The Singapore-based BSN Foundation, a global blockchain infrastructure organization, officially announced its launch with five international founding members on November 16.
BSN’s founding members include institutional digital asset wallet Blockdaemon, blockchain infrastructure automation platform Zeeve, digital asset creation platform Toko, and technology companies GFT Technologies and Red Date technology.
The newly formed BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on the open source BSN Spartan data center software. The launch of the foundation marks one of the most important milestones in its path towards global expansion and its ambitions to set a new international standard for decentralized IT infrastructure.
“The launch of the BSN Foundation is a vital step in our global expansion, demonstrating international recognition and support for the BSN Spartan Network concept and goals,” Red Date technology VP of Global Business Tim told Cointelegraph. Bailey. The foundation is launched with the participation of organizations from different regions of the world, including the United States, Germany and Hong Kong, Bailey noted, 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 is designed to significantly change the way public chain technology is used and governed.
“By focusing on non-cryptocurrency public chains and a decentralized governance model, we are not only innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” the executive said. BSN’s approach ultimately aims to create a “more stable and accessible network” for businesses around the world, moving away from the volatility associated with traditional cryptocurrencies like bitcoin (btc).
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Launched in September 2022, BSN Spartan Network characteristics a non-tradable token (NTT), a digital token issued on the BSN Spartan Network default chain. Each BSN Spartan data center has only one NTT wallet registered to manage and maintain NTT, which can be purchased with fiat currency, designated stablecoins, or acquired through incentive programs.
Although BSN Spartan Network was launched about a year ago, its idea originated much earlier. The network was started in China as the “Blockchain-based Services Network” in early 2020 and was launched with the support of the Chinese government.
“In fact, BSN was originally started in China. However, BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from BSN Networks in mainland China,” Bailey said. She emphasized that BSN Spartan Network is built using international standards, completely open source, and operates separately from BSN Networks in mainland China.
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