ON Monday via Twitter, China’s BSN announced that Cosmos will be the first public Open Permissioned Blockchain to onboard its blockchain based service network.
The blockchain service network hereafter referred to as BSN, is China’s effort to create the world’s first global public infrastructure to instigate and run blockchain applications across cloud services, portals and its underlying frameworks.
The BSN aims to reduce high costs associated with current blockchain development and deployment, and provides developers with a public blockchain resource so as to build upon.
It is composed of 120 public domestic nodes and 8 internationally. Any individuals with a unified identity certificate can join these nodes to verify, develop, publish and join and manage an unlimited number of blockchain applications. China aims to have 200 public nodes by the end of 2021.
So what then is blockchain? Blockchain is an open organisational system that records digital information in a transaction between two parties in a transparent, efficient, permanent manor. Blockchain ledgers must be multi verified by blockchain developers and are near impossible to alter once inputted. Blockchain technologies underpin technologies such as Bitcoin and other cryptocurrencies.
Why Cosmos? Cosmos is a permissioned or open source blockchain which contains an additional security system, its ‘access control layer’ that permits certain actions to be commissioned only by certain identifiable participants. Cosmos was launched in 2017 by the Interchain Foundation, a Swiss non profit that funds open source blockchains.
Cosmos uses Byzantine Fault Tolerance ‘BFT’ technology which is a function of the blockchain system that is able to continue operations even if one or more nodules fail or act maliciously.
The news of Cosmos being added to the BSN comes as China rolls out its third round of testing of its new national cryptocurrency. The Digital Currency Electronic Payment or DCEP as it will henceforth be referred to is China’s answer to digital currency. The DCEP is known colloquially as the digital Yuan.
As of January 2021 the DCEP was in its 3rd phase of testing. Once this round of testing wraps up the DCEP Will be rolled out to millions of citizens in Shanghai. The BSN will provide the critical building blocks required to substantiate the DCEP as a legitimate currency system.
China intends to have the DCEP function as a worldwide currency and with the 39 million Chinese nationals living internationally that this will be an easy realisation.
It appears then that with rapid integrations to the BSN network that the world’s first Central Bank Digital Currency, the DCEP will be realised and implemented not just in China, but globally.
For more resources on the BSN network please refer to “Blockchain Service Network Basic White Paper”.
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