The BSN Foundation, a global blockchain infrastructure organization headquartered in Singapore, officially announced its establishment on November 16 with five international founding members.
Founding members of BSN include institutional digital asset wallet Blockdaemon, blockchain infrastructure automation platform Zeeve, digital asset creation platform Toko, and technology companies GFT Technologies and Hongzao Technology.
The newly established 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 establishment of the foundation marks one of the most important milestones in its global expansion and its ambition to establish new international standards for decentralized IT infrastructure.
Tim Bailey, vice president of global business at Red Date Technology, told Cointelegraph: “The launch of the BSN Foundation is an important step in our global expansion and demonstrates the international community’s recognition and support for the concepts and goals of the BSN Spartan Network.” Bailey pointed out that the establishment of the foundation with participation from various regional organizations around the world, including the United States, Germany and Hong Kong, adding:
“These organizations bring expertise in areas such as blockchain as a service, asset tokenization, financial services and consulting, highlighting the broad applicability and potential of the BSN Spartan Network.”
Bailey emphasized that the BSN Spartan network aims to significantly change the use and governance of public chain technology.
“By focusing on non-cryptocurrency public chains and decentralized governance models, we are innovating not just in technology, but in how global collaboration can shape the future of IT infrastructure,” the executive said. BSN’s approach ultimately It aims to create a “more stable and accessible network” for global businesses, free from the volatility associated with traditional cryptocurrencies such as Bitcoin (BTC).
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BSN Spartan network launches in September 2022 feature Non-tradable tokens (NTT) are digital tokens issued on the BSN Spartan network’s default chain. Each BSN Spartan data center has only one registered NTT wallet to manage and hold NTT. NTT can be purchased with legal currency, designated stable coins, or obtained through incentive programs.
Although the BSN Spartan network was launched only about a year ago, the idea for it began long ago. The network was launched in China in early 2020 as the “Blockchain-based Service Network” and is supported by the Chinese government.
“BSN was indeed originally launched in China. However, the BSN Spartan network is managed by the Singapore BSN Foundation and is different from the BSN network in mainland China.” Bailey said. He emphasized that the BSN Spartan network is built using international standards, is completely open source, and operates separately from the BSN network in mainland China.
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