The Asia-Pacific Economic Cooperation (APEC) Summit with the theme of “Creating a Resilient and Sustainable Future for All” is drawing world leaders, dignitaries, and delegations from the 21 member economies to San Francisco from Nov 15, 2023 – Fri, Nov 17, 2023, to promote free, fair, and open trade and investment and advance sustainable and inclusive economic growth focused on regional economic issues, including sustainability, digitalization, energy security and other matters.
Parallel to the U.S. APEC 2023, which will be the most significant event with world leaders in San Francisco in recent history, in Singapore, with a similar theme, the BSN Foundation will announce its founding members and its role in sustainable blockchain-as-a-service on November 16, 2023.
Red Date Technology is a technology company headquartered in Hong Kong that is dedicated to building next-generation sustainable Public IT System infrastructures for internet communications, digital economies, digital payments, central bank-issued digital currencies, NFTs, and the metaverse. We work with our partners around the world to advance sustainable fundamental infrastructural technologies that benefit all humankind.
The BSN infrastructure offers three types of data center management software to enable traditional clouds, data centers, or intranets to build dedicated system-level blockchain environments for applications, operating systems, and tools.
We integrate a new type of virtual data center into physical data centers so they can manage all sustainable blockchain operations in a more efficient, independent, and well-organized way. All the BSN virtual data centers connect to each other via similar communication protocols to form the BSN, just like how the Internet was created. The BSN’s three types of data centers are Enterprise BSN, the BSN Spartan Network, and the BSN-DDC Network.
Along with German system integrator GFT Technologies and several global financial services organizations, Red Date Technology also co-developed the UDPN, a global messaging network supporting government-regulated digital currency systems, including regulated stablecoins and Central Bank Digital Currencies (CBDCs). The UDPN promotes financial inclusion by allowing enterprises around the world to connect directly with the centralized and decentralized digital currency systems of the future.
On November 16, we announced the founding members of the BSN Foundation that governs the BSN Spartan Network and its role in blockchain-as-a-service. The network launched late last year with three non-cryptocurrency public chains, including non-crypto versions of sustainable, proof-of-stake blockchain platforms Ethereum, Cosmos, and PolygonEdge.
Proof of Stake (PoS) is a consensus mechanism that allows a network of nodes to validate transactions and create new blocks without relying on costly and energy-intensive proof of work (PoW). PoS is more energy efficient compared to PoW. The cost of participating relies on the economic cost of staking coins and not on the computational cost of solving puzzles. This decreases the energy required to run the consensus mechanism and creates a more eco-friendly system.
Ethereum, Cosmos, and Polygon, incorporated into the BSN Spartan Network, are based on Proof-of-Stake (PoS) mechanisms, ensuring minimal energy consumption. This makes the network sustainable.
The BSN Spartan Network provides an infrastructure that integrates non-cryptocurrency public blockchains that can be used by any traditional IT system to leverage the capabilities of the underlying sustainable blockchain technology in an easier and more cost-effective way.
The service will be offered with fixed fees based in fiat currency or USD-backed stable coin and is only available outside Mainland China. The cost of using our public sustainable chain technology is significantly lower and more predictable than using cryptocurrency-based public chains.
BSN Foundation is the governing body of the BSN Spartan Networks, made up of: Red Date Technology, Blockdaemon, GFT Technologies, TOKO and Zeeve. These organizations, originating from a diverse range of countries and regions, such as the U.S.A., Germany, and Hong Kong, will bring a wide range of expertise dedicated to building next-generation global Public IT System infrastructures.
The BSN Spartan Network is a decentralized network governed by the Singapore-based BSN Foundation. Each member operates a governance data center that hosts all the validator nodes of non-cryptocurrency public chains.
The BSN Foundation will operate via three core committees: the Technical Committee, the Governance Committee, and the Business Committee, each overseeing a distinct set of activities such as R&D, governance coordination, and commercial matters. Established as a decentralized governance organization, each member will have an equal voting right on governance decisions, such as integrating new blockchain protocols or adjusting network fees, and will operate a Governance Data Center that hosts all the validator nodes of the non-cryptocurrency public chains.
The BSN Foundation recognizes public chain technologies as a complementary approach to conventional private IT systems, with inherent advantages such as data sharing costs, private data ownership, and transparency. These benefits have remained largely untapped by traditional enterprises due to the reluctance to get involved with unregulated cryptocurrencies.
To bridge this gap, the BSN Spartan Network will offer a decentralized cloud service solution with non-cryptocurrency public chains as the operation systems. The network consists of virtual data centers that are open source and free to download on GitHub, where nodes of the non-cryptocurrency public chains can be selectively installed. Businesses can deploy smart contracts, build dApps on the nodes, and pay gas fees on non-cryptocurrency public chains using fiat currency or fiat-backed stablecoins such as USDC.
The BSN Foundation will start with five members, with the goal of eventually growing to 40 members. Collectively, these organizations will contribute to the BSN Foundation’s mission to pioneer public IT system development at a global level and bring a portfolio of expertise ranging from blockchain-as-a-service and real-world asset tokenization to financial services and consulting.
When 40 leading international companies govern the Spartan Network as Foundation members with equal voting rights, the network will become one of the most decentralized and sustainable IT infrastructures in the world. Together, we will aim to promote the concept of public IT systems that complements the existing centralized IT architectures, revolutionizing traditional business operations and data communication in a sustainable way.
Please visit the BSN Foundation website at spartan.bsn.foundation to learn more about the BSN Spartan Network or contact us at BSN_Spartan@reddatetech.com.hk.
Selva Ozelli Esq, CPA is a legal and finance executive with diversified experience dealing with highly complex issues in the field of international taxation and related matters within the banking, securities, Fintech, alternative and traditional investment funds. Her first of its kind legal analyses involving tax laws, Foreign Corrupt Practices Act (FCPA), blockchain technology, solar technology and the environment and have been published in journals, books and by the OECD. Her writings have been translated into 15 languages.