The non-profit Corion Foundation has partnered with the Syscoin Foundation. The foundation partnership is the result of a shared vision to make global access to swift, safe low-cost Open Finance solutions a reality. The foundations of Corion and Syscoin will coordinate campaigns to educate and spread awareness using AMAs, Webinars, Training Sessions, Seminars, Working Groups, and all other means. They will also work together on marketing and certain business development initiatives. in addition CorionX is hosting the third and final round of its CORX DeFi token IEO which started on Probit exchange on Monday the 5th of October, 5:00 am (GMT+2).
Scalability and cost are two of the biggest factors that determine whether or not a new digital currency will have a chance to be adopted on a global scale. Ethereum is currently the blockchain of finance, but increasing stablecoin and DeFi transactions have exacerbated an already congested network, only equipped to process around 15 transactions per second. Such congestion has resulted in record ETH transaction fees ($15 this September) for ERC-20 token users, and by even the most optimistic claims, the phase zero groundwork of the solution promised by the ETH 2.0 Launch will not come into effect until November 2020. With stablecoins unable to go mainstream due to Ethereum network limitations, and big questions still hanging over token scalability, it seems that interoperability is the next logical step.
The Syscoin and Corion foundations are currently working together to provision Syscoin Bridge, a decentralized cross-chain interoperability solution that works today, to support CorionX (CORX), Corion’s ERC-20 token and other Ethereum-based Stablecoins and DeFi tokens. The Layer 2 and Cross-Chain bridge solution provides scalability and microtransactions, solving the micropayments issue and scaling-up stablecoin transactions.
This Solution will provide cheaper and faster transactions enabled by Syscoin’s unique Z-DAG Protocol, and more robust security offered by Syscoin’s blockchain which is bitcoin-core-compliant and merge-mined.
Jag Sidhu, Syscoin Foundation Chairman stated, “Our combined focus will include specific stablecoins, DeFi, and helping the unbanked and over-banked. Together we will drive wider adoption of blockchain technology.”
Syscoin and CorionX believe that with the right solutions asset-backed digital tokens on the blockchain will create more efficient and beneficial economies. Lower costs, easier compliance, greater convenience for users, and more participation. The integration between the two companies will solve problems with interoperability, and provide fast, cheap scalable transactions.
CorionX is designed to create the global framework for education, expansion, and promotion for the usage of stablecoins, CBDCs, crypto saving, lending, OpenFinance and DeFi.
Corion Foundation’s #MoneyInTheRightDirection Movement has already started aiding the paradigm shift towards the mass adoption of crypto, digital and programmable money.
Miklos Denkler, Corion Foundation Board Member, explains the great ambition of the partnership, added, “This partnership will expand crypto and stablecoin use-cases, and help millions of people and crypto communities use CorionX and Syscoin services worldwide. It presents an amazing opportunity for both partners to empower the crypto community to make scalable transactions, experience user-friendly DeFi, and to make cryptocurrency savings and investment more mainstream.”