquan Chain will be one of the ten chains to form the Chinese mainnet.
China is now open to the NFT market as long as it runs on the BSN Open Permissioned Blockchain (OPB), which removes cryptocurrency to be compliant with Chinese regulations. China-native Neo ecosystem just announced they are creating a permissioned Neo-powered Jiuquan chain, which will be one of the ten blockchains forming the Chinese blockchain ecosystem.
NFTs or DDCs?
To differentiate the ‘Chinese NFTs’ from those used in the rest of the world, NFTs are renamed Decentralized Digital Certificates (DDCs), emphasizing the NFT utility goes beyond graphical images/videos/music tracks, etc.
Yifan He, CEO of Red Date Technology and the Executive Director of BSN Development Association said, “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”.
Neo also plans to integrate their domain name service as part of the Jiuquan chain to function as DDCs and replace hash strings with unique, short, memorable sentences. Domain name service users will be able to obtain the right to hold the domain name through lease and resell or they can authorize it to secondary users, which is a service that fits really well into the DDC. This is just one of the neo-supported functionalities accessible via the Jiuquan chain. Da Hongfei, the founder of Neo, commented on Neo’s plans and motivations for the BSN China partnership:
“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.”
A tokenless blockchain
All the blockchains frameworks that make up BSN China’s mainnet will use the Chinese yuan. No coins or tokens will be available and all gas or transaction fees invoking smart contracts will be processed using fiat currency. The participating chains will form a unified interoperable, permissioned ecosystem to meet Chinese regulations. Yet, the vision of the BSN China mainnet is to become an open and diversified permissioned ecosystem comprised of various participating chains with their own ecosystem, including smart contracts, dApps, etc.
Neo underlined that the Jiuquan chain won’t be built on top of N3. It will be a completely separate chain, integrating some of the N3 features, such as the decentralized file system, native oracle service, domain name service, etc. Participating as one of the ten OPBs, Neo wants to achieve ecosystem fusion between Neo and Jiuquan chain to bring opportunities for more projects to enter into the Chinese Market.
The full development and governance roadmap of the BSN DDC and the integration of the Neo-powered Jiuquan chain will be formally announced in March at the BSN DDC’s official launch and press conference in Nanjing, China.
Neo is an open-source community-driven blockchain platform. It is the most feature-complete blockchain platform for building decentralized applications. Neo enables developers to digitize and automate the management of assets through smart contracts. It also provides powerful native infrastructures such as decentralized storage, oracles, and domain name service, creating a solid foundation for the Next-Gen Internet.
The Blockchain-based Service Network (BSN) is a cross-cloud, cross-portal, and cross-framework global public infrastructure network used to develop, deploy, and maintain all types of blockchain distributed applications (DApps). BSN aims to change the existing problem of the high cost of developing and deploying blockchain applications by, just like the internet, providing public resource and interoperability environments to developers. In this way, the development and universal adoption of blockchain technology can be largely accelerated.
Neo official website: https://neo.org
Follow Neo on Twitter: @Neo_Blockchain