Chinese startup looks to unify global blockchains

Chinese startup looks to unify global blockchains

By Benson Toti - min read

Red Date Technology has launched the Blockchain-based Service Network, where developers are free to build dApps in a more cost-efficient manner

Chinese startup Red Date Technology has launched a distributed ledger technology (DLT) project called the Blockchain-based Service Network.

The company, with the Chinese Government’s full support, is hoping to unify blockchains around the world by implementing a platform where developers can create decentralized apps (dApps) while saving costs.

Red Date has hinted that ever since it officially went live last April, more than 6,000 users have joined the network. This includes government officials, enterprises and individuals from within the country.

Last July, the BSN announced the integration of six high profile blockchain networks into its platform earlier in July, including Tezos and Ethereum. The network also clarified that from August 10, developers are free to start leveraging the platform to create dApps, regardless of where they are located.

The Chief Executive Officer of Red Date Technology, He Yifan, emphasised that the company’s goal is to accelerate the adoption of DLT by making it convenient for anyone around the world to develop dApps without having to resort to expensive or laborious measures.

“Initially I thought blockchain, especially distributed ledger technology [DLT], had no commercial value because it was too expensive. Then I realised we can actually build a multi-framework platform to reduce the cost for everyone.” Yifan explained.

The BSN team has shared that now the network already has six public blockchains, their next step is to add around 100 public distributed ledgers over the next 12 months. The team has claimed that their tools and data storage service give developers the opportunity to save at least 90 percent of the costs involved in creating and running dApps.

While most of the features will be accessible to all, developers will need to pay fees based on their use of the network’s cloud storage space. The company has stated that it is purchased from firms like Amazon and deployed across global cities.

In an effort to keep the project independent, transparent and decentralized, Red Date has stated that it will not ask for funding from the Chinese Government or state-owned enterprises.

Red Date was founded in 2014 and started its operations by working on “smart city” technology in China.

One of their earliest projects involved the development of a mobile app Citizen Card for Zhangjiakou, a city with 4.5 million inhabitants in the northern Hebei province. The residents could log into the app to pay their utility bills, search for information on stores, monitor their transaction records and access government services remotely.