[Exclusive Interview] David Kim(Kim, Do-yeon), Head of BSN Korea & Metaverse Society

Completed under the leadership of the Chinese Government's Bureau of Information Technology
Integration with Ethereum, Polkadot, EOS, and Solana Chain
BSN global version is linked with Google, Amazon, and MS cloud
'World's largest blockchain infrastructure network platform'
The 3rd Internet Network to Lead Blockchain Industry in Blockchain

Countries such as the UK, Singapore, and Dubai are claiming to be "blockchain hub" by making every effort to foster and attract blockchain technology. The competition to be 'blockchain hub' has been intensifying as appearing of national-level coalitions beyond companies. The national-level coalitions have been working for increasing their global market share in blockchain industry. Amid the fierce competition, the emergence of the "digital yuan" at the 2022 Beijing Winter Olympics make them surprised and shocked. Since 2022 Beijing Winter Olympics, global interest in the digital yuan issued by the giant country of China, which is called the G2 and is emerging as the only competitor of the United States, has been explosively increasing. There is an organization that is carrying the future of blockchain under the leadership of the Chinese government. BSN(Blockchain-based service network) is the organization. We, Blocksteet, as a media for specializing of blockchain industry and crypto market had an interview with David Kim(Kim, Do-yeon), CEO of BSN Korea and Metaverse Society at the moment when the public is currently drawing keen attention to the emergence of BSN.


Q What is BSN?

BSN is a blockchain service network created under the leadership of the Chinese government. It can be described and abbreviated to 'The Third Internet Network' created by collaborating of public institutions, a number of companies and foundations.

The most similar case is the Linux Foundation, which provides 90% of the world's cloud services and 82% of smartphones. The Linux Foundation is a coalition of Linux company and a number of open-source companies and developers. As combining the technologies of affiliated companies and developers, the Linux Foundation has been providing network technology to world. BSN is similar.

BSN came out around the same time as Bitcoin White Paper appeared in 2008 when the Lehman Brothers crisis occurred. The Chinese government began the foundation of BSN and began full-scale development in 2012 and it was completed in 2019. In China, the government agencies, financial institutions, and large companies are all running on the BSN network. The payment network of the "digital yuan," which officially appeared with the 2022 Beijing Winter Olympics, is a good example of BSN.

The first founder of BSN is the Chinese government's China Information Science and Technology Bureau. UnionPay, which is in charge of funding is the second founder of BSN. Red Date Technology and China Mobile is being the third founder as technology supporters of BSN.

In order to improve the recognition and reliability of 'Chinese Blockchain Network' created by the Chinese government, BSN have integrated global chains such as ▲ Ethereum ▲ Polkadot ▲ EOS ▲ Solana. And also ▲Google Cloud ▲Amazon Cloud ▲MS Cloud have joined the global version of BSN network.

As can be seen from the names of foundations and companies listed on BSN, it has been reborn as 'World's Largest Blockchain Infrastructure Network Platform' since June last year.

BSN plans to build a 'Turn Key' public infrastructure such as internet network to provide 'One Stop Shop' blockchain-based services that can be used in one place by integrating ▲ Cloud resources ▲ Framework ▲ Operating Environment ▲ Key Management ▲ Software Development Kit (SDK) ▲ Gateway API.

BSN serves as a 'financial network' that can efficiently handle international trade settlements as well as domestic financial settlements. Same as the principle that internet can process trade settlements as utilizing a function of internet, BSN, 'The Third Internet Network', will process the same functions in a more efficient system.

Q Please introduce 'Metaverse Society' and 'Max project'.

Metaverse Society's Max project is the Defy NFT platform. It started based on the belief that cryptocurrency should build its own token economy rather than challenging or competing with legal currency. It is built to create own ecosystem that utilizes the technical advantages of cryptocurrency.

White papers on great blockchain projects mostly have something in common that is reformative, innovative, and revolutionary. I also wanted to contribute to improving the unfairness in capitalism. I wanted to apply the benefits that can be generated through blockchain technology to society. We want to eliminate the intermediate distribution process to create a transparent economy system that directly connects value producers to value consumers.

The purpose is to improve the modern social structure by utilizing blockchain technology. Recalling Marx's pure ideology, I named it "MarX Project." It's not about social overthrow. Also, I thought the place where the transparent economic ecosystem can be realized could be 'the virtual world', which is the 'Metaverse'. In other words, 'Metaverse' is the ideal world where I have dreamed on. Therefore, the company name doesn't mean we specialize metaverse technology.

Creators(original authors) earn a very low-margin even if their creations are calculated as high financial value. It because of the structure that creators can't get additional margin although the financial value of their creations go higher by the first contract term. That's why we created the Defi NFT platform to improve this matter.

In the future, we plan to expand this project into international trade settlement sector. We will use the token economy system to make use of international trade settlement, especially in the settlement sector. I faced with some challenges few years ago during implementing escrow trade settlement service between China and Korea after signing a contract with China's UnionPay because of differences in Foreign Exchange Control Law between the two countries. However, I thought we could solve this problem by using the token economy system. For example, it will be possible to purchase NFT in digital yuan and pay for goods or services in Korea.

Q CEO David Kim is a head of Metaverse Society and BSN Korea. Can you explain the story between Metaverse Society and BSN Korea.

While searching for the mainnet for Max project that should realize a token economy, I found a large project called 'BSN'. I thought it was a very unique and innovative project in its huge size, scale, and function. I found that UnionPay was listed as a major participant of BSN. I contacted a person who could build relationship when I was conducting an escrow trade settlement service contract business with UnionPay. He introduced me to BSN.

After receiving the white paper from BSN for the first time on New Year's Day last year, I was greatly impressed by its concept, size and availability side of the network. I studied it overnight and I thought "I must do this." I wanted to supply this service to Korea, not just only for the mainnet of the Max project.

As I had studied more on BSN, I felt the network alliance and platform, BSN, that could not be completed in the United States and Europe. In particular, as a person who has worked for a long time in Korean IT field, I am aware of the difficulties that IT companies should face in Korea. I am confident that BSN can provide opportunity for Korean IT companies utilizing great 'one stop IT services'.

BSN and we started the negotiation of contract in May last year and signed an exclusive contract in August last year. It was the first overseas contract case approved by the Chinese government. Currently, Turkey and Uzbekistan are on the list of countries that have been utilizing BSN. Currently, we are preparing BSN Korea Portal, and we are also planning to use 'bsnkorea.io' for its domain.

Q How BSN Korea will build its activities on Korea?

There are two major considerations for the proliferation of IT infrastructure, especially for technologies that should carry large capital investment. It's the issue of technical debt and trust building.

Firstly, consideration must be given to the time and money involved in replacing a technology infrastructure with a new one. In this regard, the first target of BSN's spread to Korea should be universities and start-ups.

The second is that you have to build trust capital. Collaboration with Korean companies is not easy at a time when there is a distrust of "Chinese blockchain." We need to preemptively make good use cases and give them faith that BSN is safe and faithful.

In the case of China, it was not difficult to participate in public institutions and large companies because the spread of BSN was led by the government. In Korea, it's different. Large companies and public institutions in Korea are already using expensive infrastructure for a long time. There are too many considerations to recommend a replacement by simply promoting its technological advantages.

But universities and startups are different. Universities are not quickly investing in the latest infrastructure due to budget limitations, and students are more progressive than anyone else. Providing them with BSN is creating the most reliable use case, which makes it a great way to promote.

And even though many start-ups have good ideas, for them, it has not been easy to win the competition with large corporations with huge capital and infrastructure. I thought that providing BSN to start-ups that own good ideas could also a good use case. And it also implements the concept of BSN's white paper.

BSN's white paper states, "Come to BSN with own ideas and do business instead of spending time and money to implement the ideas." Citing the wording of this white paper, we persuaded the headquarters, and the headquarters actively agreed it. First of all, we are planning to spread the BSN to three domestic universities. BSN will provide BSN test accounts to students at the school and provide them with opportunities to use them for blockchain department classes.

BSN branches in Turkey and Uzbekistan are also benchmarking this marketing method to select universities and startups as primary marketing targets. The belief that BSN's supply network will unfold through international trade settlements remains unchanged. I have a plan to participate in BSN's entry into Japan and Vietnam.

권승원 기자 ksw@