The first open blockchain service to be integrated into the BSN (Blockchain Service Network) is set to be Cosmos.
The blockchain infrastructure project of china, the Blockchain Service Network, tweeted on Monday to announce the adoption of ATOM (Cosmos) to its Chinese Network. The BSN (Blockchain-based Service Network) of China supports only permissioned enterprise blockchain, unlike the international version that supports both permissioned and permissionless blockchains.
This means that the Cosmos adapted to China’s BSN is an OPB – open permissioned blockchain – version called Wenchang Chain. It was Bianjie, a blockchain startup based in China, that developed the hybrid, being the company behind IrisNet’s development also.
Iris was listed among the group of networks on the International version of the Blockchain Service Network’s ecosystem alongside other blockchains like Tezos, Ethereum, EOSIO, and Neo back in September 2020.
However, later in that month, the cross-portal, cross-framework, and cross-cloud infrastructure project also integrated other open blockchains such as Algorand, ShareRing, and Solana.
The BSN has announced that it is planning on integrating close to 40 open blockchains previously before the summer ends.
Also read:With the goal of the Blockchain Service Network in promoting the interoperability of the permissioned blockchain, their announcement of Cosmos integration means they have taken an important step in achieving the goal.
The focus of Cosmos as a dynamic multi-chain system is the transfer of cross-chain value for both virtual assets and data as well. However, the main essence of having a permissioned version of the multi-chain ecosystem is in adapting to the regulatory environment of China, which affects both the Blockchain Service Network in china as well as the international version.
Then, back in January, Cosmos unveiled its BCP – Blockchain Community Protocol – for the community of developers as part of the new development kit released by the Stargate Software.
The formative work aimed at the expansion of the rising decentralized finance (DeFi) arena outside ethereum is pioneered by Cosmos. Around June 2020, Kava was unveiled on Cosmos Blockchain to allow its users to trade BNB – Binance Coin and earn the USDX Stable Coin.
There is also the possibility of Cosmos adoption outside the decentralized finance space as Microsoft is purchasing the soil credits recently via the Regen Network built on the Cosmos Blockchain.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.