Leading Market Participants Partner with the Linux Foundation to Form the Global Synchronizer Foundation

New foundation will facilitate transparent and neutral governance of Global Synchronizer, the interoperability backbone of the Canton Network

ZURICH, July 1, 2024 /PRNewswire/ -- The Global Synchronizer community today announced the formation of the Global Synchronizer Foundation (GSF). Supported by the Linux Foundation, the GSF will facilitate transparent and fair governance of the Global Synchronizer, the interoperability backbone of the Canton Network.

The Global Synchronizer is a decentralized service that can synchronize independent applications across the Canton Network. Most recently, the Global Synchronizer enabled 45+ institutions to demonstrate hundreds of interoperable transactions across 22 applications in the Canton Network pilot. The Global Synchronizer Foundation will govern one of the nodes in the decentralized Global Synchronizer.

In addition, a new lab called Splice has been formed in the Hyperledger Foundation to provide open-source governance for the code utilized by the Global Synchronizer nodes. Splice enables anyone in the Canton Network to launch their own version of a synchronizer to meet their interoperability needs.

"We are pleased to support the formation of the Global Synchronizer Foundation," said Daniela Barbosa, General Manager, Blockchain and Identity, at the Linux Foundation. "By providing a means to improve Global Synchronizer's interoperability through open collaboration, we believe the Linux Foundation can help improve its utility for all community participants."

7RIDGE, Bitwave, Broadridge, Calastone, Cumberland SV, Digital Asset, EquiLend, Euroclear, Global Blockchain Business Council, IntellectEU, Kaleido, LendOS, Liberty City Ventures, MPCH, Obsidian Systems, SBI Digital Asset Holdings, Taurus, and Tradeweb have joined as founding members of the GSF. The GSF will consist of an operating board and a number of steering committees with participation from its members. GSF members will have the opportunity to play various roles as utility providers, service providers, industry advocates, operators, and app users.

The MainNet of Global Synchronizer went live on June 25, 2024, and is specifically designed to meet the connectivity and control demands of financial services institutions and the transaction of real-world assets, allowing participants to leverage all of the benefits of a decentralized network of networks without sacrificing regulatory control and privacy requirements.

"We are excited to reach this important milestone in the maturation and decentralization of the Canton Network," said Eric Saraniecki, Co-Founder and Head of Strategic Initiatives at Digital Asset. "Being able to form the GSF in collaboration with the Linux Foundation demonstrates the quality of this ecosystem and its commitment to providing fair and transparent governance for all participants."

The Global Synchronizer Foundation is committed to facilitating the adoption of the Global Synchronizer. To learn more about the Global Synchronizer Foundation, its participants, and how to get involved, please visit sync.global.

About Linux Foundation

The Linux Foundation is the world's leading home for collaboration on open source software, hardware, standards, and data. Linux Foundation projects are critical to the world's infrastructure, including Linux, Kubernetes, Node.js, ONAP, OpenChain, OpenSSF, PyTorch, RISC-V, SPDX, and more. The Linux Foundation focuses on leveraging best practices and addressing the needs of contributors, users, and solution providers to create sustainable models for open collaboration. For more information, please visit us at linuxfoundation.org.

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SOURCE The Linux Foundation