China’s Blockchain Services Network (BSN) has announced plans to incorporate into its platform the pemissioned version of Cosmos (ATOM). According to a Ledger Insights study on February 2, 2021, the primary objective of the BSN is to facilitate blockchain adoption as well as interoperability between different private distributed ledger technology (DLT) networks.
Cosmos Live on BSNN (ATOM)
The Asian giant, however, remains focused on becoming a global pioneer in the blockchain technology ecosystem, although the Chinese government has since closed its doors against public cryptocurrencies such as bitcoin (BTC).
In the latest development, the Blockchain Services Network (BSN) of the nation is set to provide support for the approved version of Cosmos (ATOM), a distributed ledger technology (DLT) network that aims to allow the seamless exchange of data for different blockchains.
The sanctioned version of the Cosmos network is dubbed WenChang Chain, named after the city of Hainan province, according to the team. The BSN pilot project was first conducted in October 2019 and officially went live in April 2020 with the primary goal of empowering small and medium-sized enterprises (SMEs) to implement frictionless and cost-effective blockchain technology.
Across Blockchains Interoperability
Commenting on the inclusion of Cosmos, Yifan He, BSN Executive Director and Red Dat Technology CEO, reiterated that the project’s success is a huge accomplishment for the blockchain ecosystem in China.
The Open Permissioned Blockchain (OPB) initiative by BSN is a significant milestone for the growth of China’s blockchain. For years, China had been longing to implement public chain technologies, but since regulators are not a fan of cryptos, there was no efficient way to do so. We are working hard through all blockchain ecosystems to promote interoperability. Within the BSN platform and other OPBs outside the scheme, BSN’s OPBs can interoperate with conventional approved frameworks.
Cosmos (ATOM), defined by its developers as the Internet of blockchains, is committed to cultivating an ecosystem of DLT networks that can exchange data and value in a frictionless way.
The price of the native cryptocurrency of Cosmos, ATOM, increased by 10.45 percent in the past 24 hours at press time, trading at $8.91, with a market cap of $1.86 billion, as seen on CoinMarketCap.