China’s state-sanctioned blockchain infrastructure project is finally bringing public chains to its Chinese users – but with a significant twist.
The Blockchain-Based Service Network (BSN), a standardized internet services provider for decentralized applications (dapp) developers, plans to make 24 public chains available in its network for Chinese users starting from the second half of November, according to an internal memo obtained by CoinDesk.
Developers can use the technical frameworks behind these public chains to build and run dapps that serve a range of purposes such as financing platforms for small and medium enterprises, source tracking for food companies and record-keeping for banks, law firms or government agencies.
These public chains will look quite different after being “localized” for the Chinese market, however. The network will make the decentralized public chains permissioned and replace their tokens with direct payment by the Chinese currency renminbi to cover transaction fees on these chains.