Thanks to TON Labs, BSN will now be able to produce real-life applications that require a scalable backend and use cases in compliance with China’s regulatory framework while still using an inherently decentralized network to do so.
China’s Developers Gain Access to TON Technology
China’s Blockchain-based Service Network (BSN) and TON Labs announced today that they have struck a partnership agreement to provide China’s developers with access to TON Technology through BSN’s Open Permissioned Blockchain (OPB) Initiative in order to build applications and create use cases in compliance with Chinese regulatory demands.
OPB Initiative is designed for public chains to enter the Chinese market legally. It makes public chains regulatory compliant by removing the mechanism of using cryptocurrencies to pay for gas fees and offering permissioned controls over node deployment.
The TON protocol, originally developed by Telegram, was ultimately abandoned by its founders back in April of 2020 due to regulatory pressure, in effect creating a chasm for millions who believed in the project. Thankfully, a diverse group of active supporters came together to launch the network as a community-driven project. TON Labs became one of the many initiators from a group of top-tier developers and validators who helped launch that network as Free TON.
Free TON has no investors, no registered entity, and never had a token sale of any sort, making it a people’s blockchain run entirely by a community of developers, validators and promoters from around the world that receive tokens (TON Crystals as the native token) on a meritocratic basis as rewards for winning contests that add value to the community, and as part of collaborations with partners that similarly bring value.
TON is a Proof-of-Stake, multithreaded, low latency, almost infinitely scalable blockchain with large throughput, making it ideal for real world applications…