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21 September 2020

China's BSN Will 'Localize' Public Blockchains for Local Use - CoinDesk

China's BSN Will 'Localize' Public Blockchains for Local Use - CoinDesk


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These public chains will look quite different after being “localized” for the Chinese market, however.

The network will make the decentralized public chains permissioned and will replace their tokens with direct payment by the Chinese currency renminbi to cover transaction fees on these chains.  .

“The public decentralized chains will become public permissioned consortium chains, which can be supervised by regulators, and that is currently the most direct and effective way for the projects to be compliant and reach domestic users within China.” .

To make public decentralized chains, such as Ethereum, permissioned, BSN will only allow its designated operators to build and operate nodes, where dapps verify on-chain transactions and store data.

BSN aims to complete all 24 public chains’ integration with the domestic version of the network during the first quarter of 2021 and enable these chains to share data with each other in the first half of the same year. .

An unnamed cloud services provider will offer the adapted public chains data storage and other basic internet resources

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