If you follow our service developments you’ve probably heard that we are a core service of SuperNET. Currently we’re close to the first major release of SuperNET related crypto application – NXT cryptocurrency GUI client with Coinomat services integrated in it. So this is a good moment to discuss SuperNET and explain why this should and most probably will be a revolutionary achievement.
So what is SuperNET? In one sentence it is a bridge between different crypto islands which were totally disconnected before. Upon Bitcoin revolution hundreds and even thousands of cryptocoins have been launched, each having its own blockchain, completely disconnected from any other blockchain. Hundreds of islands around the huge Bitcoin archipelago appeared on Cryptomap having no connection to mainland and to each other. They were self-contained ivory towers, trying to attract as much user attention as possible and competing against one another. One coin had features the other did not have, one had anonymous transaction – the other had asset exchange on blockchain, another one had fast transactions but still another had integrated secure messaging, and so on.
And then came a realization that there should be one coin to rule them all. Currently Ethereum developers are working on a universal cryptocurrency which should integrate all possible features a cryptocurrency should have. The philosophy behind this approach is the following: there should be the reserve coin (Bitcoin) and the super crypto 2.0 coin with all nice features that can be implemented using blockchain technology (smart contracts, asset exchange, etc.)
Whether this approach succeeds is not clear at the moment, only time will tell. But there are serious reasons to believe that the picture of one supercrypto is incomplete. Existence of a super crypto 2.0 coin won’t prevent people from making independent blockchain based projects, even if this supercoin supports creation of custom crypto blockchains parallel to main blockchain. The altcoins history shows that it is not so complicated to create a new coin, and new cryptocoin projects will be created no matter how cool the other cryptocoins are. And you can also simply clone the Supercrypto coin, and nothing can prevent this from happening.
The ease of creation of new coins and desire to innovate will make developers build new cryptocyrrencies, this seems the most probable future course of events. No super crypto is able to kill people desire to innovate.
So another approach appeared, the unifying, not subjugating one – Let us construct bridges between different crypto islands, and make the whole ecosystem to be interconnected so one project benefits from another.
Anonymous (Satoshi-style) developer jl777 was the first to formulate this approach and propose a concrete technical solution based on his personal coding prowess, which he proved developing several important projects on NXT cryptocurreny platform. Along with great coding abilities James showed a deep understanding of current trends in cryptocurrency development and vision.
Crowdfunded SuperNET campaign has raised more than 5700 BTC, in spite of the chief developer anonymity. Currently SuperNET software is being coded and it will offer the following functionality to participating cryptocurrencies:
- Anonymous transactions based on off-blockchain technology called Teleport
- Anonymous transactions based on Criptonite technology realized in Boolberry, participating cryptocurrency
- Decentralized file storage
- Distributed and instant cryptocurrency exchange based on Instantdex technology built on top of NXT platform.
- Services provided by SuperNET partners, such as Coinomat instant exchange and banking service
In future other features realized in partner coins can be realized on SuperNET level and thus offered to all participating coins. Integration will be carried out mostly on API level, so all coins could make use of it by integrating SuperNET API calls in their source code.
SuperNET might be just the beginning of a completely new economy of distributed autonomous cryptography-based peer to peer systems, which not only offer some intrinsic functionality but also are able to connect to other autonomous systems and interact with them. This is a brave new world the birth of each we experience right now. It will revolutionize the way certain parts of human economy work, basically everything related to value transfer and storage – banking, trading, project development, accounting, even games and gambling.
So we are glad to help SuperNET grow and happy to be a part of its first software release.
- Decentralized stock exchanges – the future might be closer than we think.
- CryptoFiat – the future of money.