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Huobi Joins State-Backed Blockchain Alliance in China to Provide Blockchain Infrastructure Services

In the first-ever Blockchain Service Network Partner Conference hosted by the National Information Center and Hangzhou Municipal People’s Government in China, it was announced that cryptocurrency exchange Huobi had joined the Blockchain Services Network (BSN), an alliance initiated by the State Information Center (SIC).

The alliance also welcomed China UnionPay, China Merchants Bank International, WeBank, and Chinese telecom giants, including China Mobile and China Telecom.

The BSN aims to provide a blockchain infrastructure services platform that allows different blockchain networks, regions, and institutions to interact with each other, as stated in a report by Xinhua News.

Yuming Yuan, the CEO of Huobi China, mentioned in a speech at the conference that Huobi China and BSN members will work together on blockchain education and training as well as blockchain application research in an effort to aid the development of blockchain in various industries.

Yunan Liu, Director of the National Information Center said: “BSN can effectively facilitate the rapid promotion and application of blockchain technology.”

Earlier this year, Huobi announced its China headquarter in the province of Hainan. The People.com.cn reported that Yang Chen, the President of Hainan’s Financial Supervisory Authority, said that the province is adopting a sandbox model to test out fintech and blockchain technologies.

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China Unveils Blockchain Services Network Aimed to Build Ecosystem Along with Hyperledger, Ethereum and EOS

China’s Blockchain Services Network (BSN), ChinaChain has been opened for commercial use after six months of internal testing. As large gatherings are banned during the coronavirus pandemic, a virtual press conference was held on Saturday in Beijing for the unveiling of the BSN project.

Blockchain.News previously reported that the Chinese government’s State Information Center revealed its plans for its national Blockchain Service Network (BSN), aiming to provide small businesses and individuals to operate blockchain applications easily without using a private blockchain network. The service aims to lower costs, estimated that hosting a Dapp will only cost RMB 2000-3000 a year, approximately $260 – $390 USD.

The Blockchain Services Network is built by a consortium of China’s biggest corporations including telecommunications companies and banks, connecting nodes in 128 cities in the country. Companies including China Mobile, China UnionPay, and Huobi China have also taken part in the creation of the BSN. The network also includes 7 areas outside of China including Paris, Sydney, San Paulo, Singapore, Tokyo, Johannesburg, and California. This would facilitate the interested parties to conduct business in China to be able to use the network and to follow the network’s rules.

Hyperledger Fabric, Ethereum, EOS, ChainSQL, WeBank’s FISCO BCOS, and Baidu’s Xuperchain are also planned to be added to the “ecosystem play,” and “internet environment,” as explained by Zhiguang Shan, the Chairman of the BSN’s Development Association. This network of blockchains will be available for those who are interested to take part in it, including small to medium-sized businesses.

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China’s WeBank Makes its First Move to Take its Blockchain Global, Partnering with Singapore's OpenNodes

China’s top digital bank WeBank has announced its partnership with Singaporean government-backed OpenNodes. This partnership will allow China’s FISCO BCOS blockchain platform to be brought to Singaporean academics for innovation and new initiatives. FISCO BCOS was deemed to be China’s version of Hyperledger Fabric when it was launched in 2018.

The Financial Blockchain Shenzhen Consortium (FISCO) is backed by more than 100 Chinese organizations, including Huawei, Tencent, JD Finance, and WeBank, which is partly backed by Tencent. Developed by FISCO, the enterprise blockchain protocol was the first blockchain to be supported by China’s Blockchain Service Network.

WeBank’s executive vice president and Chief Information Officer, Henry Ma said, “We seek to spur the next-generation talents into building viable solutions using blockchain to serve the general public. Providing this open-source technology as a developer arena will also help us strengthen the stack of our technologies in the process while allowing for better products and services for the general public.”

This also became the first move in taking FISCO BCOS international, which also support the Blockchain Services Network’s ambition to go global. The partnership aims to introduce Singapore’s university students to FISCO BCOS. Ma added, “Combining forces is the first stepping stone to expanding the consortium into Southeast Asia, and ensures we are well fed by a constant source of knowledge, technology expertise, and domain experience.”

As previously reported by Blockchain.News, the digital bank is leading the global banking community in banking technology patents climbing ahead of US giants JP Morgan Chase and Bank of America with 632 filed patents in 2019.

China’s international blockchain ambitions

China’s Blockchain Services Network (BSN), ChinaChain has been opened since late April for commercial use after six months of internal testing.

Along with WeBank’s FISCO BCOS, Hyperledger Fabric, Ethereum, EOS, ChainSQL, and Baidu’s Xuperchain were also part of the plan to be added to the “ecosystem play,” and “internet environment,” as explained by Zhiguang Shan, the Chairman of the BSN’s Development Association. This network of blockchains will be available for those who are interested to take part in it, including small to medium-sized businesses.

OpenNodes: Encouraging engagement in blockchain

Tribe Accelerator announced the launch of its digital media and engagement platform, OpenNodes in August 2019. Founded by 25 founding members and led by Tribe Accelerator, OpenNodes is also supported by the Singapore Infocomm Media Development Authority (IMDA), as well as the Monetary Authority of Singapore (MAS) and Temasek. Yi Ming Ng, Managing Director of Tribe added, “All the stakeholders in the ecosystem have come together to collectively drive this blockchain ecosystem for more mass adoption to happen.” OpenNodes allows for more engagement and collaboration between the stakeholders in the blockchain ecosystem, allowing for a better reach of the audience, showcasing the use cases in the blockchain ecosystem.

OpenNodes is funded by Singapore’s Infocomm Media Development Authority (IMDA), along with other government stakeholders, as well as IBM, R3, ConsenSys, Ethereum, BMW, PwC, and Singapore stock exchange (SGX). Its aim is to support and educate corporates and connect them with technology solution providers.

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Jul 23 Trading Analysis: If only Robinhood has ETH listed

Trading Crypto with Eugene is a series of daily commentary of market analysis and trading advice shared by Eugene Ng of Matrixport, a veteran trader with 10 years of experience in top-tier global investment banks. If you like the article, please follow us here on Blockchain.News so you won’t miss our future publications.

Thanks to the Office of the Comptroller of the Currency letting all nationally chartered banks in the U.S. to provide custody services for cryptocurrencies, the crypto world skyrocketed with ETH performance the talk of the town. ETH up a whooping 8% in the past 24 hours on momentum (MoMo) heading into ETH 2.0 testnet on Aug 4 as well as China’s state-backed Blockchain-based Service Network (BSN) integrating with six public chains including Tezos, NEO, Nervos, EOS, IRISnet and Ethereum (announced 2 days ago). In fact, ETH’s move has some decent volume backing it up with open interest (OI) across major exchanges near yearly highs as well as record OI in ETH options. Whether you want to buy into MoMo, I will leave it up to you, my thesis continues to be that “its mostly recycled capital in the space moving into ALTs (non-BTC coins)” so the most logical way to participate is through buying ETH Calls $300 to $350 for the next few weeks. If we had the equivalent of an Elon Musk or Robinhooders in ETH, I would have almost certainly been more confident in the move. Unfortunately, ETH’s biggest setback has always been “a bunch of geeks” who aren’t really about marketing and missing “deadlines of deliverables”.

Stock markets around the world continue to remain buoyant with Miracle Drug narratives, EU Summit a success (yawn and EUR 1.15 break) and gold (& silver) flying. More so now with EV iron man Musk’s Tesla beating consensus which qualifies the company into S&P 500. It’s all about MoMo for $TSLA, we will just have to see how much of that has been already priced in. This is why crypto is trading firmer but also why I believe we won’t see much inflows until cross asset volatility starts to decline sufficiently such that it makes crypto vol more interesting. Trade strategy: Buy out of the money BTC and ETH calls; BTC 10 to 10.5k calls and ETH 300 to 350 calls for the next few weeks. Let’s not get ahead of ourselves; whether we actually FOMO and chase, we will have to monitor for continued “recycled capital” and hopefully fresh inflows to keep the MoMo going. CME listed BTC futures did increase 16% on Monday for OI, so let’s see if these “fresh inflows” have some MoMo legs that could manifest into FOMO. Gdluck.Technically speaking, we need to close above $9,800 for a clear path towards the moon. Otherwise, we are still at risk of a move lower… so stay calm bulls, and be safe bears…

Dai’s supply is shooooooting up over 40mil thanks to DeFi growth resulting in uptick in the ETH-based stablecoin.

ETH December options has the highest Open Interest…. clearly indicating that investors are looking for a lotto potential surprise in ETH 2.0 this year, but let’s be real, it’s going to happen only early next year as recently announced…. All that time decay….

What fundamentals? Forget intellectual debates or discounted cash flow valuations, you only need to know how to trade like Robhinhood. This is MoMo style trading. So many HF managers wish they were like Robinhood users… I only wish they knew when to start selling…

DisclaimerOpinions expressed are solely the analyst’s own and do not express the views of Matrixport the company.The views and opinions expressed in this article are those of the contributor and do not necessarily reflect the view of Blockchain.News.

China’s Blockchain Service Network Unveils New International English-Based Website

China’s Blockchain Service Network, introduced in early 2020, has launched an official international website.

The Chinese Blockchain Service Network (BSN), has been open for commercial use since April 2020, after six months of internal testing. The BSN aims to provide small businesses and individuals to operate blockchain applications easily without using a private blockchain network. The network also aims to lower costs, estimating that hosting a decentralized application (Dapp) would only cost around $260 – $390 a year.

The Blockchain Services Network is built by a consortium of China’s biggest corporations including telecommunications companies and banks, connecting nodes in 128 cities in the country.

Companies including China Mobile, China UnionPay, and Huobi China have also taken part in the creation of the BSN. The network also includes 7 areas outside of China including Paris, Sydney, San Paulo, Singapore, Tokyo, Johannesburg, and California. This would facilitate the interested parties to conduct business in China to be able to use the network and to follow the network’s rules.

China’s Blockchain Service Network’s new English-based website has appeared on Aug. 10, which aims to gather global developers. Public chains, including Ethereum, EOS, Nervos, Tezos, NEO, and IRISnet have been integrated, which allows developers to build Dapps through the BSN data centers. The site read:

“The BSN is a blockchain-specialized cloud environment that has unified CA management, gateway APIs, smart contract SDKs, and even encryption algorithms for permissioned frameworks, as well as has stacked all public chain nodes together for easy access.”

As stated on the BSN website, the network is planning to launch an “Interchain Communication Hub,” using IRITA’s interchain service hub and Chainlink in Q4 2020.

The website also featured BSN’s partners, including Google and Amazon Web Services as their cloud service providers, while Hyperledger was listed as a permissioned blockchain supplier.

As previously reported by Blockchain.News, China’s top digital bank WeBank announced its partnership with Singaporean government-backed OpenNodes. This partnership will allow China’s FISCO BCOS blockchain platform to be brought to Singaporean academics for innovation and new initiatives.

Along with WeBank’s FISCO BCOS, Hyperledger Fabric, Ethereum, EOS, ChainSQL, and Baidu’s Xuperchain were also part of the plan to be added to the “ecosystem play,” and “internet environment,” as explained by Zhiguang Shan, the Chairman of the BSN’s Development Association. This network of blockchains will be available for those who are interested to take part in it, including small to medium-sized businesses.

China’s Blockchain Services Network Now Under Major Development Alongside "Digital Fujian" Project in the Province

China’s national Blockchain Services Network has been in development in China’s Fujian province, recently along with its 20 main blockchain projects as part of the “Digital Fujian” program.

These blockchain projects include the technical transformation in the industrial and commercial service industries, as well as a few major agricultural sectors. The blockchain construction projects also include the fields of government, public welfare services, industrial and agricultural production, including the blockchain application service platform.

According to Chen Ronghui, the director of the DIgital Office of Fujian, “Digital Fujian,” has the advantages of a “good corporate foundation, characteristic applications, and industrial regional advantages in promoting the development of blockchain.”

As reported by Xinhua, the speeding up of the construction of blockchain projects would be able to advance the integration of blockchain and social-economic development in the country. It was further reported that the Fujian province will be looking to construct its blockchain platform and core technology research in how blockchain technology could be used in different sectors.

Along with the development of the Digital Fujian project, China’s Blockchain Service Network has also been under development in Fujian. The Blockchain Services Network is built by a consortium of China’s biggest corporations including telecommunications companies and banks, connecting nodes in 128 cities in the country. Companies including China Mobile, China UnionPay, and Huobi China have also taken part in the creation of the BSN.

China’s Blockchain Services Network’s new English-based website has appeared on Aug. 10, which aims to gather global developers. Public chains, including Ethereum, EOS, Nervos, Tezos, NEO, and IRISnet have been integrated, which allows developers to build Dapps through the BSN data centers. As stated on the BSN website, the network is planning to launch an “Interchain Communication Hub,” using IRITA’s interchain service hub and Chainlink in Q4 2020.

China’s Blockchain Services Network has recently announced a unified smart contract programming language. Red Date Technology, one fo the companies behind the development of the BSN has announced that it will add support for smart contract language DAML, created by Digital Asset. This new integration would enable the interoperability of Dapps regardless of the blockchain network it was created on. Smart contract developers would be able to deploy an application on the BSN to a new platform on another blockchain without having to rewrite their smart contracts.

Trump's National Security Council Sees DLT as Critical Weapon in US-China Tech War

The United States National Security Council has named distributed ledger technology (DLT) as one of the most critical focus areas in America’s battle to maintain technological dominance against China and Russia.

The National Security Council (NSC) of the Trump Administration believes that the technology that gave rise to blockchain and cryptocurrency is one of twenty critical and emerging technologies where the United States must remain leaders in the US-China tech cold war.

As published in the National Security Council’s report on Thursday entitled “National Strategy for Critical and Emerging Technologies”, DLT is one of twenty focus areas that require prioritization in development, adoption, and investment—to ensure the United States remains the leader in global technology.

Other emerging and disruptive technologies that are on the NSC’s shortlist include AI, data science, quantum computing, weapons of mass destruction deterrent technology and space technologies.

The NSC document reads :

“Throughout our history, American achievements and leadership in science and technology (S&T) have been a driving factor for our way of life, prosperity, and security. However, American leadership in S&T faces growing challenges from strategic competitors, who recognize the benefits of S&T and are organizing massive human and capital resources on a national scale to take the lead in areas with long-term consequences.”

While the document clearly identifies areas of technology that must be prioritized and researched, it provides no clear roadmap to achieve the strategy nor does it provide real insight into the cost of the tech implementation.

Tech War Standings

A recent white paper by Amazon Web Services, IBM, and Deloitte among others, highlighted that the US Department of Defense is falling behind its rivals in its global military blockchain race with Russia and China.

The report warned:

“The two superpowers that pose the greatest threat to the US are both heavily investing in both the research and development of blockchain technology.”

The briefing highlights China as being on the “economic warfare” offensive with its central bank digital currency or DCEP, while Russia is on defense with a lab dedicated to blockchain cyber threat mitigation.

In addition, China has been advancing in leaps and bounds in their own pursuit of DLT and blockchain. The Chinese Blockchain Service Network (BSN), has been open for commercial use since April 2020, after six months of internal testing. The BSN provides small businesses and individuals to operate blockchain applications easily without using a private blockchain network. The network also aims to lower costs, estimating that hosting a decentralized application (Dapp) would only cost around $260 – $390 a year.

BSN Has Partnered with MetaverseSociety to Launch the South Korean BSN Portal Operator in November

On September 1, BSNbase announced that it has partnered with the Korean blockchain high-tech company MetaverseSociety to launch the Korean BSN portal operator in November, supporting Korean developers to quickly and efficiently build and operate blocks through its localized BSN platform Chain application.

This is the first time it has been established outside of China, the BSN portal operator. Blockchain-based Service Network (BSN), backed by the Chinese government’s State Information Center (SIC) and Red Date, China Mobile, and China UnionPay, officially launched in April 2020.

The issue of high cost is hampering a global public infrastructure network establishment used to deploy and run blockchain applications across cloud services, portals, and underlying frameworks.

Currently, BSN has established or is establishing 128 public city nodes globally. By joining BSN, enterprises can spend 20% of traditional blockchain cloud services to complete on-chain operations and start operations.

The CEO of Red Date Yifan, added that:

“The BSN makes the cost of creating and running applications exceptionally low, with the added benefit of multi-frameworks and interoperability, and larger customer bases.”

The BSN project is currently split into BSN China and BSN International, led by Red Date.

David DoYoen Kim, CEO of MetaverseSociety, said that in the medium to long term, more public institutions and large companies will use private BSN and revealed that:

“BSN will strengthen trust and increase efficiency in the linkage and utilization of global blockchain-based systems.”

MetaverseSociety announced on April 27 this year that the MarX project, a Korean-based project aiming to capture the market of NFT and DeFi, is now fiercely expanding.

Chinese-based BSN to Launch First International Expansion in August: CNBC

Chinese state-backed blockchain company Blockchain-based Service Network (BSN) is reportedly to launch an international project within serval months, according to CNBC, citing people with the matter.

The project for the expansion will be named” BSN Spartan Network”, which is expected to begin in August, according to a CNBC report, citing Hong Kong-based startup Red Date Technology’s CEO Yifan He, one of the founding members of the BSN.

The official website introduces the BSN as a “one-stop-shop” for DApp developers to deploy and manage any permissions or permissionless blockchain applications. They are aiming to help businesses adopt this top-notch technology by connecting with various blockchains.

According to a report, the Spartan Network will “eventually be made up of half a dozen public blockchains that do not operate with cryptocurrencies.” One of those will be a non-crypto version of the Ethereum blockchain when the project is ready to launch.

Yet, no official announcement can be confirmed at the time of writing.

The BSN is co-founded by the State Information Center (SIC), which sits under China’s powerful National Development and Reform Commission (NDRC), and China Mobile, a state-owned telecommunications company.

As the organization is considered highly connected with the Chinese government, the data access is concerned could be in breach of privacy. He admitted the background of the organization would be a challenge. Still, he emphasized that users are able to examine the code behind the project, making sure that no backdoor access for the Communist party-led government:

“People will say BSN is from China, it is dangerous. Let me emphasize, BSN Spartan will be open source … we will not access anything from our end.”

China continues crackdown on crypto trading and mining activities

Chinese President Xi Jinping proposed to explore blockchain technology to “optimize the digital economy” in 2019. However, China also implemented the most vigorous crackdown measures against crypto mining and trading activities last year.

The BSN, therefore, does not adopt crypto but uses fiat money in US Dollars to pay for transaction fees instead, He added.