The Spartan Network, a BSN multinational product, will eventually comprise half a dozen public blockchains that do not need cryptocurrency.
According to CNBC, China’s state-backed blockchain startup is contemplating its first major overseas expansion as Beijing prioritizes the technology.
The Blockchain-based Service Network (BSN) promotes itself as a “one-stop-shop” for deploying blockchain applications in the cloud, which can be costly and time-consuming otherwise. It attempts to connect several blockchains to assist businesses in implementing the technology.
Red Date Technology, a Hong Kong-based startup, is one of BSN’s founding members. BSN plans to launch a project called BSN Spartan Network worldwide in August, according to the company’s CEO, Yifan He.
The cryptocurrency bitcoin brought blockchain to prominence, but its scope has subsequently broadened. It refers to the system of shared activity ledgers available to the public.
BSN’s blockchain networks, on the other hand, do not work with cryptocurrencies because China has banned them.
According to proponents of blockchain technology, some corporate procedures can be made cheaper and faster using blockchain technology. President Xi Jinping of China has personally approved the technology and declared it a national priority. BSN’s international strategy will be a huge push in that direction.
The Spartan Network will eventually consist of a half-dozen public blockchains that are not cryptocurrency-based. When the project opens in August, one of them will be a non-crypto version of the Ethereum blockchain.
Typically, blockchain transactions are costly. However, Yifan He stated that the cost would be paid in US dollars rather than Ether.
“The goal is to reduce the cost of using public chains to zero so that more traditional information technology systems and business systems may incorporate public chains into their systems,” he explained.
“That is why we are collaborating with other major public chain protocols to persuade them that non-crypto public chains are the future.”
According to the CEO, the lack of cryptocurrencies in Red Date Technology’s product offering is challenging. “It will be difficult to push in the first or second year because most individuals in the blockchain business only understand crypto,” he said.
Its Chinese connection will be a challenge.
Because of its ties to the Chinese government, BSN is likely to receive scrutiny in other countries. The State Information Center (SIC), part of China’s powerful National Development and Reform Commission, is backing the enterprise (NDRC). The initiative is also backed by China Mobile, a state-owned telecommunications business.
He described BSN’s Chinese heritage as a “major issue” as the company expanded globally.
“That’s why, when we launch in August, we’ll open source it right away, and we’re collaborating with a lot of western firms,” he explained.
“People will think BSN is Chinese and that it is hazardous. BSN Spartan will be open source, to be clear. Nothing will be accessed from our end.”
He added that users would be able to check the project’s code to verify there are no backdoors for the Chinese government.