How does the public chain develop in compliance in China? The BSN Open Consortium Chain project is about to start, and proposes solutions for the legal and compliance development of public chain technology in China

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It is jointly operated by the BSN Development Alliance and Huobi Group. It is expected to be officially launched at the end of September and launched in mid-November to realize the public chain’s compliance operation route in China.

The Blockchain Infrastructure Network Blockchain Service Network (hereinafter referred to as “BSN”) co-sponsored by the National Information Center, China Mobile, China UnionPay and Beijing Jujube Technology “International Blockchain + Business Future Development Summit” held in Xiamen Shanghai announced that it will jointly launch the “BSN Open Consortium Chain Project” with Huobi Group.

The project is expected to be officially launched at the end of September.

The BSN Open Consortium Chain project will propose solutions for the development of public chain technology in China in order to promote the healthy development of public chain technology in China in a legal, compliant, and regulatory Provide low-cost, easy-to-develop blockchain infrastructure options.

It is expected to go online in mid-November to realize the compliance operation of the public chain in China

He Yifan, CEO of Beijing Jujube Technology and executive director of the BSN Development Alliance, introduced that the BSN Open Alliance Chain project will be jointly operated by the BSN Development Alliance, Huobi Group and a large cloud service provider, and is expected to be launched in mid-November 2020.

“As an important part of the development of global blockchain technology, the public chain has its own technical route, application scenarios and ecosystem. However, due to legal regulations and regulatory requirements, as well as the positioning of public chain products, the public chain technology has always been in China. There is a lack of effective methods and channels for the promotion of public chain technology. For the healthy development of public chain technology in China, a legally compliant and regulatory-compliant road is bound to be required. Based on the BSN domestic public city node, the public chain will be reformed through licensing. Making it an open consortium chain that is deployed in the BSN ecosystem and can be supervised is the most direct and effective path for the current public chain technology to enter China and develop legally and compliantly in China.” He Yifan said.

How does the public chain develop in compliance in China? The BSN open consortium chain project is about to start, and proposes solutions for the legal and compliance development of public chain technology in China

He Yifan introduced that the BSN Development Alliance plans to build 24 open alliance chains on BSN, all based on the transformation of the internationally renowned public chain architecture. After being officially launched, the 24 open alliance chains will be named after the twenty-four solar terms.

As the joint operator of the BSN open alliance chain project, the head of the decentralized business unit of Huobi Group Gao Chao said that according to the project plan, the BSN open alliance chain operation team will complete all 24 open alliance chains in the first quarter of 2021. It will be put on the shelves, and in the first half of 2021, the inter-chain data exchange between 24 open alliance chains will be realized.

What is “open consortium chain”? Why can the public chain enter the country in compliance?

Open consortium chain (Public Permissioned Blockchain) is a choice of the underlying blockchain framework before the public chain and consortium chain. The “Ant Open Consortium Chain” launched by Ant Technology Group in April 2020 is an attempt in this direction.

According to the BSN open consortium chain project team, from a technical point of view, the open consortium chain can be understood as a public chain that increases the authority control of nodes and cancels the mechanism of paying for GAS with virtual currency, thus forming the form of the consortium chain. This is the most direct and effective way to enable public chain projects to enter the Chinese market under the premise of legal compliance and regulatory requirements.

Compared with the traditional alliance chain framework, the application of the open alliance chain does not have its own accounting node, all applications share all master nodes, and there is no isolation between smart contracts of different applications, and they can be mutually visible and invoked. For the blockchain application needs of many small and medium-sized enterprises, because of the low cost and easy development of the open consortium chain, it is a good choice for the underlying framework of the blockchain.

Developers will have more choices and flexibly call smart contracts through the cross-chain mechanism

He Yifan said that the BSN open consortium chain will refer to the basic structure of the ant open consortium chain, but will introduce more innovative mechanisms than the ant open consortium chain. For example, the BSN open consortium chain will establish multiple open consortium chains and cooperate with a more complete supervision mechanism, which can provide developers with more choices and allow developers to build different applications based on different open consortium chains.

In addition, the BSN open consortium chain will provide a cross-chain mechanism, and all applications will be able to make smart contract calls between chains through the BSN cross-chain mechanism, resulting in more flexible and broader technical architecture and business logic.

The BSN open consortium chain will also provide developers with a convenient experience. During operation, terminal developers can use RMB to recharge in each BSN portal, and then use RMB to purchase energy value to pay for the upload and operation of the application.

He Yifan also announced at the “International Blockchain + Business Future Development Summit” held in Xiamen that the BSN open consortium chain will be free for developers to use for the first year.

Multi-party joint construction to promote the application of blockchain technology

The BSN Open Consortium Chain project will be jointly operated by the BSN Development Alliance, Huobi Group and a large cloud service provider. Among them, the BSN Development Alliance will be responsible for technical docking with the framework party, daily node operation and maintenance, enabling platform API updates, and open consortium chain gateways API maintenance and compliance supervision.

“BSN is already the world’s largest blockchain infrastructure network. It has established more than one hundred public city nodes around the world. Among them, only the alliance chain architecture is supported in China, and both the alliance chain and the public chain architecture are supported internationally. It allows developers to quickly develop, deploy and run various types of blockchain applications (DApp) at low cost and realize easy interoperability between chains.” He Yifan, executive director of the BSN Development Alliance, said, “BSN’s overseas portal and public City nodes have integrated multiple public chains and are very familiar with the technical characteristics of public chains. Therefore, it is relatively easy to build an open consortium chain in BSN.”

All nodes of the BSN open consortium chain are deployed in public city nodes in BSN. At startup, each open consortium chain deploys 5 to 10 nodes, and the number of nodes is gradually increased according to business volume requirements.

Huobi Group, the world’s leading digital asset service platform, is also one of the joint operators of the BSN open alliance chain project. Huobi Group will be responsible for the introduction of framework parties, the daily operation of official portals, and business settlement in the BSN open alliance chain project.

In addition, a large cloud service provider will provide node resources and participate in the daily operation of the open consortium chain. He Yifan, the executive director of the BSN Development Alliance, did not disclose the specific name of the cloud service provider, only saying that it is a “top five large company in the cloud service industry.”

He Yifan said: “One of the core concepts of BSN is to integrate various blockchain technologies to form a one-stop blockchain service infrastructure, and to empower various websites through APIs, so that developers can The development and operation of blockchain applications can be carried out conveniently and at low cost. We hope that through the BSN open alliance chain project, we will unite leading companies and public chain projects in the industry to truly push the implementation of blockchain technology in China. development of.”