The BSN Foundation’s “non-cryptocurrency” approach aims to create a stable network that would not be as volatile as traditional cryptocurrencies like Bitcoin.
The Singapore-based BSN Foundation, a global blockchain infrastructure organization, officially announced its launch with five international founding members on Nov. 16.
BSN’s founding members include the institutional digital asset wallet Blockdaemon, the blockchain infrastructure automation platform Zeeve, the digital asset creation platform Toko and tech firms GFT Technologies and Red Date Technology.
The newly formed BSN Foundation will serve as the governing body of the BSN Spartan Network, a public infrastructure network based on the open-source BSN Spartan data center software. The foundation’s launch marks one of the most significant milestones on its path to global expansion and its ambitions to establish a new international standard for decentralized IT infrastructure.
“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals,” Red Date Technology vice president of global business, Tim Bailey, told Cointelegraph. The foundation is launched with participation from organizations across different regions across the world, including the United States, Germany and Hong Kong, Bailey noted, adding:
“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”
Bailey stressed that the BSN Spartan Network is designed to significantly shift how the public chain technology is utilized and governed.
“By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” the exec said. BSN’s approach ultimately aims to create a “more stable and accessible network” for businesses worldwide, moving away from the volatility associated with traditional cryptocurrencies like Bitcoin (BTC).
Related: US lawmakers introduce CLARITY Act to limit federal ties with Chinese blockchain
Launched in September 2022, the BSN Spartan Network features a non-tradable token (NTT), a digital token issued on the default chain of the BSN Spartan Network. Each BSN Spartan data center has only one registered NTT wallet to manage and hold NTT, which can be purchased with fiat currency, designated stablecoins or acquired through incentive programs.
Despite the BSN Spartan Network launching just about a year ago, its idea originated long before. The network was started in China as the “Blockchain-based Service Network” in early 2020 and was launched with support from the Chinese government.
“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He emphasized that the BSN Spartan Network is built using international standards, completely open source and operates separately from the BSN Networks in mainland China.
Magazine: Australia’s $145M exchange scandal, Bitget claims 4th, China lifts NFT ban: Asia Express
