Ethereum (ETH) to Integrate With Chinese Blockchain BSN. Why Is This Important?

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Mon, 06/29/2020 - 11:08
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Vladislav Sopov
Haseeb Qureshi, managing partner of the Dragonfly Capital investment fund, has released exclusive information about the PRC's plans to advance Chinese blockhain BSN
Ethereum (ETH) to Integrate With Chinese Blockchain BSN. Why Is This Important?
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Mr. Qureshi claims that he has received information about the upcoming integration from multiple sources. The formal announcement about the partnership will be released soon.

Chinese blockchain to integrate public decentralized systems

According to the seasoned investor, the Blockchain Service Network or BSN, which is backed by Chinese state-owned enterprises, is considering integrating with well-known public blockchains. Ethereum (ETH) and Nervos Network (CKB) will pioneer this partnership.

Chinese blockchain network to integrate with Ethereum (ETH) and Nervos Network (CKB)
Image via Twitter

Mr. Qureshi admits it's still questionable whether Chinese regulatory officials will acknowledge this integration and support it. Typically, the authorities of the PRC distance themselves from being recognized as interacting with the public network.

Blockchain Service Network is backed by the State Information Center (a government IT think-tank), China Mobile and Union Pay state-owned enterprises.

It acts as a permissioned distributed system for business, research and public administration purposes. Integration with the largest dApp hosting Ethereum (ETH) and the prospective PoW-solution Nervos (CKB) would significantly boost its adoption and performance.

Is this important?

Mr. Qureshi claims that this integration could be a 'big deal'. Firstly, it would greenlight the very concept of public blockchain integration into Chinese state-backed distributed systems.

Moreover, it would facilitate the adoption of crypto-related innovations in China. Interaction with public blockchains can make the existing systems much more decentralized.

It should be noted that the price of the Nervos Network Token (CKB) pumped almost 17% on this tweet. According to Coingecko analytical instruments, the project is now ranked #88 by market capitalization.

As covered by U.Today, the decision of Chinese leader Xi Jinping to launch a 'Blockchain +' initiative resulted in a 'Xi Spike' of crypto market capitalization. On October 25, 2019, every major coin experienced double-digit gains and this was the latest example of a short-term rapid bullish spike.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)