A Short Introduction
I’m about to present something that I feel is under the radar of many people. Even for a crypto enthusiast like me, it took a real effort to grasp all of the following. After I had done a lot of reading I started to get the picture and it got me really excited.
I will explain the information while trying to avoid an information overload. Rather than going into great details, I will talk about the fundamental ideas behind this project. My aim is to keep things as clear as possible. However, If you are left with any questions, I’ll be happy to answer them in the comments.
The Big Picture
Instead of seeing cryptocurrencies as a zero-sum game, where one can only grow at another’s expense, they should be seen as an ecosystem where the different coins and projects create value for each other. What I am about to describe does just that.
There are three main components: NXT, BitcoinDark and SuperNET. Other cryptocurrencies, technologies, businesses and even decentralized autonomous corporations (DACs) emerge around them. The amount of innovation is truly astonishing and it’s happening way faster than my wallet would allow.
The main pieces are presented below. Prepare yourself!
What is it?
It is a platform that uses the latest and the best technology available to make the vision for decentralized business and finance a reality. Privacy, security and anonymity are a central piece of it. In today’s information age, a business truly needs privacy from its competitors and bitcoin’s pseudoanonymity doesn’t cut it.
With todays centralized solutions nothing can be truly secure and espionage is a real problem. Sending money through a centralized party or storing data on a centralized database will soon be seen only as a security threat. Once the decentralized systems start to offer a competitive edge to businesses, the old financial world will start to feel the force of these disruptive innovations known as cryptocurrencies.
SuperNET runs on a platform that makes the most of both NXT’s and BTCD’s powerful features. NXT provides the functionality, BTCD the secure communication.
All the projects need each other to reach their full potential or to even work at all. For instance, MultiGateway is built on top of the Asset Exchange and InstantDEX needs MultiGateway. InstantDEX is also an asset and it needs BitcoinDark to make trading anonymous and secure.
It is a young – yet already powerful ecosystem. Many of its features are still in development.
SuperNET unites the cryptocurrencies
Some cryptocurrencies have been acknowledged to be innovative and are being linked together into a large network. Because of this, the cryptocurrencies benefit from each other and bring value to the network as a whole.
SuperNET is not a cryptocurrency itself. It’s an asset listed on the Asset Exchange. The lead developer James Lee aknowledges it to be a bit “dev-centralized” as he is the only one to fully understand the code. However, it’s all opensource. The purpose of the SuperNET is to…
…unite the disparate crypto communities into a single marketplace to give proper exposure to the worthy tech that is already being developed but unable to reach a mass audience.
When SuperNET sees an innovative cryptocurrency it commits to it by taking a stake. Thus SuperNET is backed up by all the coins that are part of the network. On top of that, SuperNET pays dividends to the asset holders through other assets it creates. Currently the SuperNET core coins are:
The lead developer James Lee has had this to say about the SuperNET:
SuperNET is to a crypto like the internet is to a website. It is an integrated tradinghouse/incubator/software/advertising entity that has a very promising business plan of aggregating users and monetizing the internal and external traffic.
The tech that is being built by SuperNET tries to bring the cryptocurrencies together as closely as possible, as well as to integrate financial services outside of cryto into it. InstantDEX is a big piece in the puzzle. It will enable anonymous, instant and decentralized exchange between crypto currencies. Lower fees and the trustless trading will inevitably drive the market volume towards it. Liquidity is achieved through decentralized trading bots.
The flow of fiat to the crypto economy is secured through the fiat exchanges such as Coinomat and Coinimal. That is after all, the long term goal for any cryptocurrency. Coinomat seeks to allow easy and anonymous money transfers outside of the crypto economy through anonymous debit card. The long term plan, of course, is to create businesses that use this platform and bring fiat from the ‘real world’ into the crypto economy through their services.
BitcoinDark gives the tools for privacy
BitcoinDark holds the most innovative and cutting edge technology. It also functions as the base currency for the SuperNET network.
BitcoinDark is at the heart of the SuperNET making sure that large scale surveillance attacks on blockchain finance are impractical and futile.
Through technologies called ‘teleport’ and ‘telepathy’ BitcoinDark has made totally anonymous transactions possible. Unlike all the other anonymity coins, BitcoinDark does not use mixing or ring signatures to achieve its anonymity functions. Instead of dealing with the privacy threats directly, BitcoinDark has been able to remove them altogether with simple and elegant solutions.
Without going too deep into the underlying tech, I’ll say that it basically allows you to send end-to-end encrypted transactions to anyone without knowing the receivers IP address. Furthermore, the transactions are not linked to each other, there is no exact time when a transaction happens and the transactions will use standard denominations. Because of this technology, InstantDEX will have decentralized off-blockchain exchange mechanism, making trading truly anonymous.
Now, you may wonder how the heck have they managed to do all that. Through the research I have done I can guarantee there are no wizards or magic. See for yourself and read the whitepapers for teleport and telepathy. If you are a fan of Jack Sparrow I recommend the one about teleport. Captain James Lee has a great imagination.
NXT builds the infrastructure for the digital economy
NXT is a blockchain 2.0 technology built from scratch. The technology tree looks very promising. You can tell that they have a vision, and that vision is being vigorously implemented. Since it’s the oldest blockchain 2.0 technology, it is also the most advanced one.
Keep in mind that those are all features that have been or will be built into the blockchain directly. When we take into account all of the other projects, the true scale of it starts to take shape. I’ll list some cool things you can do right now using the NXT blockchain technology alone:
- Create your own address that holds all of your coins and assets
- Invest in a business – buy an asset from the asset exchange
- Receive dividends
- Get funding – Issue your own asset using a smart contract
- Create a new currency with the Monetary System
- Give your account a name with the Alias System (yes, transactions can be sent to an alias)
- Sell digital goods on the Marketplace
- As an asset owner you can take part in important decisions through the voting system
- Send a small amount of data or a message to anyone through the NXT network
What got me initially hooked was all those assets (or shares) that I could buy from the asset exchange (or decentralized stock exchange). What if I were to tell you that you can anonymously invest in a coffee house located in South Africa? If you don’t believe me, I have proof!
Yes, a coffee place is being built with the money from random people around the world and monthly dividends are being paid using the same mysterious internet money that doesn’t really exist. Recently the founder of BGCAFFE had an interview on the SuperNET radio.
Right now all the BitcoinDark (BTCD) coins that I own are sitting on my NXT address. The MultiGateway technology has made that possible. The coins show up as ‘SuperBTCD’ and they can be purchased from the asset exchange. You can also send the normal BTCD to your SuperNET wallet and through that to any NXT address. I can send the superBTCD back to a regular bitcoindark address too. In the future you can do the same with any coin that the SuperNET supports, including bitcoin. The superBTCD’s are assets (or colored coins) that are backed by the real BTCD coins that SuperNET holds.
With the asset exchange, you can invest in numerous projects, such as I have been describing. Even InstantDEX is listed there, and as a shareholder of that DAC (decentralized autonomous corporation) you will be getting part of the future revenue it generates. A word of caution however, historically there have been many scams too, so any investment should be done with sufficient due diligence. Although I consider all the projects listed in this article as legitimate.
Other projects part of the ecosystem
Just to further prove my point, I’ll list more of the projects that I haven’t mentioned yet.
MMNXT – Market-maker for NXT
MMBTCD – Market-maker for BitcoinDark
E9 – Multistrategy hedge fund
NXTVenture – Venture capital & investment bank hybrid
NXTPrivacy – Provides various privacy services
NeoDice – Decentralized NXT Dice
Pangea – Decentralized Poker
Atomic – Cross-Chain Ledger
Freemarket – Decentralized Marketplace
SkyNET – Decentralized AI
Finhive – Financial Analysis from Skynet
DeBuNe – Decentralized business network
Jinn – Internet of things
The beautiful vision for all the things a blockchain technology can achieve is becoming a reality. While some might still be in doubt about bitcoin being a pyramid scheme, others from all over the world have come together to write code. Ordinary people from all sorts of backgrounds are just sitting in the comfort of their own home and creating a much needed new monetary system and financial platform for the world to use.
If bitcoin is all you have right now, I would recommend diversifying into other cryptocurrencies too. There are other competitors for NXT & SuperNET as well, so going all-in on NXT might not be wise either. Other promising blockchain 2.0 technologies that I know of are BitShares and Etherium.
I hope this short article gave some valuable insight to the plans that are in the making. I’m really excited to see how this all turns out.
P.S. Here is a great image describing the differences between a few of the cryptocurrencies.