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13 MINUTES AGO
CasperLabs is building an open-permissioned blockchain protocol and will be a service provider to China’s Blockchain-based Service Network.
NEWS
On Friday, CasperLabs, a blockchain software firm, announced a partnership with China's Blockchain-based Service Network, or BSN. Through the agreement, which has been minted as a nonfungible token, or NFT, as a sign of commemoration, Casper Network will be added as the blockchain of choice to the Fuzhou City Chain for use in public and private crypto infrastructure developments in the region — dubbed "Fuzhou Chain powered by Casper." RockTree Capital, an investment company, based in New York, played a critical role in bridging the entente between Casper and Fuzhou City.
As told by stakeholders, the partnership's main goal is to enable BSN to gain from Casper's scalability, security, and decentralization, as well as the use of the open-permissioned blockchain, or OPB, protocol to eliminate the need for using cryptocurrencies to pay for gas fees. Since its launch in 2019, BSN has expanded to more than 120 public city nodes across China, serving as data centers running and processing transactions on its umbrella blockchain networks.
Mrinal Manohar, co-founder, and CEO of CasperLabs, said of the development:
By partnering with Casper, the BSN gains from Casper’s scalability, security, and decentralization. The use of OPB eliminates the use of cryptocurrencies to pay for gas fees. All combined, this makes it much simpler for developers in and around Fuzhou to generate public and private blockchain applications at a lower cost.
