Cosmos Network

IRISnet Joins Polkadot, Tezos, Algorand, Ethereum, Cosmos to Work on China’s BSN Open Permissioned Blockchain Initiative – Crowdfund Insider

IRISnet, which aims to serve as an interchain service hub for next-generation distributed applications, has published its monthly report – which goes over the platform’s main community and technical updates.

Daniela Pavin from IRISnet notes that in September 2020, Harriet Cao, the co-founder at IRISnet, had clarified that China’s Blockchain Service Network (BSN) and its “open permissioned” model was not a threat to the public blockchain sector. Cao had also argued that decentralization was not necessarily the main or only value proposition/use case for blockchain or distributed ledger technology (DLT).

Yifan He, the Executive Director of BSN Development Association, had officially confirmed the launch of the “BSN Open Permissioned Blockchain” project (in September 2020).

Pavin noted in IRISnet’s report:

“On September 27, 2020, [there was a] major breakthrough (or development) in China’s Blockchain Ecosystem as the ‘BSN Open Permissioned Blockchain Initiative’ was officially launched. IRISnet was confirmed in the 1st Batch together with Polkadot, Tezos, Algorand, Cosmos, Ethereum, Huobi Chain and Nervos.”

As covered, IRISnet’s decentralized finance (DeFi) and Interchain Testnet Bifrost went live on Sept 2, 2020. The IRISnet team now claims that the era or phase of “the Internet of Blockchains is getting closer.”

As mentioned in the report, some of the major developments in the IRISnet ecosystem (in September 2020) included:

New DeFi Features

  • Non-Fungible Tokens (NFT), Record and other new modules
  • Upgraded and enhanced iService
  • Oracle