It’s with great excitement that we announce we have now established an official Toronto, Canada based corporation named Blockchain Foundry Inc. From now on Blockchain Foundry Inc., will be the company primarily responsible for the ongoing development and maintenance of the Syscoin project. It will be releasing a number of products built on and powered by the Syscoin platform. For more information on what Blockchain Foundry Inc., means to people outside the Syscoin community please read this announcement press release on the Blockchain Foundry website.
Why form a company?
There are many, many blockchain projects being run successfully without an incorporated company, so why did we form Blockchain Foundry Inc.? There are a number of reasons. As Syscoin has matured as a project, and as we’ve talked with different parties – some of which are already partners, some of which we’re still talking to privately. What became clear is that these entities outside of the small sliver of the internet that is familiar with “altcoins” aren’t comfortable or willing to work with “a general partnership of open-source developers”. They require a corporate entity to interact with in order to proceed with any sort of formal agreement/partnership/investment/plan we may be working towards.
Microsoft Partner Certification is a distinction that would put Blockchain Foundry Inc., and all of its Syscoin-related products in a much more visible position within Microsoft’s partner network. In order to be a partner with a certified product on Microsoft’s Azure BaaS platform we needed to be a company entity. This will enable us to start generating revenue through the Azure Marketplace with our proucts. We are working on getting multiple products certified. Once completed we will be the first (and currently only) company-backed product within MS Azure BaaS working with Bitcoin/blockchain derived technology (the only other certified company, BlockApps offers Ethereum-based products).
The formation of Blockchain Foundry Inc., goes beyond needing to satisfy some logistics. Given the plans we have for Syscoin and the opportunity we’re creating with Blockmarket, we wanted to provide investors who don’t invest through cryptocurrency a vehicle for investing and supporting our vision of a blockchain-powered future – not only in terms of marketplaces but our other use cases as well. We have had initial conversations with investors and are working to complete a seed financing round in the coming months. This will enable us to move faster and launch multiple products in parallel sooner – without sacrificing quality – rather than having to focus on a single product at a time due to limited time and resources.
Guaranteeing Syscoin’s Future
Syscoin is the catalyst that spawned this vision. Decentralized markets are one of the most direct use-cases to which we can apply blockchain technology, with the least regulatory barriers to “make it real” as soon as possible. We’ve accomplished that and now we’re working hard to “make it easy to use and access”. If you’ve seen the roadmap you know we have always had plans to launch analogous offerings to Syscoin on other blockchains- such as Ethereum and possibly Lisk. We’re still in the process of evaluating which blockchains will be the most successful. Once the port is complete users will be able to leverage all of Syscoin’s existing products (from Blockmarket to other products we’ve yet to publicly announce) on all Blockchains selected.
Securing seed funding for Blockchain Foundry Inc., is critical and will result in the team starting work on Syscoin and other Blockchain Foundry Inc., projects/products full-time, massively changing the roadmap and how much we can accomplish in a short amount of time. Syscoin’s early investors are what have enabled us to get this far and continue to push forward with bigger, broader visions. Everything we’re doing is to grow the value of Syscoin and complete the initial vision started in 2014. Syscoin technology and Syscoin tokens are currently among the largest assets of Blockchain Foundry. Growing revenue streams based on Syscoin and its value is the cornerstone of Blockchain Foundry Inc.’s future success.
This is a very exciting new chapter for our team! Syscoin related news will continue to be posted here on the Syscoin blog. Blockchain Foundry Inc. news that relates to Syscoin will be linked here on the Syscoin blog. We welcome questions from the community and encourage them to ask us on the Syscoin Slack or in the Syscoin Reddit. In our next blog post we’ll be sharing some details and sneak-peaks of Blockchain Foundry Inc.’s first product- Blockmarket (powered by Syscoin!).