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June 27, 2022
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China integrates Ethereum into the Blockchain Service Network | Blocksats

The state-funded Blockchain Service Network (BSN) is supposed to be integrated with public blockchains such as Ethereum and Nervos Network.

China and Ethereum

Information about these potential integrations appears just a week after other interesting news from China. BSN is also to use Chainlink Oracles technology to increase the speed and security of transactions taking place in its chain.

Let us remind you that Chinese BSN itself is a national blockchain supported by, among others China Mobile or UnionPay. Now it is supposed to be integrated with decentralized and public blockchains, including Ethereum and Nervos.

According to Haseeb Qureshi – managing partner of Dragonfly Capital – this integration has already been confirmed by many sources and is “a big deal” for the entire market of this new technology.

“Many sources have informed me that Chinese BSN will be integrated with public blockchains, the first of which are Ethereum and Nervos. It’s really a big deal! “

– He said.

Qureshi also explained that involvement in the Chinese government project was the subject of the blockchain community debate.

“The extent to which government is involved in BSN has been a hot topic of debate, but the inclusion of public blockchains is extremely important for the Chinese blockchain ecosystem. If this is not obvious to everyone [dodam]: open support of public block chains is a kind of taboo in China “

– He said.

Is this the first step towards opening China to cryptocurrencies?

Qureshi’s words may also suggest that China is taking the first step towards opening up to cryptocurrencies like Ethereum and Bitcoin. The integration of decentralized and public block chains can accelerate the adoption and acceptance of digital currencies in this country.

Qureshi considered this possibility by talking to the media and noticing that attitude “Blockchain – yes, but Bitcoin is not” it’s just temporary.

“BSN’s pressure to open to public block chains will help China accelerate cryptocurrency innovation. [Myślenie] “Blockchain – yes, but Bitcoin no” is temporary. Entering true decentralization is the inevitable next step. “

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