In Brief:
- BSN soft launches BSN Decentralized Digital Certificate (DDC) Network.
- DDC will be the same as NFT, but only allowed to mint through fiat currency.
- Users will be able to develop and manage portals and applications with significantly fewer Gas fees.
The Chinese Blockchain Service Network has introduced the BSN-Decentralized Digital Certificate (BSN-DDC) Network for NFT. With the soft launch of the BSN-DDC network, users will be able to deploy NFT in China.
The platform consists of eight partnership players along with seven Open Permissioned Blockchains. Most of these chains are created from modifications in public chains including Ethereum, Cosmos/IRISnet, and EOS.
To comply with local regulations and crypto ban, NFTs have been renamed as a Decentralized Digital Certificate (DDC), which also diminishes its direct relation with crypto by only allowing transactions in fiat currency.
“NFT/DDC technology is a digital certification and distributed database technology that can be applied in any scenario where digital proof is required. We anticipate billions of DDCs issued annually in China in the future. The biggest market for DDCs lies in certificate and account management for all types of businesses”, said Yifan He, CEO of Red Date Technology and Executive Director of BSN Development Association.
As per the details in a blog, BSN-DDC Network is a one-stop shop and allows users to build and manage user portals or applications for DDC. Also, users will be able to pay Gas fees in fiat currency through BSN-DDC portals and minting fees will be significantly low compared to public chains. Approximately the minting decided to 0.05 yuan (0.7 USD).
BSN-DDC is a public digital art infrastructure that ensures the decentralization, transparency, and authenticity of the network. It works on a multi-party governance model and every node verifies the transaction across the network. The launch news was already in the market for the last few days.
As of now, the company has only disclosed seven names of eight partners including Rong Bao Zhai Auction, EY Blockchain, Sumavison, Baiwang, Digital Art Fair Asia, a next-generation art fair showcasing digital NFT art and immersive art experiences, and Hainan International Culture and Artworks Exchange Center.
The remaining names of partners and future strategies of the networks will be revealed at the official launch ceremony in Nanjing, China, in March.
