The Blockchain-based Service Network (BSN) announced the beta launch of the BSN Spartan Network, a public infrastructure network that will provide non-cryptocurrency blockchain services to any IT system globally. The network initially launched with three non-cryptocurrency public chains, including non-crypto versions of Ethereum, Cosmos and PolygonEdge. Leading enterprises such as HSBC, Emperor Group, and Lan Kwai Fong Group presented BSN Spartan Network use cases at the BSN Spartan Global Summit, held in Hong Kong today. Known for its earlier initiatives in China, the BSN’s Spartan Network is only available outside China.
“99% of the world’s IT systems do not use cryptocurrency-based public chains to avoid being involved in unregulated and volatile cryptocurrencies. The BSN Spartan Network provides an infrastructure that integrates non-cryptocurrency public blockchains that can be used by any traditional IT system to leverage the capabilities of the underlying blockchain technology in an easier and more cost-effective way,” said Yifan He, CEO of Red Date Technology, the technical architect of the BSN.
“We are excited about the possibilities the BSN Spartan Network opens up for Hong Kong corporates to digitize, tokenize, and automate their business processes. We look forward to exploring how our HSBC DLT Settlement Utility (HDSU) solution can streamline payment processes for business partners on the network, and help our customers benefit from this next wave of business and financial innovation,” said Vincent Lau, Regional Head of International Payments for Asia Pacific at HSBC.
The BSN Spartan Network is an infrastructure to serve all traditional IT systems, not for issuing and trading cryptocurrencies, and consists of virtual data centers which are open source and free to download from GitHub. Individuals and businesses can set up data centers on the BSN Spartan Network anonymously and pay gas fees on non-cryptocurrency public chains using fiat currency or fiat-backed stablecoins such as USDC. The cost of using public chain technologies is also dramatically reduced. As an example, the cost of minting a standard ERC721 NFT on Spartan-I Chain (the non-cryptocurrency version of Ethereum) is fixed at 3 cents USD, several orders of magnitude lower than minting on cryptocurrency-based Ethereum.
“Out of the many use cases in blockchain technology, most of the general public would usually only think of those related to digital assets with the common examples of cryptocurrencies, NFT digital art, and metaverses. As one of the retail market leaders, we are keen to explore the opportunities to introduce and leverage blockchain technology for broader accessibility, in which this digital access could also create great value to our customers, the retail markets, and the general public. We are of like mind with the BSN about the ability to commercialize this technology,” commented Leo Tsang, Group CIO for Emperor Group, a diversified group of businesses that includes Property, Financial Services, Watch and Jewellery, Entertainment & Culture, Hospitality, Digital Media and Home Living.
“With blockchain and Web3, I see many possibilities to enrich the LKF experience for visitors and operators alike. LKF Group’s DNA for 40+ years is about embracing community and making the most out of lifestyle experiences, and BSN Spartan Network is a great enabler for the next generation,” said Jonathan Zeman, CEO of Lan Kwai Fong Group, the diversified property development group.
The BSN Spartan Network is a decentralized network governed by the BSN Foundation (https://spartan.bsn.foundation/), with each member operating a governance data center that hosts all the validator nodes of non-cryptocurrency public chains. Any matters related to the governance of the BSN Spartan Network, such as adding a new chain or gas fee adjustments, will be decided by the BSN Foundation members. The BSN Foundation will start with five members, growing to 10 by the end of 2022, and 30 by the end of 2023.
“We are building the next layer of the internet, a public layer serving public IT systems that has the benefit of greater transparency, easy connectivity, and individual ownership of data compared to private IT systems today,” said Tim Bailey, VP of Global Sales for Red Date Technology.