Blockchain Foundry and Matic Network Establish Partnership to Research Blockchain Interoperability
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TORONTO, July 29, 2020 (GLOBE NEWSWIRE) — Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN), a leading North American blockchain development firm, is pleased to announce that it is partnering with Matic Network (“Matic”) to explore interoperability between the Syscoin and Matic networks.
Matic and BCF’s Syscoin Ethereum bridge both provide scalability for the Ethereum network but approach it in different ways; Matic via sidechains and BCF via the trustless Syscoin Ethereum bridge which allows for scalable transactions. The two projects are complementary, and as partners, Blockchain Foundry and Matic will collaborate on research initiatives, joint ventures, and marketing and business development focused initiatives.
“Scalability solutions each have their own approaches and advantages; collaboration is the key to the long-term success of the blockchain industry. By combining the scalability advantages of Matic Network and Syscoin, together we will be able to usher in a new era of true scalability for Ethereum-based DApps. We at Matic Network look forward to working with Syscoin to provide the infrastructure to enable the global Ethereum ecosystem to flourish and thrive,” said Sandeep Nailwal, COO of Matic Network.
“With this partnership, we are tackling blockchain scalability through two complementary strategies. Matic Network provides a solution to the increasing congestion on the Ethereum mainchain. With our recently launched trustless Syscoin bridge to Ethereum, ERC20 tokens can hop over to Syscoin and benefit from its already scalable network for payments. The combination of all three networks (Syscoin, Ethereum & Matic) provides a powerhouse blockchain solution that developers can trust to fully scale their project,” said Dan Wasyluk, CEO of BCF.
About Blockchain Foundry Inc.
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.
Matic Network Pte. Ltd. is a decentralized scalability platform solution using an adapted version of the Plasma framework that empowers Ethereum-based DApps with the high-speed and extremely low-cost transactions required to achieve mass adoption. With 60+ DApps building on their network already, Matic Network is one of the most widely adopted DApp platforms in the industry.
The Matic Network blockchain achieves finality using PoS checkpoints which are pushed to the Ethereum mainchain. This enables a single Matic sidechain to theoretically achieve 65,535 transactions per block, and possibly millions of transactions on multiple chains in the future.
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