HONG KONG, January 24, 2022 /PRNewswire/ — The Blockchain-Based Services Network (BSN) today announced that the BSN Decentralized Digital Certificate Network (BSN-DDC) (ddc.bsnbase.com), an infrastructure dedicated to the adoption of Non-Fungible Token (NFT) in China, soft-launched with eight platform operators as well as seven Open Blockchains Allowed (OPB), most of which are converted from public chains, including Ethereum, Cosmos/IRISnet and EOS.
To differentiate from external NFTs China which are exchanged on public chains with cryptocurrencies (prohibited in China), NFT is renamed Decentralized Digital Certificate (DDC) by BSN.
“NFT/DDC technology is a digital certification and distributed database technology that can be applied in any scenario where digital evidence is required. We expect billions of DDCs issued each year in China in the future. The biggest market for DDCs is in managing certificates and accounts for all types of businesses,” said Yifan He, CEO of Red Date Technology and Executive Director of BSN Development Association.
In China, the BSN-DDC Network offers the most diverse, transparent, credible and reliable environment for DDC-related business platforms to create and manage their DDCs in a one-stop shop. Gas fees are paid in fiat currency through BSN-DDC portals, and minting fees can be as low as 0.05 yuan (0.7 US cents), which is significantly lower than public channels.
To ensure the decentralization, transparency, authenticity and long-term stable operation of the BSN-DDC network, its nodes will be jointly operated by several organizations.
The BSN-DDC network has integrated ten OPBs where all official DDCs will be minted and stored to comply with Chinese regulations. OPBs based on Ethereum, COSMOS/IRISnet, Corda, EOS and FISCO BCOS are operational. Cross-chain services will be enabled between all OPBs in the BSN-DDC network, as well as one-way transfers from OPBs to the Ethereum mainnet and other public chains.
Platform partners announced today include Rong Bao Zhai Auction, EY Blockchain, Sumavison, Baiwang, Digital Asia Art Fair, and Hainan International Culture and Artworks Exchange Center. BSN will announce the twenty-six founding partners, disclose future roadmaps and outline the network’s governance structure during the official launch ceremony and press conference at Nankeen, China, end of March.