China’s state blockchain, Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF) has entered into a partnership with Malaysian digital firm, MyEG, which will see the latter run Xinghuo International Supernode for global connectivity.
The duo announced the deal during the 2022 China’s World Internet Conference – co-hosted by the country’s Ministry of Industry and Information Technology and the Shenzhen Municipal People’s Government.
In the partnership, Xinghuo International Supernode will link to MyEG’s blockchain, Zetrix (a layer one public network compatible with Xinghuo BIF.) As a result, Zetrix will support digital assets and transfers – in businesses and governments through a blockchain ecosystem.
Xinghuo BIF is a global blockchain infrastructure under Beijing’s Ministry of Industry and Information technology. The platforms aim to deploy a trustless digital platform based on talking data with ‘’more open transactions powered by a traceable consensus.’’
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Xinghuo Touted As An Opportunity In The ‘Next Generation Of The Internet.’
- The President of the China Academy of Information and Communications Technology, an institution spearheaded by Xinghuo BIF, Xiaohui Yu, lauded the collaboration. Yu termed the move as a chance to explore the benefits of the next generation of the internet – through a robust blockchain network.
- It has been slightly over a year since Beijing issued a blanket ban on cryptocurrencies and mining in the second-largest economy. The move – which saw one of the largest expatriations of crypto firms – opened the country up to develop its version of the technology, including China’s CBDC – the digital yuan.
- Commenting on the partnership, the Group MD of MyEG and co-founder of Zetrix, Wong Thean Soon, said that ‘’Xinghou BIF is already the most advanced and heavily utilized chain for industrial and trade applications. Now with the commencement of the Xinghuo International Supernode, the rest of the world can connect and be part of the China Web3 evolution.’’
- In July, the two platforms (Xinghuo BIF and Zetrix) jointly unveiled an array of web 3 services: Blockchain-based identifiers, verifiable credentials, and e-signing services. Xinghuo BIF has an existing deal with the German multinational conglomerate Siemens – for deploying an industrial blockchain.
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