Place/Date: Eindhoven, Netherlands - July 23rd, 2020 at 12:00 pm UTC · 3 min read
The Syscoin Foundation today announces the Syscoin’s Ethereum Bridge will be explored and used by Binance’s BUSD as part of a partnership between Binance and Blockchain Foundry. 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 Syscoin platform and Bridge 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.
Samuel Lim, Binance Chief Compliance Officer, said:
“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.”
Third-party blockchain auditing firm Whiteblock Inc. tested the scalability of Syscoin’s Z-DAG (Zero-confirmation Directed Acyclic Graph) 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.
Developed by Blockchain Foundry, Syscoin Bridge serves as a hub to connect key components of the defi ecosystem. The bridge enables ERC20 tokens to move back and forth between the Syscoin and Ethereum blockchains. Powered by a series of Ethereum smart contracts and SPV (Simple Payment Verification), the bridge is trust-minimized, removing the need for counterparties, and has no liquidity limitations.
Dan Wasyluk, Blockchain Foundry CEO and Syscoin co-founder, said:
“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.”
By leveraging blockchain interoperability bridges, ERC20 stablecoin projects can substantially reduce transaction costs and improve speed. Estimates show that Ethereum projects could 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.
Established in 2014, Syscoin was one of the earliest initial coin offerings (ICOs) in the blockchain sector. It successfully launched its mainnet in the same year. Since then, Syscoin has achieved several notable milestones, including developing the first truly decentralized DAG network and becoming a founding member of the Microsoft Decentralized Identity Foundation. Syscoin is now represented by the Syscoin Foundation, led by Lead Core Developer Jag Sidhu.
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.