To differentiate from NFTs outside China that are traded on public chains with cryptocurrencies (banned in China), NFT is renamed as Decentralized Digital Certificate (DDC) by BSN.
“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.
In China, the BSN-DDC Network offers the most diverse, transparent, credible, and reliable environment for DDC-related business platforms to mint and manage their DDCs in a one-stop-shop. Gas fees are paid in fiat currency via BSN-DDC portals, and the minting fees can be as low as 0.05 yuan (0.7 US cents), which is significantly lower than public chains.
To ensure the decentralization, transparency, authenticity, and long-term stable operation of the BSN-DDC network, its nodes will be jointly operated by multiple organizations.
The BSN-DDC network has integrated ten OPBs where all official DDCs will be minted and stored to comply with Chinese regulations. The OPBs based on Ethereum, COSMOS/IRISnet, Corda, EOS, and FISCO BCOS are in operation. Cross-chain services will be enabled among all OPBs on the BSN-DDC network, as well as one-way transfers from OPBs to the Ethereum mainnet and other public chains.
The platform partners announced today include Rong Bao Zhai Auction, EY Blockchain, Sumavison, Baiwang, Digital Art Fair Asia, and Hainan International Culture and Artworks Exchange Center. BSN will announce all twenty-six founding partners, disclose future roadmaps, and outline the governance structure of the network at the official launch ceremony and press conference in Nanjing, China, in late March.
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Source: Cryptocurrency - investing.com
