Report: China’s national blockchain project could adopt Ethereum after Chainlink onboarding ๐จ This article is 4 years old...
Report: China’s national blockchain project could adopt Ethereum after Chainlink onboarding
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Updated: Jun. 29, 2020 at 8:44 pm UTC
Photo by Alexandre Valdivia on Unsplash
Chinaโs surging ahead with its blockchain aspirations even as the world grapples with the basic regulation around distributed systems and digital currencies.
Moving into public blockchains
A fund manager revealed Sunday the country will soon onboard Ethereum to its ambitious Blockchain Service Network (BSN) project, as part of a broader push to leverage blockchain technology within the country.
Haseeb Qureshi, the managing partner of crypto-focused Dragonfly Capital, said local sources confirmed the BSN will feature Ethereum and Nervos Network, apart from other unannounced-as-of-yet public blockchains.
1/ Iโve been informed by multiple sources that China's BSN is going to be integrating with public blockchains, the first of which are @ethereum and @NervosNetwork. This is kind of a big deal. Thread. ?
— Haseeb Qureshi (@hosseeb) June 28, 2020
The development comes a week after Chainlink, the blockchain agnostic platform, was earmarked to be onboarded to the BSN in the coming weeks. The news sent LINK surging over 20 percent at the time.
While no information on how Ethereum will be utilized exists at press time, reports confirm Chainlink will be used to secure the “blockchain middlewareโ that enables developers to create interconnected smart contracts.
Qureshi believes the partnership marks a โbig dealโ for Ethereum and the broader cryptocurrency sector. The development is in step with Chinaโs apparent โblockchain, not Bitcoinโ narrative; which sees the country heavily censor the use of cryptocurrencies while pursuing rapid growth in the blockchain space.
Supporting public blockchain would mean anyone on the planet can access data and confirm transactions on the BSN. This is contrary to Chinaโs notorious image of being extremely private about its internal policies.
6/ Regardless, BSN's push to open up with support for public blockchains will help China accelerate innovation within crypto. โBlockchain, not Bitcoinโ is the gateway drug. Embracing true decentralization is the inevitable next step.
— Haseeb Qureshi (@hosseeb) June 28, 2020
Qureshi noted in a tweet:
โWe predicted that since Xi Jinping announced the “Blockchain+” initiative, it would start with permissioned blockchains.โย
He added that China would eventually embrace the innovation โhappening in the decentralized world.โ
Despite the claims, Matthew Graham of Sino Global Capital, a China-first investment firm, suggests being “super cautious” about the development until official reports on the matter:
We suggested being super cautious about interpreting this until the exact details are known. I wouldnโt make assumptions.
— Matthew Graham (@mattysino) June 29, 2020
China’s blockchain push
Chinaโs blockchain efforts have not gone unnoticed among global governments. Ministries in South Korea and the U.S. have acknowledged Jinpingโs push for a distributed system, and the so-called โdigital yuan,โ in the country.
As reported by CryptoSlate last month, Korea is said to be โconcernedโ about Chinaโs quick rise to the top blockchain developer in the world. ICON founder Ho Kim tweeted about this sentiment:
2/ They are convinced that blockchain will be the main technology in the era of data economy. The article points out that there is a growing concern that China is ahead and Korea needs to act now or miss the boat.
— Min (@minhokim) May 13, 2020
Korea has even unveiled a $400 million fund to spearhead its own efforts towards blockchain regulation, development, and setting up a legal sandbox for cryptocurrencies.
Meanwhile, in an interview last week, Ripple co-founder Chris Larsen said much of the U.S. discussion around cryptocurrencies centers around Bitcoin and Ethereum, which he defines as โdominated by miners based in China.โ
Larsen noted โChina is so far ahead of us (the U.S.),โ and not for bad reason. China is already modeling the island of Hainan as a โblockchain hub.โ Local observers state President Xi Jinping aims to make the island fully-blockchain and AI-compliant; a glimpse into how the city of the future could look.
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Nervos Network
$0.01334
The Nervos Network describes itself as an open-source public blockchain ecosystem and collection of protocols.
Chainlink
$15.0903
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.