The project is expected to be among the top 10 largest blockchains in the Chinese ecosystem, the creators expect. NEO will be responsible for implementing the domain name service, the part of the new blockchain that will function as a distributed digital certificate (DDC) standard.
NEO founder Da Hongfei believes that the collaboration with BSN will be beneficial to the development of the project:
“We aim to create a solid foundation for the next generation Internet. Participating in BSN-DDC is a step forward, it is consistent with our vision and brings together projects from different ecosystems.”
The NEO team began working with China’s BSN back in July 2020.
He Yifan, executive director of the BSN Development Association and CEO of Red Date Technology, previously said that China has its own vision for NFT. Non-interchangeable tokens issued in the PRC will be based on the Distributed Digital Certificate (DDC) standard:
“DDC-based NFT technology is a digital certification and distributed database technology that can be applied in any scenario where digital proof is required. We expect billions of DDCs to be produced annually in China in the future. The biggest market for DDC is in the management of certificate credentials of all types.”
The Chinese authorities are devoting a lot of effort and time to the development of a cryptocurrency-free blockchain economic ecosystem. Recently, China’s National Platform BSN announced that it plans to roll out the infrastructure to support and launch cryptocurrency-free NFT as early as the end of January. In September, South Korea’s MetaverseSociety became the first operator of China’s BSN platform outside of China. In March, China’s state-owned Blockchain Service Network platform announced a partnership with TON Labs to develop applications based on the TON protocol.