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The Asia-Pacific Economic Cooperation (APEC) Summit with the theme “Creating a resilient and sustainable future for all” was drawing World leaders, dignitaries and delegations from the 21 member economies will travel to San Francisco from November 15 to 17, 2023 to promote free, fair and open trade and investment, and promote sustainable and inclusive economic growth focused on regional economic issues, including sustainability, digitalization, energy security and other issues.
In parallel with the US APEC 2023, which became the largest event with world leaders in San Francisco in recent history, in Singapore, with a similar theme, the BSN Foundation announced to its founding members, its role in blockchain as service on November 16, 2023.
BSN Foundation is the governing body of BSN Spartan Networks composed of: Red Date technology, Blockdaemon, GFT Technologies, TOKO, Zeeve. These organizations originating from a wide range of countries and regions, including the United States, Germany and Hong Kong, will bring a wide range of expertise dedicated to building next-generation global public IT system infrastructures for Internet communications, digital economies, metaverses, digital payments and NFTs based on non-cryptocurrency public chain technologies, designed to serve IT systems around the world to promote fundamental technologies that benefit all humanity.
Tim Bailey, vice president of global business and operations at Red Date technology explained to me in an interview:
“On November 16, we announced the founding members of the BSN Foundation that governs the BSN Spartan Network. The network launched late last year with three non-crypto public chains, including non-crypto versions of sustainable proof-of-stake blockchain platforms: ethereum, Cosmos, and PolygonEdge. BSN Spartan Network provides an infrastructure that integrates non-cryptocurrency public blockchains that can be used by any traditional IT system to leverage the capabilities of the underlying blockchain technology in an easier and more cost-effective way. The service will be offered with fixed rates based on fiat currency or stablecoin backed by US dollars and is only available outside mainland China. The cost of using our public chain technology is significantly lower and more predictable than using cryptocurrency-based public chains.“
BSN Spartan Network is a decentralized network governed by the BSN Foundation in which each member operates a governance data center hosting all non-cryptocurrency public chain validator nodes. The BSN Foundation will operate through three core committees: the technical committee, the governance committee and the business committee, each of which will oversee a different set of activities such as R&D, governance coordination and business affairs. Established as a decentralized governance organization, each member will have equal voting rights in governance decisions, such as integrating new blockchain protocols or adjusting network fees, and will operate a governance data center that houses all the validator nodes of public chains that are not cryptocurrencies.
The BSN Foundation recognizes public chain technologies as a complementary approach to conventional private IT systems, with inherent advantages such as data sharing costs, private data ownership, and transparency. These benefits have been largely untapped by traditional businesses due to a reluctance to engage with unregulated cryptocurrencies.
To close this gap, BSN Spartan Network will offer a decentralized cloud service solution with public chains without cryptocurrencies as operating systems. The network consists of virtual data centers that are open source and free to download on GitHub, where nodes from non-cryptocurrency public chains can be selectively installed. Companies can deploy smart contracts and create dapps on nodes and pay gas fees on non-crypto public chains using fiat currency or fiat-backed stablecoins like USDC.
The BSN Foundation will start with five members, with the goal of reaching 40 members. Collectively, these organizations will contribute to the BSN Foundation’s mission to pioneer the development of public IT systems globally to bring a portfolio of expertise ranging from blockchain as a service and tokenization of real-world assets to financial services and consulting. .
Among the first five members are: Blockdaemon, a provider of enterprise-grade blockchain node deployment solutions, dedicated to streamlining and improving onboarding and iteration processes for organizations using the BSN Spartan Network. Andrew Vranjes, VP of Sales and General Manager of APAC at Blockdaem, explained to me in an interview:
“We are proud to be one of the founding members of the BSN Foundation. Our specialization in implementing institutional-grade blockchain nodes, validation solutions and institutional wallet aligns perfectly with the BSN Foundation’s mission of promoting decentralization. We are committed to helping organizations simplify their BSN Spartan onboarding and iteration processes with enterprise-grade security. Together with the BSN Foundation and our fellow founders, we hope to elevate the blockchain economy.”
Operating in more than 15 markets worldwide, GFT Technologies has more than 35 years of experience developing sustainable solutions based on new technologies, including artificial intelligence and blockchain. In exclusive comments, Christopher Ortiz, Group CEO and Global Markets Manager, APAC & UK Region, GFT, said:
“GFT is honored to be one of the founding members of the BSN Foundation. BSN Spartan Network’s cryptocurrency-free public chain infrastructure makes it easy for businesses to build and deploy blockchain-based applications. “We are confident that BSN Spartan will meet our customers’ needs for reliable, secure and scalable public infrastructure, without the challenges of volatile cryptocurrency prices and unpredictable development costs.”
Red Date technology is a Hong Kong-based technology company dedicated to building next-generation public IT system infrastructures for Internet communications, digital economies, digital payments and NFTs. Red Date technology, the technical architect of BSN Spartan Network, brings expertise in the core technologies of public IT system infrastructures. Commenting on the announcement, Tim Bailey, Vice President of Global Business and Operations at Red Date technology, highlighted:
“Leveraging our collaboration agreement with CloudSigma signed earlier this year to bring Enterprise BSN to the entire global network of CloudSigma cloud locations marks another important milestone in BSN’s international expansion. “We are building the next layer of the Internet, a layer that serves public IT systems and has the benefit of greater transparency, easy connectivity and individual ownership of data compared to current private IT systems.”
Born from global law firm DLA Piper, TOKO is a digital asset creation platform that combines the compliance and regulatory rigor of a global law firm with the innovative technology solutions of tomorrow. TOKO offers digital asset tokenization and legal compliance solutions based on the BSN Spartan infrastructure. Scott Thiel, CEO of TOKO, said:
“TOKO is excited to be one of the five initial members of the BSN Foundation. We believe in BSN’s commitment, as a decentralized governance organization, to bringing blockchain technologies to the broader IT industry beyond cryptocurrencies. As a Virtual Asset Service Provider (VASP) and Virtual Asset Exchange and Broker services with full market license granted by Dubai Virtual Asset Regulatory Authority (VARA), we look forward to contributing to the foundation with our wealth of experience in the space. regulatory and governance.“
Zeeve is an enterprise-grade no-code blockchain infrastructure automation platform that enables easy deployment, monitoring, and management of blockchain nodes and networks. Zeeve empowers over 27,000 developers with its web3 infrastructure automation services and offers plug-and-play solutions that enable traditional corporations to quickly develop decentralized applications on the BSN Spartan Network. Dr. Ravi Chamria, CEO of Zeeve, commented on the announcement:
“We highly value innovation and forward-thinking approaches in our strategic partnerships. The vision of the BSN Foundation aligns perfectly with our mission to simplify and improve blockchain adoption for businesses. By offering a decentralized cloud service solution that operates on public chains without cryptocurrencies, BSN Spartan Network opens exciting possibilities for companies to leverage the benefits of blockchain technology while maintaining financial stability and regulatory compliance. “We are excited to collaborate with the BSN Foundation to provide businesses with the most reliable Blockchain infrastructure management, allowing them to thrive in a rapidly evolving digital landscape.”
Looking ahead, the BSN Foundation aims to expand its membership to at least 40 members, functioning as a decentralized government body. “When 40 leading international companies govern Spartan Network as members of the Foundation with equal voting rights, the network will become one of the most decentralized IT infrastructures in the world,” said Yifan He, CEO of Red Date technology.
Together, they aim to promote the concept of public IT systems that complement existing centralized IT architectures, revolutionizing traditional business operations and data communication in a sustainable way.
