TORONTO, Dec. 08, 2021 (GLOBE NEWSWIRE) — Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN), a leading North American blockchain development firm, is pleased to announce that, in conjunction with the Syscoin Foundation, it has successfully deployed the highly anticipated Syscoin NEVM upgrade (version 4.3.0).
Syscoin’s new network enhanced virtual machine (“NEVM”) introduces a computation engine to the protocol, capable of creating and executing smart contracts. Smart contracts enable developers with the ability to program decentralized applications (“dApps”), decentralized finance (“DeFi”) applications, non-fungible tokens (“NFTs”), metaverse ecosystems, and more. The upgrade took place on block 1,317,500 on December 6, 2021.
Designed to scale to smart cities and beyond, Syscoin’s NEVM combines Ethereum’s smart contract functionality with Syscoin’s existing innovative features. These include regulatory compliance capabilities for digital assets, unmatched low-cost fees, and fast, ultra-secure transactions built to scale to millions of concurrent users. These capabilities solve many pain points experienced by projects on other smart contract platforms, providing low-cost, scalable, and compliant tooling for DeFi, NFTs, Metaverse, and Web3 applications without compromising security and decentralization.
BCF invested C$1 million in Syscoin tokens in April 2021 and currently holds approximately 6.6 million Syscoin tokens.
“Through the novel use of zkRollups, Syscoin will usher in scalable smart contracts with decentralization in mind. Considering Syscoin has the highest computing power after Bitcoin and has already implemented on-chain regulatory compliance tools, its achievements are unmatched. We’re thrilled to bring NEVM to Syscoin’s network, which will open the door to many more possibilities beyond stablecoins. At Blockchain Foundry, we believe in the future of blockchain technology and the benefits it can bring to millions of users around the globe. Syscoin is an implementation of blockchain technology developed for real-world use at scale, designed to match or outperform both centralized and decentralized competitors. We will continue to support Syscoin’s development and re-invest in the protocol going forward,” said Jag Sidhu, CTO of the Company and Syscoin Core developer.
About Blockchain Foundry Inc.
Blockchain Foundry develops and commercializes blockchain-based business and consumer solutions, with a focus on infrastructure for digital assets and NFTs. BCF also provides blockchain consulting services to corporate clients.
Blockchain Foundry Contact Information:
Certain portions of this press release contain “forward-looking information” within the meaning of applicable Canadian securities legislation, which is also referred to as “forward-looking statements”, which may not be based on historical fact, including, but not limited to, BCF completing any drawdowns on the equity facility and the terms of each drawdown. Wherever possible, words such as “will”, “plans,” “expects,” “targets,” “continues”, “estimates,” “scheduled,” “anticipates,” “believes,” “intends,” “may,” “could,” “would” or might, and the negative of such expressions or statements that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, have been used to identify forward-looking information.
Forward-looking statements should not be read as guarantees of future events, future performance or results, and will not necessarily be accurate indicators of the times at, or by which, such events, performance or results will be achieved, if achieved at all. Readers should not place undue reliance on such forward-looking statements, as they reflect management’s current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by BCF are inherently subject to significant business, economic, regulatory, competitive, political and social uncertainties, and contingencies, including, but not limited to, the ability of BCF to complete any drawdowns on the terms described herein or at all. Many factors could cause BCF’s actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.