The Chinese cryptocurrency project NEO has partnered with the Chinese platform Blockchain Service Network (BSN) to create the Jiuquan blockchain for issuing NFTs.
The project should enter the top 10 largest blockchains in the Chinese ecosystem, the creators expect. NEO will be responsible for implementing the Domain Name Service, the part of the new blockchain that will function as the Distributed Digital Certificate (DDC) standard.
NEO founder Da Hongfei believes that cooperation with BSN will have a beneficial effect on the development of the project:
“We are committed to building a solid foundation for the next generation of the Internet. Participation in BSN-DDC is a step forward, it is in line with our vision and brings together projects from different ecosystems.”
The NEO team began to cooperate with the Chinese BSN back in July 2020.
Earlier, He Yifan, executive director of the BSN Development Association, CEO of Red Date Technology, said that China has its own vision of NFT. PRC-issued non-fungible tokens will be based on the Distributed Digital Certificate (DDC) standard:
“DDC-based NFT technology is a digital certification and distributed database technology that can be applied to any scenario where digital proof is required. We expect billions of DDCs to be produced annually in China in the future. The biggest market for DDC is in the management of certificate accounts of all types.”
The Chinese authorities devote a lot of time and effort to the development of the blockchain economic ecosystem without the use of cryptocurrencies. Recently, the National China Platform BSN announced that it plans to deploy the infrastructure to support and launch NFT without the use of cryptocurrencies as early as the end of January. In September, South Korean company MetaverseSociety became the first operator of the Chinese BSN platform outside of China. In March, China’s state-run Blockchain Service Network announced a collaboration with TON Labs to develop applications based on the TON protocol.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
