Busan is developing an Ethereum-compatible mainnet to become a ‘blockchain city’
South Koreas second-largest city, Busan, is developing a public blockchain network suitable with mainstream blockchain platforms, such as Ethereum and Cosmos. The goal is to integrate blockchain-based services from different blockchain mainnets onto a single platform at the city level and establish Busan into a blockchain city.Busan City has designated a 100-billion-Korean-won ($75 million) budget plan for open blockchain advancement suitable with global standards under the Blockchain Innovation Fund (BIF). The funds will be raised through investments from public banks in Busan, with almost 100 personal companies revealing interest. The BIF is a personal fund that supports the advancement of Busans blockchain market and infrastructure construction, led by financial and public organizations in Busan.The public blockchain development is being done under the Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule plan, with a concentrate on making Busan a blockchain city.Busan Blockchain City Development Plan. Source: News1The main statement kept in mind that Busan City has actually been actively testing different usage cases of blockchain innovation in its trade-free zone; however, many of these jobs were performed on different blockchains, resulting in an “unpleasant” experience for services. This was one of the crucial factors for the city administration to absolutely no in on a public blockchain at the city level that is compatible with international blockchain networks such as Ethereum.Related: Coin Center reacts to United States lawmakers request for crypto tax guidanceBusan City is likewise associated with the process of developing the Blockchain Trust Framework innovation requirement carried out by the Korea Internet & & Security Agency.The project aims to enhance the quality of personal services and encourage interconnection between services by presenting requirements such as blockchain technical system, performance and security level. The requirement will likewise be used for public services within Busan City.The long-term blockchain development plan likewise includes the advancement of the Busan digital asset exchange in the first half of 2024. The digital exchange will not only list digital assets but likewise tokenized securities, consisting of raw materials and valuable metals, such as gold, oil and copper. In the future, the administration behind the projects intends to tokenize and trade international intellectual property rights and carbon emissions rights. Magazine: Big Questions: Did the NSA develop Bitcoin?