Blockchain Foundry and Matic Network Establish Partnership Towards Full Scope Interoperability Involving Syscoin Platform
Tackling blockchain interoperability, Blockchain Foundry has partnered with Matic Network, a leading Ethereum smart-contract scalability platform. The partnership will be focused around the exploration of interoperability between the Syscoin and Matic networks.
The two networks already provide scalability solutions for Ethereum-based tokens and DApps. Where Matic can scale smart contracts, Syscoin is focused on scalable value transfers with tokens and assets. Through the agreement, both projects will explore synergies with one another to enable a fully-scalable offering needed for projects to be able to flourish and thrive on the Ethereum network.
As partners, Blockchain Foundry and Matic will collaborate on research initiatives, joint ventures as well as 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.” Sandeep Nailwal, Matic Network COO.
Matic Network, which already has a functioning mainnet, enables low-cost, high-speed transactions for DApps on the Ethereum network via its sidechain, which is compliant with EVM execution and allows users to move seamlessly between the Ethereum mainchain and the Matic Network sidechain.
The fast settlement time, low-cost transactions and scalability provided by Syscoin’s Decentralized Finance (“DeFi”) solution, empowers projects with the infrastructure and tools required for mass adoption. With Syscoin, ERC-20 and Syscoin Platform Tokens (“SPT”) can now be used as Point Of Sale (“POS”) solutions. The platform’s scalability is enabled through Blockchain Foundry’s patent-pending Z-DAG technology, designed exclusively for Syscoin. A third party audit report shows that Syscoin’s network can provide a network peak capacity of 140k TPS (transactions per second).
The company recently launched the world’s first trust-minimized Blockchain interoperability bridge. The Syscoin Ethereum bridge can be used by Ethereum-based projects to move their native ERC20 tokens back and forth between the Syscoin and Ethereum blockchains.
“With this partnership, we are tackling blockchain scalability through two complementing 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.” Dan Wasyluk, Blockchain Foundry CEO.
Syscoin, launched in 2014, is a merge-mined blockchain backed by Bitcoin’s security model and a large percentage of its hash rate. Syscoin features Blockchain Foundry’s patent-pending technology ZDAG (Zero Confirmation Directed Acyclic Graph). Z-DAG provides settlement times in less than 10 seconds with low fees, even as blocks become full.
About Blockchain Foundry
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 65535 transactions per block, and possibly millions of transactions on multiple chains in the future.