This Ethereum-Derived Blockchain Will Power This Chinese City

CasperLabs — a framework developer for creating public and private decentralized applications (DApps) — recently partnered with China’s blockchain-based Service Network (BSN) for a more promising use of blockchain technology in China.

What happened: According to CasperLabs’ announcement, this partnership was minted as a non-fungible token (NFT) that will allow the BSN to use Casper Network’s Open Permissioned Blockchain Adaption (OPB) as the preferred network for the Chinese city — Fuzhou.

CasperLabs wants to eliminate high Ethereum ETH/USD gas fees because of the proof-of-stake protocol by retaining the infrastructure for employing “a first-price gas auction.”

Furthermore, this partnership will allow the BSN to use the OPB protocol for removing gas fees and gaining Casper Network’s security, scalability and decentralization.

"This partnership provides the Casper Network with the opportunity to bring new blockchain capabilities, advice and support to the people of Fuzhou. By partnering with Casper, the BSN gains from Casper’s scalability, security, and decentralization," said CasperLabs CEO and co-founder Mrinal Manohar.

"The use of OPB eliminates the use of cryptocurrencies to pay for gas fees. All combined, this makes it much simpler for developers in and around Fuzhou to generate public and private blockchain applications at a lower cost."

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RockTree Capital — a blockchain-focused merchant bank in China — was one of the main figures in forming this cross-border partnership.

Omer Ozden, chairman of RockTree Capital, said: “We see this as a massive display of confidence in Casper technology, and the deep integration that Red Date is undertaking to advance innovation with government, state-owned enterprises and private enterprises in China.”