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Blockchain Foundry Inc
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Blockchain Foundry, Binance to release BUSD on Syscoin

2020-07-23 10:36 ET - News Release

Mr. Chris Marsh reports


Blockchain Foundry Inc. is partnering with Binance, the world's leading blockchain and cryptocurrency infrastructure provider, to release BUSD, a stablecoin issued by Binance and Paxos, on the Syscoin network.

BUSD is an ERC-20 token on the Ethereum network that is pegged 1:1 to the value of the United States dollar. Blockchain Foundry will use its Syscoin Ethereum bridge technology to create a Syscoin platform token (SPT), which will be fungible with BUSD and will allow BUSD users to take advantage of Syscoin's fast, scalable and low-cost transactions while also preserving the ability to leverage Ethereum's smart-contract functionality.

This collaboration will also explore the potential to bridge Syscoin, and other blockchains, to Binance Smart Chain (BSC) in support of BUSD and other Binance chain tokens. Additionally, Blockchain Foundry will explore a potential bridge-as-a-service product, which will further enhance the existing decentralized finance offering with near-instant cross-chain bridging and simplified SDKs (software development kits) for wider adoption.

The outcome of these initiatives is to determine if and how Syscoin could be used by BUSD to provide improved security, scalability and cost-efficiency benefits.

"Stablecoins are increasing in popularity and, as one of the market leaders in this ecosystem, Binance is always looking for ways to scale BUSD and improve public adoption. Our collaboration with Blockchain Foundry will allow BUSD to be used on the Syscoin platform and the Syscoin Ethereum bridge," said Samuel Lim, Binance's chief compliance officer.

The third party blockchain auditing firm Whiteblock Inc. has tested the scalability of Syscoin's Z-DAG scaling technology. The audit report shows that Syscoin's network can provide a burst capacity of 60,000 TPS (transactions per second) and a peak of 140,000 TPS. For more information on Z-DAG and the Whiteblock audit, please refer to Blockchain Foundry's press releases dated May 8, 2019, and May 22, 2019.

Blockchain Foundry recently launched the Syscoin Ethereum bridge, a decentralized finance application. The bridge enables ERC-20 tokens to move back and forth between the Syscoin and Ethereum blockchains. Powered by a series of Ethereum smart contracts and simple payment verification, the bridge is trust minimized, does not require the use of counterparties and has no liquidity limitations. For more information on the Syscoin Ethereum bridge, please refer to Blockchain Foundry's press release dated Jan. 29, 2020.

"The Syscoin Ethereum bridge was designed specifically to help provide Syscoin's benefits of fast, scalable and low-cost transactions to tokens on other blockchain platforms. We're excited to partner with Binance to demonstrate the platform benefits and cost savings this technology can bring to BUSD and other ERC-20 projects," said Dan Wasyluk, chief executive officer of Blockchain Foundry.

Stablecoins are a growing source of network congestion on the Ethereum network today. This congestion creates expensive transaction fees and slow settlement times. By leveraging blockchain interoperability bridges, ERC-20 stablecoin projects can substantially reduce transaction costs and improve speed.

In a cost comparison between Ethereum and Syscoin transaction fees, ERC-20 projects can save their users thousands of dollars by reducing costs with the Syscoin blockchain. Blockchain Foundry will work with Binance to explore ways of bringing Syscoin's cost-savings and many more features to BUSD users.

Syscoin, launched in 2014, is a merge-mined blockchain backed by Bitcoin's security model and a large percentage of its hash rate. Syscoin features Blockchain Foundry's patent-pending technology, ZDAG (zero confirmation directed acyclic graph). Z-DAG provides settlement times in less than 10 seconds with low fees, even as blocks become full.

About Blockchain Foundry Inc.

Blockchain Foundry is a global blockchain consulting and development firm. The company specializes in blockchain solutions and smart contracts for enterprise clients. Blockchain Foundry also develops and commercializes decentralized ledger technology like Syscoin.

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