Blockchain Foundry Activates World’s First Bridge Between the Syscoin and Ethereum Blockchains
30 January 2020 - 1:32AM
Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN)
(FWB:8BF) (OTC:BLFDF), a leading North American blockchain
development firm, is pleased to announce that it has successfully
activated a new bridge protocol between the Syscoin and Ethereum
blockchains.
The new protocol is a first of its kind. It uses
cryptographic proofs between blockchains to enable a trustless
bridge for token interoperability. This means that existing
Ethereum projects can take advantage of Syscoin’s fast, low cost
transactions to help projects scale beyond what the Ethereum
network is currently capable of. Syscoin and Syscoin Platform
Tokens will also be able to leverage the bridge, enabling Syscoin
projects to use Ethereum’s smart contracting capabilities and
wallet ecosystem.
“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,” said Dan Wasyluk, CEO of BCF. “With these
enhanced capabilities BCF can deliver a new breed of blockchain
solutions to clients that leverage the strengths of both of these
ecosystems.”
BCF’s open-source contributions to the Syscoin
protocol are supported by Syscoin’s decentralized governance system
which provides development grants in the form of Syscoin tokens.
BCF currently holds approximately 3.8 million Syscoin tokens which
were valued at $122,071 as of September 30, 2019 (the date of the
Company’s last financial report). The majority of BCF’s Syscoin
holdings are used to operate masternodes which generate a return of
approximately 15% per year for the Company in Syscoin tokens.
About Blockchain Foundry
Inc.
Headquartered in Toronto, Canada, Blockchain
Foundry (CSE:BCFN) (FWB:8BF) (OTC:BLFDF) is a global blockchain
consulting and development firm. BCF develops and commercializes
decentralized ledger technology, custom blockchain solutions and
smart contracts for enterprise clients.
Blockchain Foundry Contact
Information:
Chris Marsh President & Chief Financial Officer (647)
330-4572 cmarsh@blockchainfoundry.co
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