Enter the economic giant: Klaytn to power the Chongqing Chain
SINGAPORE, May 17, 2022 /PRNewswire/ -- China, with a GDP of US$17.7 trillion in 2021, is one of the largest economies in the world. Through a series of investments into blockchain, China is building the Blockchain-based Service Network (BSN), for which Klaytn Foundation will be a partner to build the open-permissioned Chongqing Chain.
Klaytn Foundation, an open-source blockchain ecosystem backed by internet giant Kakao Corp, will be contributing their technical expertise and business insights to provide the blockchain infrastructure and initial nodes for the Chongqing Chain, as well as to help develop the early use cases through a partnership with the Cloud Chain Technology.
The BSN is a multi-chain public infrastructure network that aims to be the standard for all blockchain deployments. As of April 2022, BSN supports 28 blockchain frameworks, 19 portals, and over 25,000 developers and 3,000 applications across over 140 virtual data centers around the world.
"We see great synergies in developing the Chongqing Chain in parallel with the Klaytn mainnet, as it would make it possible for Klaytn developers to plug in to the China blockchain network, providing an entry into the massive China market, and vice versa for Chinese developers looking to go global. Being in China will also help us to develop diverse use cases to bring about the mass adoption of blockchain, strengthen the Klaytn ecosystem and help us in building robust infrastructures to support the development of metaverses," said David Shin, Head of Global Adoption at Klaytn Foundation.
"Following Klaytn's integration to the BSN International earlier this year, we are excited to further strengthen the partnership by introducing the permissioned version of Klaytn, Chongqing Chain, to the Chinese market to support use cases related to NFT, metaverse, gaming and beyond", said Yifan He, CEO of Red Date Technology and Executive Director of the BSN Development Association.
"We are very pleased to cooperate with Klaytn, and believe that with the support of Klaytn network's innovation, security and scalability, the Chongqing Chain will provide developers with new technical solutions to enable a wide range of application scenarios. With the completion of the Chongqing Chain, it will become one of the OPBs on the BSN-DDC Network that will be attractive to enterprise users due to its low cost, availability in the process of technology implementation and ease of use," said Xia Yong, CEO of Chongqing Cloud Chain Technology.
First projects on the chain will include Meta Tel, a decentralized Social Networking Service (SNS) that provides better data privacy and user-centric data, and minting of notable Chongqing and Korean IPs via the Chongqing Chain Distributed Digital Certificate (DDC), which is similar to the technology behind Non-Fungible Tokens (NFTs).
About Klaytn Foundation
Klaytn Foundation is a non-profit organization that was established to accelerate global adoption and ecosystem maturity on Klaytn. The foundation manages the US$500m Klaytn Growth Fund and operates alongside Krust, the holding company for all overseas ventures of internet giant Kakao Corp.
About Blockchain Service Network (BSN)
The BSN is a cross-cloud, cross-portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain DApps. BSN aims to change the existing problem of the high cost of developing and deploying blockchain applications by, just like the internet, providing public resource and interoperability environments to developers. In this way, the development and universal adoption of blockchain technology can be largely accelerated.
About Cloud Chain Technology
Cloud Chain Technology originated in 2016. It is a high-tech enterprise with global blockchain technology application development as its main direction. The company is composed of senior entrepreneurs and top blockchain IT professionals, mainly engaged in relevant blocks The development and customization of the operating system of the chain technology, the design and production of the landing application of the blockchain scene. The research and development of the Chongqing Chain is under construction. Alliance chain and data chain have been independently completed. The company's main blockchain Technology development, technical support, and technical services are committed to applying blockchain technology to all walks of life.
SOURCE Klaytn Foundation
Company Codes: Korea:035720
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