China continues its foray into the field of cryptocurrencies, albeit in a way like no other. The country launched its very own Blockchain Service Network (BSN) and is now teaming up with Neo to create a permissionless chain.
- According to a press release shared with CryptoPotato, the China-native Neo ecosystem will be creating a permissioned chain called Jiuquan.
- As per the report, this will be one of the ten blockchains that will form the Chinese blockchain-based ecosystem.
- It’s worth noting that China has previously announced that it will have its own take on the NFT industry, although non-fungible tokens will be based on the Distributed Digital Certificate (DDC) standard).
- Speaking on the matter was Yifan He, CEO of Red Date Technology, as well as the Executive Director of the BSN Development Association, who said that:
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.
- Per the release, Neo plans to integrate their domain name service as part of the new chain to function as DDCs and replace their hash strings with memorable sentences.
- Da Hongfei, the founder of Neo, commented:
Neo is thriving to bolster our ecosystem under any circumstances in any regions. 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.
- It’s worth noting that Neo originally partnered with China’s BSN back in July 2020.