What started as a mere solution to a failing financial system whose corrupt underbelly was exposed in 2008, blockchain technology and its applications have shown to be so much more.
It is revolutionizing how we interact in the digital world.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
It is technology that can keep your personal information private and secure while making all activity transparent and incorruptible.
We are now witnessing the fourth industrial revolution – the first one that could actually benefit the planet and all of its inhabitants instead of just shareholders, however before that can happen, the boundary between the blockchain community and the business world still needs to be successfully broken.
As you can imagine, every government, bank, and major corporation is racing to be the first to bridge this gap while keeping it secretly centralized and in their control.
Pfizer and Genentech prove this point perfectly. They just recently announced the release of their MediLedger project which utilizes JPMorgan’s Ethereum Go-inspired permissioned blockchain network Quorum to run the supply chains within the global pharmaceutical industry.
They claim it’s for security – to protect their medicines, yet if that truly was their intention they could have easily just used an already secure and robust decentralized infrastructure like Bitcoin, Litecoin, Ethereum, or Ethereum Classic to achieve the exact same result.
In order for the Blockchain to truly work its magic and bring about an open and sharing economy with limitless resources for all, a versatile, transparent, and open sourced operating system (OS) needs to exist that can function at the commercial level, while still benefiting the entire ecosystem – allowing applications to be built across all blockchains, such as Bitcoin, Ethereum, and Litecoin.
The Grid Foundation
A non-profit entity based in Singapore, the Grid Foundation has developed a highly efficient and customizable OS that they believe will become the “Linux system” within the Blockchain community.
Now one of the most popular operating systems to date, Linux has become a family of free and open-source software, supporting numerous industries.
Grid key attributes:
- Cross-chain optimization between all Blockchain systems (DAAPs) will be realized via two mechanisms:
Hierarchical Side Chain Mechanism: Grid categorizes chains into different levels in accordance with the block formation speed of the chain, and provides a dedicated adapting side chain or adapter module to carry out the same level of cross-chain transactions for each level of the chain.
Cross-Level Guarantee Mechanism: For cross-chain transactions at different levels, the main chain provides a guarantee for the slower chain. This is only an optional mechanism if required.
- Improved performance via parallel processing (similar to segmented processing or sharding). Instead of combining all Smart Contracts onto a single chain, the Grid imposes a “one chain to one type of contract” model – side chains that are each highly customizable.
Isolated Side Chains can manage different business interests without colluding sensitive data with a public facing ecosystem. No more congestion when an ICO takes place like on the Ethereum blockchain.
The Main Chain interacts with the Side Chains by Side Chain dynamic indexing in the form of a Merkle tree. This idea is similar to partitioning and sharding in database architecture. It allows each shard to perform specific functions and when one shard is too large to manage, it can be further broken down to multiple shards – much like the roots of a tree.
- Grid supports light node and cloud service, which reduces the computational requirement for devices connected to it, while maintaining high performance. This is critical in order to manage billions of devices and enables micro-payment across them to link internet of things.
- Private chain module. Users can create an independent chain and obtain full ownership while still maintaining access to the Grid ecosystem and user base.
- The Grid will have its own digital token to incentivize good behavior and to facilitate contract execution and cross-chain value exchange.
- Transaction fees will reflect the contribution value each side chain brings to the ecosystem.
- The main chain will run a Delegated Proof of Stake (DPoS) protocol which pays large-scale stakeholders to uphold the system for high speed, while for side chains, developers and companies can choose the suitable Consensus (PoW/ PoS/ DPoS) depending on their needs.
The Grid, still in its infancy, plans to be up and running by the end of 2018. With transparency being one of its key objectives, its future will be guided by the crypto-community and industry experts alike.
Blockchain technology is rapidly morphing. The Grid is helping to push this evolution in its intended decentralized direction.