Blockchain Foundry firm activates bridge protocol between Syscoin and Ethereum

News Desk 30 January 2020

1 minute read

Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN) (FWB:8BF) (OTC:BLFDF), a North American blockchain development firm, announced 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.