Hyperledger Foundation Hyperledger Global Forum 2022, 6 Oct 2022

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From YouTube: Exploring the Path of Legitimate NFTs in China - Yifan He, Red Date Technology

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Exploring the Path of Legitimate NFTs in China - Yifan He, Red Date Technology

Yifan will introduce BSN and BSN Distributed Digital Certificate (BSN-DDC) Network. He will give an informative speech about the NFT market in China, and the future of the blockchain industry. “NFT/DDC technology is a digital certification and distributed database technology that can be applied in any scenario where digital proof is required. We anticipate billions of DDCs issued annually in China in the future. The biggest market for DDCs lies in certificate and account management for all types of businesses”, said Yifan He, CEO of Red Date Technology and Executive Director of BSN Development Association. In China, the BSN-DDC Network offers the most diverse, transparent, credible, sustainable, and reliable environment for DDC-related business platforms to mint and manage their DDCs. Unlike existing NFTs deployed on private chains controlled by one entity, or other available options in China, the BSN-DDC Network is a public infrastructure that employs a multi-party governance model to ensure the decentralization, transparency, and authenticity of the network.

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A

Let's start five people good, including one for my colleagues so first before I started. Let me make a very small state and uh Yin China and also you know in the piercing ecosystem.

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It's kind of well now I'm a very against cryptocurrency so hopefully for for you guys, no one is from cryptocurrency industry. So it's you know because I saw the hyperledger conferences like home a little bit away from cryptocurrency. So so, during today's presentation, it's a little bit. You know. Sometimes I can see some negative things about about the cryptocurrency and FTS.

A

Okay, let's get started so first I want to make a uh you know, basically explanation in Temptations uh many, you know people from a crypto industry. They intend to mess up the definitions, you know messed up with confused people between cryptocurrency and the production technology, and you know, mess up the definition between t which actually is a digital Collectibles. You can sell and trade on openc and ft Technologies or you can call the tokenization so so those those things are totally different.

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Okay, cryptocurrency is basically a small application, build based on production technology and the digital Collectibles basically is built on the technology of tokenization or nfts. So, basically, uh because why I talk? You know first talk about the definitions, because we talk about the you know: the laws and the regulations urine yearly law, loss and regulations. They Governor the applications. You know when you know know how to make a bomb. You don't get arrested.

A

Okay, you can draw on the you know, show all the diagram, everything it's fine, but when you begin to make a bomb, it's regulated, okay, you can get arrested, so we need the differentiate between technology and applications. Okay, if we don't differentiate, those people will say: okay, trying to ban the cryptocurrency, why it doesn't burn blockchain technology and RFK technology, because one is the pure technology. Another one is the application which is against the law.

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This is a RT here: ft is a digital Clubhouse Market, it's very small compared to the whole world. Okay, it's less than I! Think less than two percent.

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Okay and uh I totally don't agree with the charts here here here. I think they will like this in three years, probably reach zero. Okay, I I totally don't agree with this one. So why?

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Because the rft digital collabores consider something just like cryptocurrency and we all know cryptocurrency is banned in China, so I will you know that? Give you guys some you know explanation why so the production legal landscape in China, okay, I I, will talk about a little bit longer here. So first, everybody know the cryptocurrency is bad and this ban is forever. Okay, don't think about you know. After five years it will be I'm banned from what I can see I started. The China is the government by the same government.

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It will stay the same way for next 100 years: okay and the second one. Actually, not many people understand this. It's a public chin cannot be legally operated in China due to internet regulations. There's a bunch of laws. You know how International operates in China, for any ITC system connect to you, the internet required classes and the content controls, which means any content. If you know it breaks the law, is it can it can be deleted or banned from the system?

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So those things basically against the nature of public Trends, so publishing cannot legally operate in China. So people, you already say: okay, there's no cryptocurrency. Can we run the public Trend notes in China?

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You can't, okay, you can't they call it and some people say: okay: I can run a publication permission to change and I will issue something. You know cryptocurrency, but I renamed that as membership points say then I can use membership points to you know, buy and sell stuff. You know trading to each other. You know how smart I am on the pboc. You know People's Bank of China, basically 15 years ago.

A

They have a regulation out how to regulate membership points, there's two right lines, which means if you cross your brakes law, you can get arrested. Okay, two first, the membership points cannot trade to each other. For example, if you have China mobile membership points right, China mobile has like 20 billion each year. R b membership points worse off membership of points, and you cannot give to each other. Okay. The system doesn't even support that on the second dry line, you cannot change the membership point back to Cache.

A

Okay, if you do that, you run a unique collaboration. So if you are a customer of China mobile somehow and you get the membership points, what you can do you go to channel mobile, give the website and the change to you, know, phones and the under you and pay pay bill. You actually can use a membership fund to pay your bill from the same lender. It's fine so which means you cannot run a cryptocurrency operation just rename that into membership points.

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This is very, very important and the butt so far by all the regulations holding for individual holding cryptocurrency is legal, okay, so so, basically and trading between two individuals. So far, it's also legal okay, which means don't go to a platform or exchange. You call your friends say: give me cash right. You know transfer some Bitcoin to you. It's totally fine, okay, it doesn't break the law under the police, knows that you know they probably join you and do some trading individuals. But okay, there's Big Catch.

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Since last September.

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Cryptocurrency no longer is a property protected by law. Okay. This is big before that. If you, if someone rob you of your Bitcoin, you go to, please, please can you know, register the case and move on, but right now, for example, I you know meet the team. I say: okay, I have one Bitcoin, you give me cash. No, he has one Bitcoin, I, say: okay, I pay, you cash! You know 10 over the market transfer the Bitcoin to me. First I will give you cash.

A

You know face to face after the transfer I run away, then Tim goes to the police station, say I just got robbed they ask of what Bitcoin they say. Okay, there's nothing! We can do. We consider that not even legal property, you just gotta robbed of air okay. Basically, so so right now, after September last year, uh all the digital currency disputes and the crimes don't get. You know uh you know. Basically, the local cards won't take any dispute case on cryptocurrency and the police won't act on any crime involve cryptocurrency.

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Of course, if you kill someone and they rob them, they will do that. They will solve the murder case, okay, so that this is actually very, very important because you know even holding and- and you know, starting between individuals is legal, but it's no longer protected by the law. Okay, then it become a risk. You know, and actually two weeks ago, there's a case. It's it's like someone use stereo currency to buy the USD DT, basically do a trading right and- and they all got in a room, the guy who actually stole everything.

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They set up a bunch of cameras. So basically it's you know shoot on your phone to get your private keys.

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And the fun iris is gone, then he went to the police station and you know basically that guy sent him a message. So what I just rubbed you so watch and real case two weeks ago? Okay, so then that next question is how about nfts.

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Actually, this is a little bit tricky, but also it's really really shows how you know: The Regulators in China think about the blockchain technology and ft technology right now minting and the selling first hand FTR totally illegal. Okay, there's like a 2, 000, plus platforms. Marketplaces are doing that and even some big stay owned entities and the big corporations are doing the early 10 cents.

A

Okay, but all the major companies are doing artists, but not encouraged by authorities. Okay, The Regulators, because what because you know they, they don't really want to shut down the empty mark because they think it's as a technology. It will be very powerful for matters industry, okay, they consider in the virtual world, in 10 years, every single thing could be built actually based on nft technology. So that's why they don't want to shut it down.

A

They actually just want to shut down the digital Cloud ball markets, but it's really hard to differentiate those two right now, but but what they can do they actually talk to all those payment service companies. You know, like 10 cent, pay early pay union pay. You know, because if you set a Marketplace online you'll need payment services in order to do all the selling collecting money.

A

They actually tell those guys if there's a rft related website, don't give them access, so that's basically how they control it, but there's always smaller players, so you can still, you know, do the business but so far the second hand, Trading no platform there to do it. Second secondary trading- basically, is you know after you buy, then you can sell it, but by law by regulation. It's legal now! Okay, because there are nothing said you cannot do it, okay, because in China, if it's not a prohibited by law, you're supposed to do it legally.

A

Okay, that's that's the nature of law, but nobody dared to do it. Okay, they just scared, you know could be you know so, but uh but uh why it's? It's not legally prohibited, but the Practical event, which means, if you know some platform, because many of our customers are actually doing the platforms, some of them initialized. Some secondhand trading testing under the authority, basically call them to have a chat and after charging they shut down.

A

So basically you know you cannot do that. So why? Okay, uh I I just want to spend a little bit more time to explain why the Chinese government authorities, don't don't care about and and don't allow cryptocurrency and nft tradings okay, because they consider them a form of securities.

A

Just like us right U.S, they have very you know, definition. If the cryptocurrency I say: oh, they do some kind of activity. You know the money coming into something you know it will be labeled as Securities and Governor by the Security Act, so Simpson in China. They actually consider is a security and in China remember for stock market. It's it's the largest financial Market. You know most open. You know, there's no t plus zero trading in China.

A

You know since star the stock market started 30 years ago. Until today there's no same day trading, which means if you buy stock, shares the share and the money will be locked up. You can only do that. Details the frequencies of trading okay. So so why remember a foundation fundamental fact in China 70 investors are individuals and and among them the college educated individual investors, probably only like 15 percent, which means nobody really understands this kind of thing. So it's very easy to be manipulated.

A

You know, and under many many people lose a lot of money. I mean everything in China can be speculated on. You know the real estate I, think half of the real estate in China right now is empty and waiting the price to go up and- and you know, as long as there's the imbalance of supply and the demand, people try to speculate. I I, remember it's like seven years or eight years, the garlic, you know, there's a shortage of God. There's a lot of money going into garlic.

A

You know just speculate, someone store a lot of other garlic and and try to you know do that. So that's why you remember. Let's say garlic. If you want to trade on that speculated on that and actually take the recycle takes days, you need shaping handling, storage, everything you know it. Probably you treats you know once a week you know, or once a day tops tops lefties and the cryptocurrency can be traded one thousand times a day, very dangerous from the trans government.

A

It's too dangerous, okay, especially for people who don't really understand this kind of security. So that's why I spent I totally agree with her. Okay, I'm I'm totally support this, but just remember also, actually uh you know we. We always talk with The, Regulators or authorities. You know the you know and under try to educate, you know some of them.

A

They actually consider the nfts it's more dangerous than cryptocurrency, because it's for the for for the nfts for the digital currency, you know for the cryptocurrency. You know you can issue 100 million of that it's the same name. We Market is under same name. If they they want to pay it's very easy and if you means 100 million rfts, it represents 100 million different cents under when there's like 10 000 companies promoting difference. It's practically, you cannot buy technically, you know. Even you in the market, don't buy.

A

You have no idea what they are, so it's actually considered even more dangerous in China for empties, but they can shut down cryptocurrency because it has very, very clear definition, but why they don't shut down empties, they can just issue something I'll, say nfts, it's gone, then it's gone. Why? Because they really really understand how powerful nft technology will be, and the blockchain technology will be in next 10 years.

A

So that's why everybody also knows the central government of China really really supportive of blockchain technology and actually nft technology. That's why and right now, because the nft and the digital Collectibles, the name is really messed up. Nobody can differentiate. So that's why they don't shut down it completely. It's also a signal. You know. The government is actually very very supportive of production, technology and nfts.

A

So what's the future of tea in China, it's actually user cases, real real life user cases and the utility of empty technology in the future. Well, I think it's it's actually the digital merchandise digital accounts there's a lot of utility because in China you cannot treat this second hand and also you cannot use cryptocurrency. That's why the stops and the big corporations in China.

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They actually think a lot of ways to user technology, so I will give you some example, but first remember, because you cannot use public chains and cryptocurrency so how they even build the Ft vacations.

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So that's why we launched psndc Network under PSM flag in January. Okay, basically, seven months ago, network is is not a production. It's a it's a decentral! We call that decentralized cloud services, Network, okay, you set up data centers or the data center linked together become a one big Network under within each data center. You can actually install over 10 open permission nodes.

A

You can you can install as many nodes you want. You know 10 nodes of a certain chain or one nodes of each chain, so under all those open permissions, blockchain all modified from public chains. Okay, we take out the cryptocurrency and put some control make sure all those Productions are 100 in compliance with Chinese internet regulations. There's kyc, there's content control. There's you know account control.

A

So that's why you know the the tities in our, but we still keep all those chains as transparent as publishing, so each of them has browsers. You can check all the you know: hourly transactions or the smart contracts, everything just like publishing so and because there's no cryptocurrency, so the transaction price is fixed at five cents, r b. It's basically less than one cent your store, okay, because each transaction is a different price, a little bit difference. uh This is basically a benchmark.

A

Is uh ERC a 721 ft mean okay, so it's a five times fix, basically fix and also we offer some services like we call that BSN official DDC. First, let me I forgot to mention why we call this DDC DDC means nft. Okay, before we launch, we talked to different people, they suggested change the nft name. So don't you know confuse people, so we actually so when I mentioned DDC, it means nft.

A

So this network, actually is the BSN like blockchain and ft like DDC, so it's blockchain, plus DDC technology, Network, okay, so we also offer some services like did interchange tree trust is actually from a Singapore government. It's a it's! A worldwide documentation, documentation sharing, you know kind of application, so we basically integrate them into it.

A

So, uh just for roughly seven seven months since launch, we actually got a lot of attractions in China. So by end of August, we have like 1300 registered uh platforms, so it's uh and under, like 400 500 of them already connecting connected to the network and and doing business every day under the daily transaction. Right now is constantly over 1 million transactions per day, okay and then the two-thirds of the time. It's bypassed the East area every single day.

A

So a lot of transactions and we have a wall address, because when you execute a transaction deploys my contract, everything you still need a wallet address right with your own private Keys. We have registered 20 million wallets so which means our customers are done. They actually manage their end, user's wallet through that. So if you need to do KFC, it's it's done right here. We only have the currency of that so and there's a three million official TDC mint okay. So because it's more expensive, it's like one RMB per DDC transfer stuff.

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So that's where we make some money.

A

And the user cases um right now, 60 percent of them still digital color box, okay and the 40 other real estate cases. So why I want to give you guys a little bit explanation on other user cases? Okay, not really so the first one we can officially talk about now. We just ended the agreement, it's public Lottery, because this is actually a major concept we are pushing because we consider the blockchain as kind of the public itisist. You know it's only not by one entity.

A

It's by, you know a bunch of cars, so we can monitor that together, government together, so it becomes kind of a public environment. You know compared to the private environment, you know of almost the old it systems today. So very few people trust the public library system in China. You know when I talked to them. They say: oh damn, they ran out of 80 of the Bears is a 60 year old or above because young young people don't trust them, because every single thing is executed in their back-end system.

A

You know you don't even know how that random number is generated. You know it could be generated compared to you know his uncle's take a number something like that, so nobody trust. So we we actually push for. You know talk with the administrator of the supports. uh You know Ministry of sports. They manage the sports Lottery, so they actually convinced and to have a POC with us, China mobile and also some other government interesting.

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We try to actually move the entire Lottery system and redesign into a public environment which means you know for for, for each lottery ticket is the rft, so angels are actually buying with their private key. So because, right now in the backend system, you buy a ticket, you probably don't own anything in their backend system expect.

A

But this you use your own private key basically by and how to select the winner through a smart contract open source or you can reverse engineering, see how that operates. You know choose that and how the reward goes. It goes through your digital, you know your lens wallets, so nobody know who you are, but they say: okay, you bought that you are the winner and you got rewarded. So everything move from the private system into a public I.T system and solve the entire trust issue, so so they're actually very open to this.

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We just you know, set up the POC. You know work group and then Begin work on that this is actually very complicated. They need to modify the law in order to implement this into production. Okay, they need to. You know, pass that in in Congress of the law. Okay and also I- want to give you one more example. Is the carbon card?

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It's also a garment, related project. It's a small City in Northeast China. You know it. 60 percent of that of that City you know covered by Forest, so so they have, they actually have. A big issue is how to calculate the carbon credits of their first, so so they can make a additional money so right now they actually use nfts under under to record the growth of each tree. It's it's a long process right now we already see so so they actually record because they actually use nft as a small database technology.

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Okay, they they actually record the coordinator. You know where the trade is, what type of Trades each year, how big the trade goes and for 10 years, then the and remember all those rfts in a public environment, okay, everybody can verify and access, so I actually can the best the data for auditing, because you can go there to verify the tree and it goes through the 10-year state.

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So this is also a benefit of the public eye pieces.

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So, uh actually, one one week ago, you know because we see the success of the DDC Network. We actually launched the essence Department Network one week ago in in hunger.

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It's basically the uh equivalent network of the DD scenario outside China. This is only for also China Chinese IP address couldn't even set up the data centers okay, so it made up all the made of all the data. Centers, multiple, multiple data centers so and the data center is 100 open source. You can download them. You can check the codes, whatever you do, free to install and all the information we collect, because this is outside China. There's no qsa requirement. So all the information, what we collect is the email address.

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So so, basically, you use Gmail register and anonymously. Okay and the production remember this is so. We call that decentralized, core Services Network, it's not a blockchain. We actually, you know integrate this first, the three. This is a catch and non-cryptocurrency public, Trends, ethereum, Cosmos and the polygon age.

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So uh why non-cryptocurrency? Because we think the cryptocurrency is killing the public Trends and the Narrows are only serving cryptocurrency industry. No one can name one major traditional I.T industry user cases on any public change: okay, some through the bomb there only with 10 transactions, just for sure, so there's no major tradition. Our job, the BS information is bringing product blockchain technology to traditional I.T systems.

A

Okay, that's our job! Actually, so that's why we built the non-cryptocurrency public Trends working with our partners and and put it on the supporting Network. So everybody can access and use them as a traditional, decentralized core. Please always think about this. This is not crypto. Okay and because you know all my friends from the crypto industry knows I'm against the crypto. They think it's a personal project.

A

It's not okay, because when they ask me who used this kind of non-cryptocur publishing I always answer asked them a question. I say: okay, if you answer my question, your answer is the question you know the answer to your question is why don't 99.99 of all it assessment in the world, however, use cryptocurrency based public change, because the cryptocurrency is on layer, one. You know whatever you do on publication, you have to hold the speculative assets.

A

You know very, very fragile price there's no way they can even control the the cost. You know some of my friends. They run, you know pretty large operations and I I, always joke with them. You'll say for your personal asset right you put on chain in your wallet. You know Bitcoins stuff like that, but hey you're coming, you know all the it session. Your website is serving your your customers. Everything is on AWS and it's a centralized system.

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Are you valuing your personal asset over your customer?

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Why why you even trust AWS?

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It's the one company controlled environment. Why?

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So? It's not really about the decentralization you know stuff like that. So you know that's our job, non-cryptal publishers- and this is basically answer a question. The elephant in the room because BSN is originated in China is a Chinese project. You know, can we trust them? So when we build the Spartan Network, we want that to be International standard, not only International International standard we actually go beyond International standard. First open source is 100 open source. All the non-cryptal public Channel open source. You can download them.

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You can download original codes, compare and what are changed: okay and total anonymous, okay and and when you pay for the gas you use Fair money to pay and the way even your enable you use usdc to pay which is anonymous, don't use credit card if you don't trust the project, so it's a 100 anonymously and also transparent.

A

There are public change and- and just I just gave you extreme case when you buy the gas credit. We call that gas credit. Okay, you buy the gas credit and then the the cash credit is non-transferable. Okay, you cannot transfer just like a membership. You know points in China. You cannot transfer, you can only pay for the gas you use Fair money by the cash credit then use the gas credit to pay for the gas, and it's not transportable.

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There is a master account. So when you buy, you know it goes to record all the activity we actually make, that master account open to public. So can you name another commercial project in the world? They opened their balance straight to you real time and you can check their daily income.

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Okay, so so this is how transparent we are. Okay,.

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And another question: this is actually whoever understand public change. Always ask me: okay, how decentralized the supporting network is because it's so cheap to use the price three cents, U.S dollar, to Mint, uh rft, okay, three cents and it will drop by end of next year- is less than one cents and and fixed okay fixed.

A

So then people say because the gas fee is so cheap how you provide the 51 attack. That's why the validator node are controlled. Okay, some people say: oh, it's become permission so right now, in the beginning, only prison Foundation members can set up a validator data data center. So there will be five in one month by end of this year. 10 members on next year, 20 members, so this network by end of next year is the 20 validator. No data center will govern the entire network, but we will open.

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You know when some the regular data centers, you know the daily spending over a certain level because they care about because begin to care about the network, so they will have voting Powers too. So we will make this as decentralized as possible, but I want to emphasize one thing: it's basically why you need a universal consensus.

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The true decentralization.

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You know, AWS is a centralized system and you go there and pay for it.

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Why? Because cryptocurrency is a big Ledger and all the you know wallets within this Ledger and that's why it recurs a universal consensus under true decentralization to govern The Ledger together there are so many it process and business scenarios. It doesn't even require consensus at all. Okay I always make joke about the marriage. That's two people, equal rights, a centralized, no it's decentralized and it doesn't need the universal consensus. It doesn't need you to prove I got married. It's two of us! That's enough for this transaction.

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If you consider marriages, business, transaction, okay, so that's that means decentralization is more than two more than one party, including two is decentralized. It really depends on what kind of business scenario requires?

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What kind of decentralization that's why you can use AWS without any problem when we have 20 validator nodes on this remember this is a traditional decentralized cloud services Network, when we have like 20 equal partner on the network to make votes on almost everything, including adjusting the price you know, setting of new data center new members, even you know, is already the largest decentralized Network for traditional. It says you know. Okay, you cannot name a second one: okay, so PS foundation in Singapore.

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So we basically you know five members September the end of this month uh and of this year, team, members and and all those members only right they will be from China and the other members will be. You know recognized by International companies who are working on that. So we will release the name, and you know think about the largest companies in the world will become part of the foundation and we vote on everything. Okay, equal partners.

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Also, uh when we launched the Spartan Network in Hong Kong, you know before we launched because the non-cryptocurrency public channel so new. We actually you know working with some companies, large companies from Hong Kong, we got overwhelming you know, lack of especially from the CIO CTO of the traditional large company. You know they understand our concept, the immediate people from crypto the industry. They couldn't understand this very well. You know it's it's real, so we got a HSBC. You know largest retailer. You know largest land developer, the largest.

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You know, restaurant chains, all you know they all joined the uh the launch and build the user cases before the launch. All those names they have a smart contract on the spark Spartan Network right now: okay, there's another 20 is working on their user cases, including some very large company. So because of this, and also our success of the DDC Network, we really really think the Spartan network will change the landscape of blockchain industry in the world. Okay, slowly.

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This is a Spartan network, official site, it's a spartan.bsm foundation and it's seen related to supporting network will be built under the prison foundation and you can read the white paper. Okay, it's pretty detailed, quick start. Click on you can today to install the data center software and all the non-cryptocurrency notes. You know everything on the GitHub. You can download the source code, you can download the binary code and, if you say, okay, I don't want to install you know a software locally.

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You know, I, don't have the right resources, you can click the Quick Test. Basically, you can use metamask to create a wallage and you know, go to the website receive some anonymously receive some free cash credit and connect to the changes to whatever you want to do. Deploy smart contract calls my contract through any transaction meeting. Ft is whatever you do, so it's a other, so I actually passed the time. So I will use this as a last slide.

A

So what's a goal for BSN entire project, short-termly is bring the blockchain technology to all the traditional I.T Industries. That's our goal actually to bring blockchain technology as a fundamental technology, Beyond cryptocurrency, okay, long-termly. We really want to enforce the idea and promote the idea of public I.T systems. Okay, compared to all the its system. Today we call private additions like like AWS, like Facebook, like Google, all controlled by one single company. We think you know the the beautiful part of the blockchain technology.

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It's actually build a new environment, it's not controlled by one company but controlled by a group of people with equal rights. Okay, that's actually the beautiful part of the production technology.

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So it's a you know, that's basically the public I.T system concept and that's basically one of our ideas. It's uh the internet will become two layers. One layer called basically is today's internet and there will be another layer. It's it's called public layer, it's for any company to building the public I.T systems.

A

Okay, then, in 10 years any it developers they actually can choose where their data goes. Some data goes to a private system. Some data goes to a you know. Basically, you want to run your operation. Some data goes to your home. Some data goes to a public park right, be transparent, easier to for your customer to get to control or some data code. It's not really, that's why we don't use the word Webster. We think it's, the two cryptocurrency controlled and always emphasize the value. Sometimes just data, there's no value. It's just pure data.

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Okay, just like you know, I read a letter to my mother. So it's a it's just a letter. You know that's passing the data processing data is not about the value at all. It's just one special case. So we think this is the future. Okay and trust me. In 50 years, the majority of the data is still in the private layer. Okay, so it's not like the web 3 replacing the web to. They are in parallel. Just give you two choices to build your it systems.

A

So this is actually the benefits of publicity system. I I, don't want to spend too much time. So PSN technology stack. We have Enterprise BSN, it's very complicated, it's actually our main focus, so basically the enterprise software. You can install into any claw Services Public Cloud internet and convert a big space into a blockchain friendly space. Then you can install any permission. The framework in the work like pencil fabric aquarium anything and you can also manage the nodes of 30 public chains, including non-crypto, public change, okay into it. Basically, why? Who need the Enterprise business?

A

If you want to compete with Black Demon computers, all those no operators use our software. You can easily to build the application, so public person, public network is there. So we have one for China, DDC and outside China PS4. So that's basically our stack.

A

Thank you. I'll pass like five minutes. Sorry quickly. Any questions you guys want to ask yes.

B

So understand within China, the deployments are managed by the by that there's no concern with the low transaction fee that is not sustainable, but what about the sparking? That's outside of China.

A

Okay, so first the TDC is not controlled by the government. It's actually managed by the PSN Development Association, just like a foundation of course there's the isoe involved, but it's all commercial company under the TDC Network, actually profitable, Arena, okay, because people just remember it's like five cents, like one million, you know it's it's it doesn't you even includes the services we provide, so actually the DDC Network alone with the Manpower. Remember the resources actually contribute by our customers.

A

We don't even build data centers, they actually contribute so I know we charge them. So that's why it's it's a profitable and all SEO is because in China the more you know, isoe involved they actually secured- and you know give back in the network and outside China is the best foundation like I said already, will be the only Chinese company involved. Okay, there's the other 9 to 19 companies will be recognized by International companies. When we release the name, you guys will know it. Okay under they basically have equal rights.

A

Let's write it so we manage the BSM supporting Network together.

A

Any other questions.

B

A

Yes, we we actually, we want to build the attraction first, because we we basically know you know uh uh almost all the major Publications out there. We keep always keep a dialogue with them and uh when, when they say, there's a big demand in next three years from the traditional I.T industry, I think most of public exchange Community will Fork a non-cryptocurrency public trans to serving that kind of customers.

A

Any other questions we actually expect the band of next year. There will be like a 10 to 15 at least yeah, by the way, only a law, a non-cryptocurrency version of a specific change. Just one we don't want. You know two exactly the same change you know competing with each other and and who can become a new chain, will be voted by the BSN Foundation members yeah any other questions.

A

Okay, thank you. Thank you.