The leading pioneer in China’s blockchain advancements, the Blockchain-based Service Network (BSN), has entered into a partnership with CasperLabs. CasperLabs is a layer-1 proof-of-stake blockchain technology, and the CasperLabs BSN partnership can be a gamechanger for both players. After its launch in October 2019, the partnership with CasperLabs brings positive news for BSN.
China’s Blockchain Service Network or BSN had emerged as a project for information infrastructure, tailored for speeding up the process of smart city development in the gradually emerging digital economy. BSN announced its partnership with CasperLabs on February 8, 2020, with a vision for accomplishing new benchmarks for business efficiency. Let us find out what both parties have to gain from the BSN CasperLabs partnership.
First of all, it is important to note that the partnership will ensure availability of the Casper Network to BSN developers. According to a press statement by CasperLabs,
The Casper Network will be available for the global network of developers on BSN immediately after the launch of Casper’s mainnet in the first quarter of 2021.
The CasperLabs BSN partnership is a huge initiative in the expansion plans of BSN. China’s Blockchain Service Network is presently looking forward to the prospects of gaining the status of a global blockchain infrastructure service provider.
As a state-backed initiative, BSN was released with general availability in April 2020. With the efforts of Red Date Technology, UnionPay, and China Mobile in creating BSN, the prospects for blockchain project in China and the rest of the world could witness an upward trend. BSN has been one of the prominent highlights in blockchain news since its inception for various reasons. BSN serves as an effective platform for offering easy onboarding capabilities for developers to adapt to public and private blockchains.
Enroll Now: Enterprise Blockchains Fundamentals Course
Developers could leverage BSN for achieving the benefits of blockchain technology such as lower operational costs, better regulatory control, and improved flexibility. BSN has been successful in deploying over 120 public city nodes in China since its launch. The public city nodes work as data centers of BSN and help in execution and processing of transactions on blockchain networks compatible with BSN.
The CasperLabs BSN partnership is a promising initiative for supporting the vision of BSN to create a new ‘Digital Silk Road.’ The partnership is a proactive action aimed at fostering the role of China as a significant player in the evolution of Web 3. At the same time, the new partnership with the Casper Network can support BSN in improving better communication and coordination of China with the west in the worldwide evolution of Web 3.
Therefore, BSN could achieve its baseline objective of connecting the East and West with its new partnership. At the same time, the BSN CasperLabs partnership also strengthens the prospects for establishing China as a global leader in developing blockchain technology.
The partnership between the Casper Network and BSN also indicates the possibilities for better scope for adoption of BSN. After three months of launch for commercial use, BSN was divided into two distinct systems as BSN China and BSN International for promoting low cost Blockchain as a Service facilities.
Here’s a comprehensive guide to Blockchain as a Service where you can understand how it works.
However, BSN China is basically a closed system and could not access public chains. The stringent rules and regulations in China offer permission for blockchain technology while restricting cryptocurrency usage. Therefore, BSN China presently focuses on the development of semi-permissionless chains featuring formidable controls over nodes. In addition, BSN also develops the permissioned blockchain version of Ethereum so that developers can capitalize on power of public chains.
On the other hand, BSN international focuses on developing the ‘Digital Silk Road’ vision of BSN. It focuses on offering permissionless services through the integration of public chains such as Ethereum, Polkadot, NEO, and Nervos. With the CasperLabs BSN partnership, the Casper Network is also one of the public chains that can integrate with BSN. According to a statement by Mrinal Manohar, the CEO of CasperLabs,
The integration of Casper Network with China as well as International variants of BSN could spell new opportunities.
Therefore, the partnership of BSN and CasperLabs is definitely an interesting piece of blockchain news. CasperLabs would work with BSN China and BSN International to suit different requirements of developers.
Casper Network can offer considerable flexibility for developers in selecting the modality according to their requirements. Casper is open-source in nature and could offer the desired flexibility for developers. In addition, it also offers the benefits of a highly public and trustless network in the progress of the partnership. On the other hand, developers can also leverage the software with private permissions.
Casper also brings an advantage to the CasperLabs BSN partnership through its functionalities. It is unique in comparison to other blockchain protocols. As a proof-of-stake blockchain, Casper doesn’t imply the need for mining equipment and massive volumes of computing power. Casper doesn’t involve the need for generating random numbers to achieve consensus, like in proof-of-work blockchain.
On the contrary, Casper’s proof-of-stake blockchain verifies a new block through purchasing and staking tokens. As a result, Casper Network could provide benefits in the form of limited computing power requirements. At the same time, the Casper Network can also ensure faster transaction processing.
Most important of all, Casper would provide the much-needed advantage of scalability for the BSN network. Interestingly, the Casper Network does not imply any additional compromises to achieve the desired levels of scalability.
If you want to learn more about blockchain technology and how it’s affecting the industries, make sure to check out our blockchain courses to learn about it.
On a concluding note, it is reasonable to consider the CasperLabs BSN partnership as a notable milestone in blockchain ecosystem. Casper is the first completely decentralized, highly secure, and scalable proof-of-stake blockchain network. The partnership of Casper Network with China’s BSN presents favorable opportunities for promoting adoption of public blockchain technology. According to RockTree Capital,
The partnership could turn new pages for adoption of blockchain technology in China and the world.
Casper Network could contribute to potential improvements in security without affecting any scalability advantages of a PoS network. RockTree Capital, the entity responsible for bringing CasperLabs and BSN together, expressed positive views on the partnership. It has expressed positive views on the partnership. However, it would still take a lot of time before the partnership starts to deliver desired results.