Thanks to TON Labs, BSN will now be able to produce real-life applications that require a scalable backend and use cases in compliance with China’s regulatory framework while still using an inherently decentralized network to do so.
China’s Developers Gain Access to TON Technology
China’s Blockchain-based Service Network (BSN) and TON Labs announced today that they have struck a partnership agreement to provide China’s developers with access to TON Technology through BSN’s Open Permissioned Blockchain (OPB) Initiative in order to build applications and create use cases in compliance with Chinese regulatory demands.
OPB Initiative is designed for public chains to enter the Chinese market legally. It makes public chains regulatory compliant by removing the mechanism of using cryptocurrencies to pay for gas fees and offering permissioned controls over node deployment.
The TON protocol, originally developed by Telegram, was ultimately abandoned by its founders back in April of 2020 due to regulatory pressure, in effect creating a chasm for millions who believed in the project. Thankfully, a diverse group of active supporters came together to launch the network as a community-driven project. TON Labs became one of the many initiators from a group of top-tier developers and validators who helped launch that network as Free TON.
Free TON has no investors, no registered entity, and never had a token sale of any sort, making it a people’s blockchain run entirely by a community of developers, validators and promoters from around the world that receive tokens (TON Crystals as the native token) on a meritocratic basis as rewards for winning contests that add value to the community, and as part of collaborations with partners that similarly bring value.
TON is a Proof-of-Stake, multithreaded, low latency, almost infinitely scalable blockchain with large throughput, making it ideal for real world applications and business cases. The TON protocol itself is arguably the most versatile smart contract platform to date. TON Labs made the network accessible through high level languages such as C, C++ and Solidity, as well as through a set of developer tools that make it easy for anyone to build on. These tools are readily available for developers based on their signature TON OS product with its developer suite of SDK and Solidity compilers, as well as decentralized certificates that are out-of-the-box.
Win-Win for All
With Chinese developers eager to get their hands on this technology while under certain prohibitive circumstances, specifically an inability to transact via cryptocurrency, BSN turned to TON Labs for a solution for in-country realization. As a result, BSN will now be able to produce real-life applications that require a scalable backend and use cases in compliance with China’s regulatory framework while still using an inherently decentralized network to do so. In short, China can now use a for-all permissionless blockchain in a way that conforms to its own legislative mandates. The parent network will benefit from what new developers can bring to it, while the Chinese community will benefit from what TON provides technologically. Win-win for all.
Cyril Paglino, CEO of TON Labs stated:
“What we have here is a small step toward a giant leap that will build bridges between the decentralized and centralized worlds in a way where everyone gains. 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-a-vis, adoption.”
Yifan He, CEO of Red Date Technology and Executive Director of BSN Development Association, stated that:
“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. I am sure that the addition of TON will lead to a more thriving OPB ecosystem in China. We look forward to seeing great dApps to be built on this OPB.”
The BSN is a cross-portal, cross-cloud, and cross-framework global infrastructure network used to empower developers and companies to create, deploy and manage next-generation decentralized applications (dApps) more efficiently, conveniently, and at low cost across multiple different protocols under a uniform standard. The BSN was jointly initiated by four founding partners, namely the China State Information Center, China Mobile, China UnionPay and Red Date Technology.
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
(function(d, s, id)
var js, fjs = d.getElementsByTagName(s);
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = ‘https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.2’;
(document, ‘script’, ‘facebook-jssdk’));