Vertical partnerships, Horizontal partnerships, and Joint Ventures are three common types of strategic partnerships. Through Horizontal Partnership, companies with a similar background work together to capture a larger share of the market. On the other hand, Vertical partnerships bring together businesses that have similar supply chains.
Under the Joint Venture concept, a new legal entity is created. Profits and risks of the new legal entity are shared between the partners. Cryptonewsz’s David Cox examines the new strategic partnership between Ankr and Syscoin in this article.
Background
Ankr is the leading infrastructure provider for Fantom, BSC, and Polygon chains. It operates to build the future of an entirely decentralized infrastructure dedicated to the community. As of now, Ankr is serving more than 50 chains working on Proof-of-Stake mechanisms.
Through its multi-chain integrations, Ankr looks to perform more than 1 trillion transactions in a year across Web3.
Syscoin is an open-source project that was founded in 2014. It is decentralized in nature, and it combines the best features of Ethereum and Bitcoin. Syscoin Foundation, a non-profit registered in the Netherlands, officially represents Syscoin.
The project is now eyeing to take the next step in the blockchain industry by providing the proven security of Bitcoin and Turing programmability of Ethereum.
Preparation For Days To Come
Syscoin has entered into a strategic partnership with Ankr by establishing a long-term relationship. Based on the terms agreed by both the partners, Ankr will undertake the responsibility of providing its RPC service.
The RPC service will extend to AnkrScan and Network Enhanced Virtual Machine, among many others.
Ankr will initially provide the service to Network Enhanced Virtual Machine, followed by the Bitcoin-based UTXO chain, also known as Syscoin Core. The services will extend to all the future layers of Syscoin as well.
Ankr will incentivize node Operators in the form of ANKR Tokens. These can be earned by sharing the resources of their respective nodes to support the RPC service. Operators will not be required to collateralize 100k SYS while contributing to the infrastructure of Syscoin.
Michiel, the Foundation Vice President of Syscoin, called Ankr an excellent ally that one could ever have. Michiel said that the strategic partner and offerings of Ankr will prove to be a crucial step in the ascension of Syscoin.
Dmitri Fotesco, the Product Manager of Ankr, pitched in to highlight the benefits of the strategic partnership. Dmitri said that the strategic partnership would instantly enable developers to access high-performance Syscoin RPC.
Developers would also be able to request calls and receive information that highlights the results of running a Syscoin full node themselves.
Syscoin further plans to integrate AnkrScan to gain access to the functionality of Etherscan.
