The BSN Foundation, a global entity dedicated to blockchain infrastructure and based in Singapore, was officially established on November 16, boasting five leading international founding members. Among these founding members are institutional digital asset wallet Blockdaemon, blockchain infrastructure automation platform Zeeve, digital asset creation platform Toko, and technology companies GFT Technologies and Hongzao Technology.
This newly formed foundation, the BSN Foundation, is set to govern the BSN Spartan Network. This network operates on the open-source BSN Spartan data center software, marking a crucial milestone in the organization's global expansion. The foundation's objective revolves around setting new international benchmarks for decentralized IT infrastructure. Tim Bailey, vice president of global business at Red Date Technology, expressed the significance of this milestone, stating that the foundation's establishment signifies global acknowledgment and support for the BSN Spartan Network's concepts and objectives.
Bailey highlighted the diverse regional participation in the foundation's formation, encompassing organizations from the United States, Germany, and Hong Kong. These entities bring expertise in blockchain-as-a-service, asset tokenization, financial services, and consulting, underscoring the broad potential of the BSN Spartan network.
The primary focus of the BSN Spartan network is to revolutionize the utilization and governance of public chain technology. By concentrating on non-cryptocurrency public chains and decentralized governance models, the network aims to innovate not only technologically but also in fostering global collaboration that shapes the future of IT infrastructure, as stated by Bailey.
BSN's overarching goal is to establish a stable and easily accessible network for global businesses, aiming to bypass the volatility associated with conventional cryptocurrencies like Bitcoin. The BSN Spartan Network, launched in September 2022, introduces Non-Tradable Tokens (NTTs), digital tokens issued on the default chain. These NTTs can be acquired through fiat currency, designated stablecoins, or incentive programs, with each BSN Spartan data center having a single registered NTT wallet for management. While BSN initially launched in China in 2020 as the "Blockchain-based Service Network" supported by the Chinese government, Bailey clarified that the BSN Spartan Network managed by the BSN Foundation in Singapore operates independently. He emphasized that it adheres to international standards, operates as an open-source platform, and is separate from the BSN network in mainland China.
