To work in China, blockchain projects will have to change their name and agree to pay commissions in yuan.
Chinese users of the PRC National Blockchain Network (BSN) will have access to 24 blockchains in the second half of November 2020. At the same time, the chains will go through a localization process that will change the possibilities of interaction with them. CoinDesk writes about this, with reference to information received from representatives of the initiative.
To work in the Chinese market, all 24 blockchains will be transferred to special conditions. In particular, users will be offered to pay for transactions in local currency. For example, instead of the usual gas in Ethereum, BSN members will be forced to pay off commissions in Chinese yuan. At the same time, experts plan to use stablecoins in the international version of the blockchain network to pay for operations.
Part of BSN partners. Source: the official website of the national blockchain network of the PRC
Also, control in the localized version of the network will be extended to node operators. The latter will be appointed by BSN representatives. This system is used in AntChain – the blockchain of the Chinese Ant Financial.
To control operations in the part of BSN adapted for the PRC, the project team formed a consortium (Public Permissioned Blockchain). One of its members is Huobi Group. The company will be responsible for settlements, clearing, marketing and the operation of the official portal.
The 24 blockchains that will be adapted to work in the PRC, in addition to Ethereum, also include Tezos, EOS, NEO, Nervos and IrisNet (Cosmos). The complete list is not specified. It is known that the BSN team intends to abandon the original project names. According to media reports, in the domestic market, the chains will be renamed in accordance with the 24 small seasons used in the traditional agricultural calendar, informing farmers of seasonal changes. For example, Ethereum could become “The beginning of spring (孟春)”, or “The end of summer (季夏)”.
Chinese Minor Seasons Calendar
According to media reports, the restrictions do not apply to the international version of BSN. Recall that China recently launched an international portal for the national blockchain network.
Developers can use the BSN infrastructure to build decentralized applications (dapps) that can be used for a variety of purposes, from document management in organizations to monitoring corporate financial transactions. One of the advantages of operating on the basis of the Chinese national blockchain network is the opportunity to save money. For example, BSN tools can make dapps development 90% cheaper. Representatives of partner companies of the PRC initiative, in turn, gain access to new users.
We will remind, recently it became known that China will use the sharing economy for the development of the national blockchain network.