The final step for mass adoption of cryptocurrencies…
Today, the Internet spans across the entire world and information that used to be accessible only locally is now accessible from anywhere, even from the moon. We have servers all over the world that store this vast database of information and we have routers that contribute to the backbone for this network.
Internet service providers (ISP) open a communication channel to their customers and to other ISPs, servers and routers globally. Once the average user connects to the Internet through the channel with ISP, the user only has to type in the destination address (URL) from where the information is stored.
If we look at what's happening behind the scene, the ISP that the user subscribes to, is routing the request through TCP/IP protocol from one communication channel to another using routers, servers or ISPs, who then either know the location or continue the process. The important point is, neither one of them has to know the entire route.
Internet is mathematically a graph, or web in a decentralised form that allows anything to link to anything. However, rather than being an "Information Mesh", it's degrading into "Information Mess". Everyone no longer knew everyone else. All they have to do, is to "trust" the TCP/IP protocol. But, it's vulnerable to security threats and attacks. We need a more stable and trustworthy backbone.
On the other hand, blockchain provides the mechanism to trust people without knowing who they are — something that the Internet is lacking now. But, the irony is, the increase of closed proprietary blockchains (e.g. Bitcoin, Ethereum, Hyperledger) will eventually bring us back to the challenges that the early Internet faced — when it was also dispersed in many local networks, so called Intranets.
If we do not find a way to connect blockchains, these $8 trillion dollars will be dispersed in such a way that its true value is a lot lower. It's only through interoperability between blockchains and existing networks that we can ensure the survivability and sustainability of such technology. So what's the solution? The solution is one, through Overledger.
Many projects try to solve the challenge of interoperability by adding another blockchain on top of existing ones. The introduction of another consensus mechanism often adds complexity and imposes limitations.
"What is fantastic about Overledger is the originality of its reference model for how distributed applications can communicate with each other over different blockchain protocols and networks without the need to resort to external gateways or connectors," says Chief Strategist and Co-Founder Paolo Tasca.
In short, Overledger is simple yet powerful.
In 2016, CEO & Co-Founder Gilbert Verdian joined forces with two leading experts — technology innovator Colin Paterson and digital economist Dr Paolo Tasca. Their combined expertise and in-depth knowledge of this space is impressive.
Gilbert is also founder of the Blockchain ISO Standard TC307 where 40 countries are working together to develop the Standard. Colin and Dr Paolo also have a strong background in cybersecurity and blockchain.
More information on the team and advisors can be found on their website.
Other than joining the Accord Project along with Hyperledger, IACCM, W3C, IEEE and many other leading industry experts, the team also announced a new cross-chain treaty contracts partnership with HAW Hamburg University at Unlock 2018, Dubai. They also appear in many media outlets like Nasdaq, Bitcoin Magazine, Cointelegraph, to name a few.
Recently, they've secured an exclusive five-year partnership with Jiangsu Huaxin Blockchain Research Institute, the first state-owned research hub dedicated to exploring blockchain technology for the Chinese Ministry of Commerce.
Adoption of Overledger will be seamless, fast and will bring great benefits to all of its participants, just like the Internet did. Some of the benefits include, but are not limited to:
In my opinion, enabling interoperability is going to be the final step to witness mass adoption of the blockchain technology, particularly cryptocurrencies. But it's not something that would happen overnight and there are key elements required in order to succeed.
Time will tell whether we will witness a similar effect in the early days of the Internet, where closed networks flourished once they had connected seamlessly using standard protocols. That's why I'm so hyped about Quant's Overledger technology, which was modelled after challenges of the Internet pioneers. With that in mind, the promise of a new revolution may be closer than we think.
Stay tuned at their respective channels for updates:
Company website: https://www.quant.network/
Telegram Group: https://t.me/QuantOverledger
Facebook: https://www.facebook.com/quantnetwork
Github: https://github.com/quantnetwork
Twitter: https://www.twitter.com/quant_network
You can also find me at bitcointalk forum: https://bitcointalk.org/index.php?action=profile;u=1895068
