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China’s Blockchain Services Network integrating Cypherium blockchain

Cypherium, a blockchain focused on central bank digital currencies (CBDC), joins Ethereum, Solana, Tezos, and Hyperledger Fabric among others, CoinDesk reports.

BSN gives developers the opportunity to access useful tools and deploy Dapps. So far, the network has integrated Ethereum, Solana, Hyperledger Fabric, Tezos, ConsenSys Quorum, and more. The platform, which is split into a Chinese version and an overseas version, is accessible through cloud-based city nodes in China and abroad.

Cypherium to enable CBDC exchange

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Cypherium is a Layer 1 permissionless protocol that will make it possible to buy and sell Bitcoin and other cryptos, stablecoins, and central bank digital currencies. Anyone can take part in the governance of a permissionless protocol. When it is integrated in the Chinese version of the BSN, this will probably change because it that version, only “open permissioned” chains are considered compliant with Beijing’s regulations.

Two dozen public chains available in Chinese network

Last year, BSN announced plans to make a total of 24 public chains available in its Chinese network. These were to be deployed starting in the second half of November 2020. The technical frameworks behind these public chains could be used by developers to build and run Dapps to track sources for food companies, finance platforms for small and medium enterprises, keep records for banks, state agencies, or law firms, and other purposes.  

Chains transformed in Chinese context

However, these public chains would look quite different following their “localization” for the Chinese market. BSN planned to make them permissioned and replace the tokens with the Chinese currency renminbi. This would cover the chain’s transaction fees.

Government supports blockchain, but only if it’s centralized   

The Chinese government supports blockchain tech on its own terms. It wants to use the benefits of the technology’s effectiveness and traceability minus the decentralization public chains like Ethereum and Bitcoin have embraced. The BSN’s architect company, Red Date Tech, is reportedly working on its own stablecoin- and CBDC-oriented blockchain.

Yesterday, Bankless Times reported that the BSN was launching portals for its international versions in Uzbekistan and Turkey. Red Date Technology has signed an exclusive agreement with TUCEM (Turkish Chinese Business Matching Center), a regional consultancy firm.

BSN to make dApp development accessible and affordable

Users of the BSN can access the platform through cloud nodes, both in China and abroad. Its goal is to make decentralized application development affordable and accessible and become the main infrastructure for online blockchains in the process.