Chinese blockchain company BSN has signed a strategic partnership agreement with Free TON. For BSN, this gives access to the TON technology in its modern incarnation. For Free TON, this opens up China.
Joanne Eberhardt, VP Communications at TON Labs, as well as representatives of the Chinese blockchain BSN, Zachery Li and Henry Ma attended the next AMA session.
As Henry Ma explained during the AMA session, one of the main challenges that BSN sets itself is to become the Internet for blockchains and ensure interaction between them. “To become the Internet” means, according to the speaker, that now blockchain technology is comparable in its prospects with the role of the Internet in the development of technologies in the 1990s.
The second challenge is to reduce the cost of developing, deploying, and managing DApps. At the moment, the development of such applications, because of the high cost, is available only to large businesses. BSN provides developers with a unified environment and tools so that developers can click a few buttons to get a result.
Technology in exchange for access
The speaker said that because of the specifics of state regulation in China, international public networks cannot conduct their business there. Therefore, BSN launched the Open Permissioned Blockchain Initiative (OPB), which allows the integration of public blockchains into the BSN platform. Currently, work is underway to create Free TON OPB. In fact, it will be a Free TON mirror, with legal entry into the Chinese market. It will eliminate the mechanism of using cryptocurrency, and Chinese developers will consider it as a basic level for creating applications.
The choice of Free TON as a partner, according to Henry Ma, is because of the technological and value advantages of the platform:
- first, there are advantages such as Proof-of-Stake, multithreading, low latency, scalability, and large throughput. All this makes it ideal for real-world applications and business cases.
- second, BSN shares the principles of Free TON — for example, there has never been a token sale on this blockchain, and it is completely managed by a community of developers, validators, and promoters from around the world.
Joanne Eberhardt emphasized in her speech that Free TON was indeed based on a belief in freedom, information sharing, and free software, and its protocol represents an opportunity to create a scalable, decentralized, global network. Its uniqueness lies in smart contracts with easy-to-use tools for developers and users, suitable for every level of competence.
As for integration and compatibility with other platforms, the speaker indicated that there is no value in a future built on disparate storage, on the contrary, communication between blockchains will provide a stronger and more efficient future.
Waiting for the boom
China is a huge market, the use cases for Free TON are endless, and working with BSN is the only way for a public network to enter the Chinese market legally. In China, BSN serves as a gateway for developers to access permissionless blockchains. Thus, integration with the platform will give these developers access to Free TON technology, and it will be up to the developers themselves to decide what value they want to create based on this technology. This will give another advantage for Free TON — a huge increase in developer activity, which will greatly affect the progress of the entire network.
According to Zachery Li, BSN representatives expect the Free TON OPB creation process to take about a month. To access this technology, it will be enough to register a Chinese mobile phone number. Developers will be able to work with it from outside China, the platform itself and products based on Free TON OPB will also be available to users around the world. However, Free TON and Free TON OPB networks will not be compatible.
Since cryptocurrencies are banned in China, many common use cases for the platform (such as wallets, decentralized exchanges) will not be relevant here. As Joanne Eberhardt noted, China attaches great importance to the development of blockchain. There have been multiple beneficial policies announced over the past few years to help with the development of this industry. As a result, some investors in current blockchain projects include giants like Alibaba and Tencent, and the blockchain market itself is ready to boom.
Cointelegraph posted clarifications from TON Labs CEO Cyril Paglino that this collaboration is a testament to the possibility of creating useful alliances between decentralized and centralized enterprises:
“It’s a creative approach to send a strong message that a company, a country, a people, even when facing certain statutory hurdles, can still find a way to use technology earmarked for everyone on the planet despite whatever localized mandates there may be, and while remaining in total compliance, vis-à-vis, adoption”.
The editors noted that TON is the latest public blockchain to make a splash on the permissioned BSN China. Given the strict regulatory environment in China, the BSN project has two main implementations: BSN China and BSN International.
On the ForkLog resource, the explanations of the executive director of BSN Development Association, Yifan He, were posted:
“We are very impressed with the actual performance of TON technology on throughput, speed and latency, which opens up opportunities for use cases that require higher levels of scalability. BSN sets the stage for TON Labs to enter the Chinese market to provide its technologies and services to Chinese enterprises and developers legally”.
The publication recalled that last year the Bloomberg agency announced BSN’s intention to add 100 networks to its platform and become the “Internet of blockchains”. Support for Ethereum, Tezos, NEO, and several other projects was announced in August 2020, Polkadot, Oazis, and Bityuan were added in November, and Cosmos was added in February 2021. In addition, BSN plans to integrate the digital yuan into the networks it uses.