NEO is working with government-sponsored BSN to strengthen blockchain in China

Often referred to as “Chinese Ethereum,” NEO has partnered with the state-backed BSN to drive mainstream adoption. NEO will become one of the technological pillars of the BSN, which includes the Chinese state information center as well as technology and payment giants such as China UnionPay and China Mobile, according to the official announcement.

It is official! Along with our shared commitment to increasing blockchain adoption and innovation, #Neo and @bsnbase will work hand in hand to offer developers:
🦾Extended accessibility;
💰Optimized cost efficiency;
ApFast deployment. https://t.co/ubOgZvjS4I

– Neo Smart Economy (@Neo_Blockchain) July 21, 2020

NEO Spearhead’s Chinese Blockchain Initiative

The Chinese government-backed blockchain network will open its services to dApp developers on a global scale on August 10 as the country pushes its blockchain dominance ambitions.

In addition to NEO, the global version BSN has integrated its data centers into six important decentralized blockchains: Ethereum, EOS, Tezos, Nervos and Cosmos’ IRISnet. Since this is a self-developed project, it is likely that NEO will take precedence over competing blockchain and smart contract platforms.

“Neo is supported by BSN’s shared commitment to building tomorrow’s smart economy in global public city hubs and portals to help developers overcome hurdles and challenges that prevent mass adoption.”

Starting August 10th, users will be able to use NEO’s integrated services on BSN’s new official international website, which is characterized by improved accessibility, optimized cost efficiency and rapid deployment.

The Beijing-supported blockchain-based services network will support NEO under three technical aspects: node provisioning, city node gateways and integration of NEO middleware services. NEO founder Da Hongfei praised the partnership;

“The adoption of blockchain has accelerated dramatically in recent years, and I’m looking forward to realizing the intelligent economy of the future with the support of BSN. Hand in hand with our partners, I am confident that we will realize the mass adoption of blockchain and build the intelligent economy of the future. “

While Yifan He, CEO of Beijing Red Date Technology, one of the founding companies behind BSN, added;

“The move is a milestone as BSN is the first government-backed blockchain infrastructure to reach developer communities outside of China by integrating with large public chains.”

NEO price reaction

NEO prices surged over 9% as the news rose from $ 10.40 to a six-week high of $ 11.36.

NEO / USDT, 4h, Binance. Source: TradingVIew

NEO has been one of the many hibernating altcoins for the past two years and never managed to hit its highs of around USD 170 in January 2018.

Prices rose slightly in 2020, but this year’s high of $ 16.50 in February has yet to be hit. Even big announcements and government support from one of the world’s largest economies weren’t enough to rouse altcoins like NEO.

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