Blockdaemon among the founders of BSN Spartan Network

Singapore-based BSN Foundation, a global blockchain infrastructure organization, announced its official launch on November 16 with five international founding members.

BSN's founding members include institutional digital asset wallet Blockdaemon, blockchain infrastructure automation platform Zeeve, digital asset innovation platform Toco, and technology companies GFT Technologies and Red Debt Technology.

The newly formed BSN Foundation will serve as the governing body of the BSN Spartan Network, a public infrastructure network powered by open source BSN Spartan data center software. The founding of the foundation is one of the most important milestones on its path to global expansion and reflects its ambition to establish a new global standard for decentralized IT infrastructure.

“The launch of the BSN Foundation is an important step in our global expansion, demonstrating global recognition and support for the BSN Spartan Network concept and goals,” Tim Bailey, vice president of global business at RedDet Technologies, told Cointelegraph. The foundation was started by organizations in various regions of the world, including the United States, Germany and Hong Kong, Bailey said.

“These organizations bring expertise in areas such as blockchain-as-a-service, asset tokenization, financial services and consulting, which demonstrates the broad applicability and potential of the BSN Spartan Network.”

Bailey emphasized that the BSN Spartan Network is designed to dramatically change how public blockchain technology is used and managed.

“We're not only working on technological innovation, but also on how global collaboration will shape the future of IT infrastructure, with a focus on cryptocurrency-less public chains and a decentralized governance model,” he said. BSN's approach ultimately aims to avoid the volatility associated with traditional cryptocurrencies such as Bitcoin (BTC) and create a more stable and accessible network for businesses around the world.

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Launched in September 2022, BSN Spartan Network will feature a non-tradable token (NTT), a digital token issued on the default chain of BSN Spartan Network. Each BSN Spartan data center has only one registered NTT wallet to manage and hold NTT, which can be purchased with fiat currency, designated stablecoins, or earned through incentive programs.

Although the BSN Spartan Network was launched a year ago, the idea originated a long time ago. The network was launched in China as a “Blockchain-based Service Network” in early 2020 with the support of the Chinese government.

“BSN actually started in China. However, the BSN Spartan Network, which is managed by the Singapore-based BSN Foundation, is different from the BSN networks in mainland China,” said Bailey. He emphasized that the BSN Spartan network is built using international standards, is completely open source and operates independently from BSN networks in mainland China.

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