Listen to this articleSuperNET is a software development company focused on decentralized financial services, such as private payments, cryptocurrency markets, and pegged assets. Komodo is its infrastructure blockchain and currency. We sat down with Audo Kryptowitz from SuperNET to learn more about the company and its future:
Q: What is SuperNET and how does it work?
A: SuperNET is a horizontally structured organization that is building open source technologies. Our platform focuses on decentralized financial services, such as private payments, cryptocurrency markets, and pegged assets.
Our mission is to solve complex problems other blockchain projects face so that we can accelerate the growth of the whole industry. Generally speaking, blockchain projects suffer from lack of privacy, price stability, speed, scalability, and interconnectivity. Our projects will connect the otherwise isolated blockchains so that they can form a new financial ecosystem that can compete against the fiat currency system.
SuperNET is made up from many different sub-projects that all tie together. The very basic codebase they all use is called ‘Iguana,’ and it has been in development for two years. The technology will make blockchain speak the same language so that they can interact with each other.
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Q: Tell us something more about your vision?
A: From user’s perspective we want them to be able to store all their coins and assets in one place we call Iguana wallet. From that wallet, they have access to a decentralized exchange where coins and assets can be traded without any counterparty risk.
One thing people would like to store in their wallet is their local currency, i.e. Euros and Dollars. However, this is not possible because it is not peer-to-peer money. However, we managed to create a special asset which has its value tied to a fiat currency. The best thing is, that it can be stored and traded in our Iguana wallet just like any other cryptocurrency.
Privacy is ensured through the platform’s anonymous currency: Komodo. Because Komodo also interacts with our other services it is possible to use it to give privacy features for any other coin we support. In other words, you could send Bitcoins in and out of KMD to destroy its transaction track record. We will automate this process with a mixer called Jumblr.
Our vision is to decentralize every financial service and bring them together under the same umbrella. After the technology matures we will have easy to use decentralized money that can be traded in a decentralized forex market. We will create a new peer-to-peer world on the Internet.
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Q: Could you provide our readers with a brief introduction to Komodo?
A: Komodo is our platforms infrastructure blockchain and currency. It brings us both privacy and security.
A new consensus mechanism called ‘delayed Proof of Work’ gives Komodo a enhanced security system. With it, we can recycle Bitcoin’s computational power to secure our Komodo blockchain and any other blockchain that chooses to use our service.
This protection service will allow us to create new weak blockchains and give them extreme security. For example, our special fiat assets are secured by this technology.
We are selling 90% of the issued coins to investors in an initial coin offering (ICO). The sale ends on November 20th. More info is available on our website.
Q: What have been some major milestones over the last 12 months?
A: Our lead developer has worked hard during the past two years building the backend code base ‘Iguana’. During the past year some major breakthroughs were made, and now we are happy to say the hardest part is done.
We have solved all the major roadblocks, and now we are busy finding the remaining bugs, building graphical user interfaces (GUIs) and installers. Many of the features talked about will come online shortly after our ICO finishes.
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Q: What are your plans for 2017?
A: We will continue to add new features on top of the existing services. For instance, our decentralized exchange will become a full trading environment for traders, and our pegged assets will have their own decentralized forex market.
The long term plan is to solve the scalability problem. That can be done through loosely coupled bitcoin compatible blockchains. When we connect many blockchains together in a hierarchy, we can scale up the max transactions capacity. If one blockchain can do ~100 transactions per second, then by connecting 100 blockchains together we can increase the capacity by a hundredfold.
We haven’t announced any specific timeline or roadmap for these features. A lot of it depends on how much money we raise too. Right now we are busy delivering the already coded services, and those alone will be huge.
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