SuperNET: Super Competition for Fiat
The blockchain has been called the “Internet of money.” But what if there were an “Internet of blockchains?”
Developer Jl777 said:
“SuperNET is not designed to replace Bitcoin or any other cryptocurrency, but to enable cryptocurrency to compete more effectively with the fiat economy.”
The simplified idea is that coins that offer unique benefits make up the SuperNET Core. Any one of the currencies you hold can be instantly and seamlessly converted into any of the other coins by what’s called “tradebots.” And because the work is done by bots, there are no exchange fees.
In this way, individual cryptos can be used for what they’re best at, because no one coin is perfect for everything. For example, you have Nxt, but you want to send money totally anonymously, so you tell SuperNET to convert your Nxt into BitcoinDark, back into Nxt, and then send the transaction for you. The tradebots do it instantly, all without fees. Jl777 continued:
“In Crypto, the competition is not each other, it is fiat. If any Crypto does well, we all benefit.”
The Chosen Ones
The SuperNET website makes clear that copy-and-paste blockchains without unique offerings won’t be included in the SuperNET. (Litecoin is mentioned as one such coin.)
Currently eight blockchains are selected for inclusion as the SuperNET Core, as each offers unique benefits:
VPNcoin — functions as an actual virtual private network, enabling you to change your IP address and break through third-party imposed firewalls
Nxt — offers a suite of applications such as encrypted messaging, native colored-coin issuance and exchange, and two peer-to-peer marketplaces
VeriCoin — uses VeriBit to make VeriCoin spendable anywhere Bitcoin is accepted; uses VeriSMS to link to cellular network, allowing transactions to be sent via text message
Bitstar coin — seeks to integrate SuperNET offerings with cryptocurrency ATMs
Should There Be One Coin to Rule Them All?
“Cryptocurrency developers and enthusiasts typically adhere to a zero-sum economic worldview: the assumption is that there is a finite amount of money in the system and for one cryptocurrency to succeed, it must be at the expense of others. While this may be true for some fiat markets, it should not be the case at this stage of cryptocurrency’s swift and promising evolution.”
So reads the SuperNET wiki. The SuperNET is not a coin itself (though ownership of it is issued as an asset via the Nxt Asset Exchange). An overarching theme of competing with fiat and not one another is echoed throughout the SuperNET website, wiki, and white paper.
There is no “one coin,” but there is a master blockchain. The transaction execution is made by what SuperNET calls "InstantDEX," exchanges are made through the Multigateway, and project contributor Casius told Let's Talk Bitcoin! that all SuperNET transactions will be recorded on the master blockchain ATOMIC.
The Real Competition
So if cryptocoins’ real competition is fiat – and not other coins – what kind of hand is fiat playing?
One which requires that we bring our best game, according to jl777. One’s best game is needed when the competition has almost “unlimited resources” (taxation, property seizure, monopolized services, money printing) and a proven penchant for covert surveillance. The SuperNET white paper continues:
“While no technical solution can solve all aspects of the [surveillance] problem . . . there are methods than can be used to protect the privacy of cryptocurrency users.”
Reclaiming Privacy and Achieving Permissionless Trade
Might the SuperNET create cryptocurrency’s “killer app”? When you consider that privacy and permissionless trade were some of the main reasons Bitcoin was invented – and are still among the main reasons it’s used – the answer might be yes. SuperNET’s philosophy page reads:
“Ultimately, it is hoped that SuperNET will attract greater talent and wealth into cryptocurrency from fiat, strengthening cryptocurrency overall by rewarding innovation, talent and commitment. . . . Collaborating is far better than competing.”
Get the Goods
The SuperNET client is available for download.
Have you used SuperNET, or do you want to? Share your thoughts below.
Author: Amanda B. Johnson for cointelegraph.com