China’s blockchain-based service network a.k.a BSN is eyeing its first major international expansion, according to a CNBC report. CEO Yifan revealed the firm’s plan to launch a project called BSN Spartan Network overseas sometime in August.
The Hong Kong-based firm boasts itself as a “one-stop-shop” for blockchain cloud applications. It aims to bridge different blockchains together to help businesses deploy the technology.
Even though Chinese President Xi Jinping has doubled down on Blockchain technology, elevating it to a national priority, it is strictly against any cryptocurrencies other than Digital Yuan.
Due to this, the Spartan Network will rely on half a dozen public blockchains that do not operate with cryptocurrencies. One of those will be a non-crypto version of the Ethereum blockchain when the project launches in August.
Yifan also confirmed that the Blockchain transactions fee will be paid in U.S. dollars rather than Ethereum’s related cryptocurrency called ether.
“The purpose of this is to drop the cost to use public chains to very minimal so that more traditional IT [information technology] systems and business systems can use public chains as part of their systems. That is why we are working with other major public chain protocols to convince them the mainstream is non-crypto public chains.”
More hurdles for BSN ahead
Being a blockchain firm and not dealing with cryptocurrencies will have its challenges. The CEO admitted that the initial years will be “difficult to push as most people in the blockchain industry only understand crypto.
Not only that, as it is backed by the Chinese government, foreign firms would likely be a bit hesitant to do business with the firm.
But Yifan begged to differ saying, “People will say BSN is from China, it is dangerous. Let me emphasize, BSN Spartan will be open source … we will not access anything from our end.”
“That is why when we a launch in August we will open-source immediately and we are working with a lot of western companies,” he added.
On the other hand, here is some good news for Bitcoiners.
China’s iron hold over Bitcoin miners from running operations in the country seems to be wavering. Data from the Cambridge Bitcoin Electricity Consumption Index [CBECI] showed that activity has picked up again and the nation is now the second-largest Bitcoin miner, after the US.