SWIFT-like Crypto Protocol Will Benefit From Parent Company’s Newly Expanded Mining Power
Laser, the blockchain startup that connects thousands of existing blockchains to one another, is on course to enable near-instant inter-blockchain transactions – thanks to a boost in hash power and Service Node infrastructure at its parent company.
Global Blockchain Mining Corp (GBMC) is one of the largest publicly listed cryptocurrency mining companies, and the core developer of Laser. GBMC has committed to implement data center resources and compute capacity for the purpose of running service nodes and mining on the Laser Network, which is being hailed as the cryptocurrency equivalent to SWIFT – introduced in 1977 to facilitate cross border payments. Before that, many of the world’s currencies and banking systems operated in isolation.
Laser will connect hundreds of cryptocurrencies by enabling them to effectively speak the same language. It’s set to create a blockchain without borders, helping unlock the potential of every cryptocurrency.
Using an overlay protocol running on top of the Laser Blockchain, transactions can be approved near-instantly by service nodes, as opposed to taking several minutes or hours which is the case now.
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Service nodes are the heartbeat of the Laser network, providing its key services and computing functions. So a commitment by GBMC to operate Service Nodes is crucial to the protocol.
For parties interested in operating as a Laser Service Node, a number of Photon tokens – the native cryptocurrency of the Laser network are required. Service nodes risk losing this stake if they attempt to validate an invalid transaction, so there is an incentive to be honest. Global Blockchain Technology (GBT) owns 30% of all Photon tokens. It will use this stake to operate itself as a service node.
Service nodes can “pseudo-confirm” transactions based on their observation of factors such as wallet balances. In the absence of negative confirmations, transactions can be deemed valid in just seconds.
Anonymity is also possible by scrambling coins of multiple transactions to prevent ownership of a given coin unit being traced through a public blockchain.
Shidan Gouran is President and CEO of Laser, and mined his first Bitcoin in early 2010. He is also co-founder and president of Global Blockchain Technologies, which is the largest listed private equity firm in the Blockchain sector.
An upcoming Laser crowd sale will entail an equity sale in Laser, with Photons allocated proportionately to equity purchased. A block of 6,300,000 shares will be made available, with a minimum purchase of 100 shares.