Overledger will restore our trust in The Internet
The current approach to Blockchain limits its potential. Creating closed proprietary networks will fail like the closed networks of the early Internet.
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.
Quant Network designed the blockchain operating system Overledger specifically to address the current limitations of blockchain technology by enabling interoperability between ledgers and existing networks and systems. In simple terms, this mean ensuring seamless communication between single-ledgers and ensuring that one ledger can recognise transactions on another ledger. Why can’t Hyperledger recognise a transaction made on the Ethereum ledger?
We faced similar challenges during the beginnings of the Internet before we had mass-adoption, leading to economic prosperity. The internet pioneers could not have imagined and predicted the innovation and growth that the inter-connected Internet brought. We initially had closed commercial networks operating in a monopolistic way. You could only access networks like Compuserve, Prodigy, AOL and research networks such as ARPANET, JANET, MILNET, AARNET etc if you were already within them. It was through interoperability and connectivity that the Internet as we know it was born. However this came with some risk. With a larger open network, we could no longer trust each other because we can’t know everyone single participant of the network. We had to build up defences and walls to protect us from each other . This is the “original flaw” of the Internet.
We are facing the same scenario in recent years.
Closed Blockchain networks are being created and used in isolation of one another. Mimicking the challenges of the early internet faced. It is only through interoperability of Blockchain networks to each other, then to existing networks which will lead to wide adoption and evolution of the original Internet to the Internet of Trust. We’re at the beginning of this journey and can’t wait to see the next generation of innovation, growth and prosperity the Internet of Trust will bring.
To understand Overledger, you need to understand how the early Internet evolved to the internet of today. Overledger is the catalyst needed to unleash the potential of blockchains to foster the next-generation of innovation and economic growth.
With the adoption of Blockchain technology, for the first time, we can honour the original vision of the Internet to create an open, interoperable and trusted network for people, machines and data to operate on, but without the original flaw of having to know everyone within the network.
For the first time, we can trust the network without the need to know and trust each other.
On the application side, people are limited to only use the features of one Blockchain at a time. We create dApps that exist in isolation within single Blockchain networks. But Enterprise and developers operate at risk by relying on a single technology. On one hand the technology can fail or become insecure. Or perhaps an Enterprise can no longer can afford the monopolistic costs and fees. On the other, it may become unsustainable for the Enterprise or there is possibly vendor fatigue. With the current approach, it is not possible to easily migrate to another technology without huge risk, cost or downtime. Enterprise are weary from being limited or tied to a single technology.
The birth of the web and evolution of web technologies allowed for web applications to exist on almost any platform.
This is the same for Smart Contracts. Existing in one environment limits potential. The potential is limited by only existing in one environment. We see the huge potential by allowing cross-chain smart contracts, know as Treaty Contracts, to recognise the execution and outcome of a smart contract on different networks.
Enabling interoperability is going to be the critical first-step in in order for us to witness mass-adoption of blockchain technology. But it’s not a small task and it requires key elements in order to succeed.