BSN Foundation Debuts: Aims to Revolutionize Public Chain Tech with Spartan Network
Summary:
The Singapore-based BSN Foundation, an international blockchain infrastructure body, officially debuted with five founding members: Blockdaemon, Zeeve, Toko, GFT Technologies and Red Date Technology. The foundation will govern the BSN Spartan Network, a public infrastructure network powered by open-source BSN Spartan data center software, contributing to BSN's global expansion goals. The BSN Spartan Network features a non-tradable token (NTT) and focuses on non-cryptocurrency public chains and decentralized governance, aiming to revolutionize public chain technology use and create a more secure, accessible network for global businesses.
On November 16, the BSN Foundation, an international blockchain infrastructure body based in Singapore, made its official entrance in the global scene, boasting five founding members across the globe. Blockdaemon, an institutional digital asset wallet; Zeeve, an automation platform for blockchain infrastructure; Toko, a digital asset creation platform, and technology corporations GFT Technologies and Red Date Technology, are the founding members of BSN.
The primary role of the BSN Foundation will be to govern the BSN Spartan Network, a public infrastructure initiative powered by the BSN Spartan open-source data center software. The establishment of the foundation is a major step in BSN's plan for worldwide extension and its objective to create a fresh global benchmark for decentralized IT infrastructure.
"The origin of the BSN Foundation is a crucial moment in our worldwide outreach, signifying the global approval and backing for the concept and aspirations of the BSN Spartan Network," said Tim Bailey, the Vice President of global business for Red Date Technology, during a conversation with Cointelegraph. He explained that the foundation’s advent has brought together organizations from across the world, such as the US, Germany, and Hong Kong.
The BSN Spartan Network, according to Bailey, strives to revolutionize the usage and governance of public chain technology. "Our concentration on non-cryptocurrency public chains and a decentralized governance model isn’t only a technological innovation but also a reflection of how global cooperation can determine the future of IT infrastructure." The BSN intends to devise a "more secure and accessible network" for businesses worldwide, distancing itself from the instability commonly associated with traditional cryptocurrencies like Bitcoin.
The BSN Spartan Network, which was inaugurated in September 2022, utilizes a non-tradable token (NTT), a digital token released on the network's default chain. Each BSN Spartan data center possesses a single authorized NTT wallet for management of, and holding of, NTT, which can be procured either through fiat currency, specific stablecoins or reward systems.
Despite the BSN Spartan Network only being operational for about a year, its conception dates back even further. Initially called the "Blockchain-based Service Network," it was launched in early 2020 in mainland China with the backing of the Chinese government. Bailey further clarified that there's a distinction between BSN Spartan Network and BSN Networks in mainland China; the former, governed by the Singapore-based BSN Foundation, adheres to international standards, is completely open-source, and operates independently of the Chinese BSN Networks.
Published At
11/16/2023 10:00:00 AM
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