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China's BSN is working on a blockchain network that is unrelated to cryptocurrencies

CJ - Cryptocurrency Enthusiast

  • The Blockchain-based Service Network (BSN) in China is working on a version of the popular distributed ledger technology
  • On August 31, the beta version of this new blockchain, dubbed BSN Spartan Network, is anticipated to be published
  • However, there are significant concerns about the technology's reliability

A version of the well-known distributed ledger technology that is targeted at international markets and won't make use of cryptocurrencies like Bitcoin or Ethereum is being developed by China's Blockchain-Based Service Network (BSN).

He Yifan, the CEO of Red Date Technology, announced that the BSN Spartan Network, a new blockchain, is scheduled to release its beta version on August 31. After making its official debut in 2020, the BSN's main objective is to offer a global public infrastructure for launching and running all types of blockchain-distributed apps. It also aims to make blockchain technology more available and inexpensive for organizations and enterprises around the world, helping China take the lead in the industry over the next ten years.

However, there are significant concerns about the technology's reliability. "If you don't trust us, verify the code," Yifan said, attempting to ease people's anxieties. People may be apprehensive, he recognizes, because most public blockchain operators prefer to work with cryptocurrencies.

Yifan claimed that he approached roughly 60 public chains and asked them to join him in creating a non-crypto chain. "However, all they worry about is how many new individuals will come in and buy tokens," says one source.

All BSN transaction fees will be paid in fiat currency, such as the US dollar, and the BSN aims to support USD Coin as well.

Jehan Chu, the founder of Kinetic Capital, indicated at the BSN Summit on May 24 that the future Spartan Network might be "especially appropriate for the poor world." Africa, South America, and South Asia might all be included.

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