World's First Trustless Blockchain
Interoperability Bridge activated by Blockchain Foundry
TORONTO, Jan. 29, 2020 — Linking the Syscoin and Ethereum blockchains together, Blockchain Foundry announces it has successfully activated the world’s first trustless interoperability bridge. A first of its kind, the new protocol uses cryptographic proofs between blockchains to enable a token interoperability bridge.
The bridge enables existing Ethereum projects to take advantage of Syscoin’s fast, scalable, and low-cost transactions. In particular, the bridge was designed specifically to help projects scale beyond Ethereum’s network capacity. Syscoin and Syscoin Platform Tokens can also leverage the bridge, providing Syscoin projects the added functionality provided by Ethereum’s smart-contract capabilities and ecosystem.
Furthermore, Dan Wasyluk, CEO of Blockchain Foundry stated: “We are excited to activate the Syscoin-Ethereum bridge. The new use cases it enables for both Syscoin and Ethereum users are a direct response to the needs that clients in our market space have demanded, […] With these enhanced capabilities BCF can deliver a new breed of blockchain solutions to clients that leverage the strengths of both of these ecosystems.”
Supported by Syscoin’s decentralized governance system, BCF contributes open-source development for the Syscoin Core. The governance system provides grants to Syscoin-centric development and marketing projects, voted for by the masternode community. As a result, Blockchain Foundry currently holds approximately 3.8 million Syscoin, valued at $122,071 (as of September 30, 2019. Blockchain Foundry’s last financial report). The majority of Blockchain Foundry’s Syscoin holdings are used to operate masternodes which generate a return of approximately 15% Syscoin per year for the Company.
This is a summary of our press release entitled “Blockchain Foundry Activates world’s first bridge between the Syscoin and Ethereum Blockchains” published by The Canadian Business Journal. The announcement was also published by the Syscoin Foundation via Yahoo Finance.