Binance and Blockchain Foundry Establish Partnership to Issue BUSD Stablecoin on the Syscoin Network
Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has partnered with Blockchain Foundry Inc. to explore the use of the Syscoin Ethereum Bridge targeting blockchain scalability. The agreement will enable BUSD, the 1:1 USD-backed stablecoin issued by Binance and Paxos, and approved and regulated by the New York State Department of Financial Services (“NYDFS”), to be available on the Syscoin network. The bridge provides fast, scalable, and low-cost transactions for BUSD users, while also maintaining regulatory compliance provided by Ethereum.
Syscoin enables fast settlement time, low-cost transactions, and unmatched transactional throughput. BUSD will use the Syscoin Platform Token ("SPT") model and many of its unique features to facilitate the use of BUSD and drive massive adoption.
“Stablecoins are increasing in popularity and as a market leader 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., tested the scalability of Syscoin’s Z-DAG scaling technology. The audit report shows that Syscoin’s network can provide a burst capacity of 60k TPS (transactions per second) and a peak of 140k TPS.
Blockchain Foundry recently launched the Syscoin Ethereum bridge, a Decentralized Finance (“DeFi”) 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 (“SPV”), the bridge is trust-minimized, does not require the use of counterparties, and has no liquidity limitations.
“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,” said Dan Wasyluk, CEO of Blockchain Foundry.
Stablecoins are a growing source of network congestion on the Ethereum network today. The 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 quick 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-saving 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 Z-DAG (Zero Confirmation Directed Acyclic Graph). Z-DAG provides settlement times in less than 10 seconds with low fees, even as blocks become full.
Blockchain Foundry Inc. (CSE:BCFN) 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.
Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com