Red Date Technology, the developer of China’s state-backed blockchain infrastructure Blockchain-based Service Network (BSN), has partnered Dubai-based fintech firm Singularity Innovations to offer blockchain infrastructure services in the Middle East and Africa.
Fast facts- As part of the collaboration, Singularity Finance, an Egypt-based unit of Singularity Innovations, will also promote the BSN Spartan Network, a non-cryptocurrency framework available only outside the Chinese mainland, said Red Date in a Monday statement.
- Mo Taysir, chief executive officer of Singularity Innovations said the partnership enables the infrastructure to power international interoperable enterprise blockchain solutions in various fields including global trade, supply chain, identity, carbon credits and personal data management.
- In September, Red Date launched BSN Spartan Network, its new international network for public blockchains with no cryptocurrency involved.
- BSN, regarded by some market participants as leading the digital equivalent of Beijing’s multibillion-dollar Belt and Road infrastructure plan, was founded in 2020 to help shape China’s Web 3.0 infrastructure. It has powerful backers, including the National Development and Reform Commission, which sets and executes national economic policy.
- The BSN Spartan Network, only available outside mainland China, supports three public chains – Ethereum, Cosmos and PolygonEdge – in “non-crypto versions” that are hard forks of their original public chain frameworks, BSN said in its Spartan whitepaper released in September.
- Such a non-crypto foundation, which is in line with China’s stance after it banned crypto trading in September 2021, could appeal to some businesses that are keen to test blockchain capabilities but are put off by crypto’s price volatility, according to BSN.
https://finance.yahoo.com/news/china-international-blockchain-bsn-spartan-091927633.html....
So it seems the chinese state has funded a blockchain based financial system that is a non crypto based hard fork of ethereum, cosmos and polygonedge.
This system will be deployed exclusively outside of china's borders and will cater abroad to regions such as africa and the middle east.
There has been speculation for many years that such an approach built upon free and open source software might be attempted by CBDCs and other financial systems given their low cost and high degree of public testing to ensure their reliability and robustness of application.
While I think everyone knows what ethereum is, cosmos and polygonedge definitely have to be lesser known frameworks.
Long story short, this is an interesting project with potential. I wonder what the public reception will be?
