Announced today, Global Blockchain, a Vancouver blockchain technology company, is introducing a network for purportedly quicker and more anonymous transactions. Titled the Laser network, the company stated that this technology will serve as the “SWIFT” of the blockchain world.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a network that allows banks across the world to cooperate in exchanging information about financial transactions. In the modern day, this system is a large part of everyday finance, allowing individuals and companies to send international payments using their SWIFT codes.
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As a result, Global Blockchain’s claim that it is introducing the “SWIFT” of the blockchain world is quite grand. The company stated that its Laser Network was built through a hard-fork of the Ethereum blockchain, and will allow for a similar sense of worldwide interoperability. “With a breakthrough technology called the Laser network, all blockchains can operate faster and with better anonymity,” the press release stated. “Best of all, they will be interoperable with other blockchains - which will accelerate the collective growth of and ability for all cryptocurrencies to work together.”
Global Blockchain explained the need for the network it’s attempting to introduce, stating that the industry’s growth presents limitations for individual digital currencies. According to the company, no individual digital currency can be the world’s primary source of spending. Global Blockchain aims to address this issue through introducing interoperability between blockchains. The company’s mission identifies being able to easily transact between various digital currencies and blockchains as an important part of digital currency adoption. The company looks to “SWIFT” as an example of this framework existing in the world today, and claims that this same method of worldwide exchange does not yet exist in the blockchain world. “Laser has been developed to offer this exact function of interoperability between blockchains,” it stated. “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.”Further, it claims that Laser will introduce an effective version of the Casper protocol before Ethereum. Casper is one Ethereum scaling solution highly valued within the community, as it looks to solve some of the industry’s largest scaling issues.
