China’s state-backed blockchain company Blockchain Services Network (BSN) is planning to expand its offering to the international market scene with the launch of Spartan Network, its first foreign blockchain project
With a push to its state-backed blockchain enterprise, Blockchain Services Network, China is attempting to tap into the international market (BSN).
Red Date Technology, situated in Hong Kong, is a founding member of BSN. Red Date CEO Yifan He told CNBC that the company is intending to launch Spartan Network, its first foreign blockchain project, in August this year.
BSN bills itself as a one-stop shop for cloud deployment of all blockchain applications. Otherwise, this procedure is time-consuming and pricey. BSN’s mission is to connect different blockchains and make it easier for businesses to use this technology.
Several major economies have been on board with the innovative blockchain technology. While Bitcoin and other cryptocurrencies made blockchain technology prominent, it has a wide range of uses.
However, because cryptocurrencies are illegal in China, BSN’s blockchain networks will not be able to operate with them. BSN, according to proponents of blockchain technology, will speed up the process of firms joining the blockchain. BSN has the personal support of Chinese President Xi Jinping.
About the Spartan Network
The Spartan Network will consist of a half-dozen public blockchains that don’t use digital assets. One of them will be a non-crypto Ethereum version. However, the blockchain transaction costs will be paid in US dollars rather than Ether (ETH). Yifan, the CEO of Red Date said:
“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”.
One of the most difficult aspects of BSN’s international expansion will be that the initiative is based in China. Yifan had this to say about it:
“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 we are working with other major public chain protocols to convince them the mainstream is non-crypto public chains.”
He also mentioned that BSN’s lack of cryptocurrency could be a huge obstacle. BSN Spartan Network, on the other hand, will be “tough to push in the first or second year because most individuals in the blockchain business only understand crypto,” according to Yifan.