July 16, 2024
BSN Foundation Unveils Governance of Spartan Network
Latest Cryptocurrency News

BSN Foundation Launches with Global Founding Members, Redefining Blockchain Infrastructure

The Singapore-based BSN Foundation, a global organization focusing on blockchain infrastructure, officially declared its commencement with five international founding members on Nov. 16. BSN’s founding members consist of Blockdaemon, an institutional digital asset wallet; Zeeve, a blockchain infrastructure automation platform; Toko, a digital asset creation platform; as well as tech firms GFT Technologies and Red Date Technology.

This newly established BSN Foundation will act as the governing body for the BSN Spartan Network, a public infrastructure network constructed upon the open-source BSN Spartan data center software. This launch signifies a significant milestone in its journey towards global expansion and its vision to set a new international standard for decentralized IT infrastructure.

Tim Bailey, the vice president of global business at Red Date Technology, conveyed, “The BSN Foundation launch is a crucial step in our global expansion, showcasing international recognition and support for the BSN Spartan Network’s concept and goals.” He highlighted the participation of organizations from diverse regions worldwide, including the United States, Germany, and Hong Kong, underscoring their expertise in blockchain-as-a-service, asset tokenization, financial services, and consulting. Bailey emphasized the broad applicability and potential of the BSN Spartan Network.

Bailey stressed that the BSN Spartan Network aims to significantly alter the utilization and governance of public chain technology. “By concentrating on non-cryptocurrency public chains and a decentralized governance model, we are not only innovating in technology but also in how global collaborations can mold the future of IT infrastructure,” he remarked. BSN’s approach strives to establish a more stable and accessible network for global businesses, moving beyond the volatility linked to traditional cryptocurrencies like Bitcoin.

Launched in September 2022, the BSN Spartan Network introduces a non-tradable token (NTT), a digital token issued on the default chain of the BSN Spartan Network. Each BSN Spartan data center has a solely registered NTT wallet to manage and hold NTT, available for purchase with fiat currency, designated stablecoins, or acquired through incentive programs.

While the BSN Spartan Network commenced around a year ago, its conception dates back further. Originating in China as the Blockchain-based Service Network in early 2020, the network received backing from the Chinese government.

Bailey clarified that BSN was initially initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, stands separate from the BSN Networks in mainland China. He highlighted that the BSN Spartan Network is built on international standards, operates as open source, and functions independently from the BSN Networks in mainland China.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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