To enhance interoperability on the Canton Network, Digital Asset has created the technology for an optional decentralized synchronizer for the Canton Network that includes a native utility token to pay synchronizer traffic fees and that can be minted by participants that provide infrastructure or applications for the synchronizer.
The first instance of this decentralized synchronizer technology is being deployed by leading market participants and is called the Global Synchronizer, and its utility token is called Canton Coin.
The Global Synchronizer is being deployed by market participants only after Digital Asset has spent ten years developing the underlying Daml and Canton technologies—and proving out the viability of these technologies through in-production use cases that process trillions of dollars in value—and only
after almost a year of extensive testing by the market participants anchoring it.
The Global Synchronizer is not controlled by Digital Asset or by any of the market participants anchoring the Global Synchronizer. The Global Synchronizer is decentrally operated and governed by the market participants anchoring it; each market participant anchoring it independently operates an instance of the Global Synchronizer software and its consensus mechanism establishes an official
output when at least two-thirds of these participants reach the same result. Governance will be coordinated through a new, independent entity under the Linux Foundation called the Global Synchronizer Foundation. And Digital Asset has made the synchronizer and token technologies available open source through the Hyperledger Foundation under Splice Labs.
Unlike other digital tokens, Canton Coin is not being sold in any initial coin offering. And Canton Coin is not issued by Digital Asset or by any market participant anchoring the Global Synchronizer. Instead, participants operating nodes connected to the Global Synchronizer will be able to mint Canton Coin in
exchange for providing either infrastructure or applications for the Global Synchronizer. Canton Coin is designed so that its value will increase only if third parties develop and operate useful applications for the Global Synchronizer. Without these third party applications, Canton Coin will not have any value no matter the efforts of Digital Asset.