How Overledger differs from Interoperability Blockchains
We’re often asked how we compare to other interoperability projects. To answer that, we need to rephrase the question:
How do we use interoperability to harness the power of blockchains and be the catalyst for mass-adoption of blockchain technology?
Enabling interoperability (i.e. the ability of blockchain to interact and communicate with each other and existing networks and systems) is going to be the critical first-step in order for us to witness mass-adoption of blockchain technology. But it is just that, the FIRST step. By enabling two blockchains to be able to directly interact with one another chain-to-chain (N:N).
However, enabling two blockchains to interact together does not mean we have realized the full potential of blockchain technology — far from it. Those two blockchains will simply continue to work in isolation.
Now, if we could ensure that any and all blockchains (current and future) could work together; if we connect to existing networks and the internet to blockchains and if we were able to enable enterprises to tap into the functionality of multiple-blockchains at the same time with multi-chain applications and deliver all of this to enterprises meeting while external security and regulatory requirements, with minimal changes to existing systems and networks — well, that would be a horse of an entirely different colour.
To recap the interoperability blockchains that we are referring to include: AION, Polkadot, Oneledger, ICON, ARC, Sidechain, Virtualchain, Interledger, Cosmos, etc.
These Interoperability Blockchain technologies are grouped together because in their delivery they introduce additional complexity, overhead and technical risk by either:
1) Introducing another blockchain on top existing blockchains
2) Adding another consensus mechanism in addition to underlying blockchain consensus
3) imposing limitations to connect chain to chain.
4) Mandating a fundamental change to an enterprise’s systems to user their technology
We did a thorough analysis in our whitepaper and compared Interoperability Blockchain technologies looking at very specific criteria and while we concluded that they may enable a level of interoperability– they don’t simplify the approach for enterprises to adopt. They also leave many questions unanswered such as:
· How will you secure/de-risk the blockchain implementation against my existing infrastructure?
· How will your protocol be adapted for future blockchains?
· How will you connect to networks and the internet?
· How do you use interoperability to tap into the multiple ledgers?
These are the questions that Overledger answers.
Now in order for Overledger to achieve what these other blockchains simply cannot — is no small task and there are key elements required in order to be successful.
Overledger is taking a Steve Jobsian-style approach to blockchains — taking a very complicated technology and making it much easier to use for Enterprise and developers.
Overledger is the only platform to facilitate internet-scale development and deployment of decentralised, multi-chain applications (MApps) and Treaty Contracts (multi-chain smart contracts)
Overledger’s the only technology that allows for true N:N interoperability, meeting external security and regulatory requirements, and require minimal change to existing systems and networks to access the networks of blockchains through Overledger.
Other technologies introduce additional complexity, overhead and technical risk by introducing:
1) another blockchain on top existing blockchains
2) another consensus mechanism in addition to underlying blockchain consensus
3) impose limitations to connect chain to chain.
Overledger prevents Enterprises and developers to be restricted to:
· Lack the freedom or flexibility to easily migrate to another technology when required
· Have limited resilience and instead face increased risk and exposure by being dependent on a single technology
· Forced to manage cost lock-in by not being able to manage consensus fees which are set with no option to remediate