The Launch of the Network's First Public
Infrastructure and its Utility Token, Canton Coin, Mark a Series of
Industry Firsts
ZURICH, July 1, 2024
/PRNewswire/ -- Leading market participants powering the
Canton Network proudly announce the go-live of the Global
Synchronizer, the Canton Network's decentralized
interoperability infrastructure. This launch marks a pivotal step
towards unlocking the full potential of synchronized financial
markets, providing first-of-its-kind connectivity for the
tokenization and frictionless exchange of regulated financial
assets and liabilities. The Global Synchronizer is going live after
ten years of technological development, nearly a year of extensive
testing— including powering the recent Canton Pilot program—and
following each of the anchoring Network participants, known as
super validators, voting in favor of the launch.
There is a growing industry need to deliver near-term
efficiencies for the highest concentrations of tokenized assets,
while also facilitating new opportunities as more applications and
liquidity are brought on-chain. Canton Network delivers on both
value propositions: it features the highest number of live use
cases of real-world assets and is the only network that can handle
the on-chain privacy, control, and interoperability of participants
and their corresponding asset flows.
Organizations are engaging in the Network in a range of
ways—including running a super validator, running a node, joining
the Global Synchronizer Foundation, or running an application on
the Network. Current participants in these various points of
engagement include: 7RIDGE, Bitwave, Brale, Broadridge, Calastone,
Copper.co, Cumberland DRW, Dfns, Digital Asset, EquiLend, Global
Blockchain Business Council, Gravity Team, Hashnote, Hidden Road,
Hydra X, InfStones, IntellectEU, Kaleido, LendOS, Liberty City
Ventures, MPCH, Obsidian Systems, Ownera, QCP, SBI Digital Asset
Holdings, Taurus, The Tie, Tradeweb, Validation Cloud, XBTO,
XVentures, and Zodia Custody.
Revolutionizing Financial Connectivity
For the first time, market participants can harness the power of
synchronized financial markets through the Global Synchronizer. The
Global Synchronizer enhances interoperability on the Canton
Network, an innovative public-permissioned blockchain network
designed with the privacy and controls essential to facilitating
the exchange of regulated financial assets. The Global Synchronizer
is operated and governed in a decentralized manner,
with internet-like scalability, ensuring that no single party
controls the service and there is no single point of failure;
thereby harnessing the benefits of decentralized
finance. This transformative infrastructure is set to revolutionize
the way financial transactions are conducted, offering enhanced
efficiency, reduced operational costs, and minimized risks.
"Canton Network participants have taken a long-term strategic
view on what was needed to enable the modernization of synchronized
global capital markets," said Yuval
Rooz, CEO and Co-Founder of Digital Asset. "Industry-leading
firms have convened over the past year for the initial launch and
subsequent testing of the Canton Network. We are excited to see the
governance and incentive mechanisms in place to facilitate the
adoption and use of the Network as it goes live."
Open Governance with Linux Foundation and the Global
Synchronizer Foundation
In conjunction with the Global Synchronizer's operational
go-live, the Linux Foundation is supporting the Global Synchronizer
Foundation as an official project. The Global Synchronizer
Foundation is an independent U.S.-based entity composed of
forward-thinking market participants dedicated to ensuring that the
Global Synchronizer is governed transparently in a
decentralized manner with organizational neutrality to
maintain its integrity. The Linux Foundation will support the
Global Synchronizer Foundation under an open governance model that
fosters trust and neutrality.
Introducing Canton Coin: Accelerating Connected Capital
Markets
The Global Synchronizer includes a utility token, called Canton
Coin, which is used to pay traffic fees for using the Global
Synchronizer. Canton Coin can be minted by app builders and
infrastructure providers who bring utility to the Global
Synchronizer ecosystem, marking the first time a public network has
rewarded both infrastructure providers and app developers. It is
designed to incentivize third parties to build applications
utilizing the Global Synchronizer, rewarding connections that
accelerate connected capital markets. Network participants can use
Canton Coin for Canton-native operations between participants and
across applications globally on a 24x7 basis.
Hyperledger Splice: The Springboard for Additional
Decentralized Infrastructure on the Canton
Network
The Global Synchronizer is the first decentralized
infrastructure for the Canton Network. To encourage additional
infrastructure development, Digital Asset has open-sourced the core
technology for decentralized Canton synchronization
domains, including a native utility token– the same technology that
powers the Global Synchronizer and Canton Coin. The technology is
maintained by Hyperledger Labs under the name Splice to ensure that
anyone seeking to set up their own decentralized
synchronization domain for the Canton Network can do so freely.
To learn more about the Canton Network and the Global
Synchronizer, click here.
About the Canton Network
The Canton Network is the financial industry's first and only
public chain that can achieve on-chain privacy, control, and
interoperability, making it the most suitable network for
institutional assets. The Network launched for testing with the
participation of a group of leading financial institutions,
infrastructure providers, technology firms, and consultants in
August 2023. Initially built upon
Digital Asset's technology, the Network's controls, governance, and
app development have been open-sourced and
decentralized to be managed by all participants, with
the goal of fostering greater innovation and Network utility. The
Canton Network's design overcomes the shortfalls of existing
blockchain networks by enabling previously siloed systems in
finance to become interoperable and synchronized in ways that had
been impossible before. Offering the privacy and controls required
for highly regulated organizations, the Canton Network creates a
safe environment in which assets, data, and cash can move freely
across applications in real-time, unlocking new efficiencies and
powering innovation.
Contact:
Paul Patella
Head of Strategic Communications
+1 914 645 8662
paul.patella@digitalasset.com
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SOURCE Digital Asset (US) Corp.