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Global Blockchain Technologies (CSE:BLOC) has announced that it is launching a service layer technology called Laser. As quoted in the press release: Laser works by operating on top of any existing blockchain network and optimizes its functions – which includes the ability to operate with other blockchains. Laser with these new and unique features seeks …
Global Blockchain Technologies (CSE:BLOC) has announced that it is launching a service layer technology called Laser.
As quoted in the press release:
Laser works by operating on top of any existing blockchain network and optimizes its functions – which includes the ability to operate with other blockchains. Laser with these new and unique features seeks to play a central role in the growth of all Blockchains by for the first time allowing interoperability between Blockchains.
The Laser Network is built on a hard-fork of the Ethereum blockchain, the Laser Blockchain.
As cryptocurrencies have grown, it is clear both in the rampant interest from the general public and from the hundreds of billions of dollars in market capitalization that there is a strong upward momentum for this groundbreaking innovation in fintech. However – as this growth has occurred, it has become clear that some limitations exist for individual cryptocurrencies with respect to how much market share each currency can possibly acquire. In spite of the fact that cryptocurrencies such as Bitcoin, Ethereum and Litecoin are each major players, no single one of them can become the world’s primary cryptocurrency.
This does not have any negative implications for cryptocurrencies, as this same reality is shared with fiat currencies. The United Nations officially recognizes 180 currencies worldwide and outside of reserve currencies none of these compete with one another for market share, as they each serve their own purpose in their respective jurisdictions. These currencies can easily be transacted across borders and banking systems through systems such as SWIFT, making most currencies tradeable and fungible on a global scale.
No such “SWIFT” solution existed for cryptocurrencies until now. Laser has been developed to offer this exact function of interoperability between blockchains. By standardizing properties such as wallet numbers, it will be possible for users of one blockchain to make transactions with users of another blockchain without the use of a third-party exchange. This effectively does away with the borders of the blockchain ecosystem and opens up a vast realm of new possibilities.