As its BETA period gradually comes to an end, Globo Protocol – the decentralized token employed within the confines of Internet of Things is about to get launched.
Being a crypto-token for microtransactions, the Globo Protocol is expected to introduce some simplifications in the M2M’s architecture. Globo Protocol, the capabilities of which resemble those of blockchain’s, serves as a base for the Globo Protocol. The Globo Protocol is, however, more flexible in that it is in some way a blockchain wannabe, if you may say so.
Andreas Burwick, Founder of the SmarWeb Group agreed to answer some of our questions regarding the newborn token. We had previously discussed with him the technological moments of the token’s BETA period and now he is to tell us more.
When will the Globo Protocol’s definitive launch take place?
Andreas Burwick: It is not that simple a moment. The Globo Protocol’s launch process comprises three whole stages, so there are no, as you said, “definitive” dates to be expected in this regard. After the alpha/beta testing, which had taken 6 months, was finished, the first stage started July 11th. We are now in the process of handling the first stage; our live-net went live right at the beginning of it. However, the nearly “definitive” launch is to happen in the nearest several weeks, after which there are still many moments to be prepared and presented to the public eye.
Is it possible to describe the stages in a bit more details?
AB: Yes, of course. So, where do I begin with this. So, during the first stage, we arrange our web functionality and start our operation of an unalterable digital register book. We also implement the website, forum, chat-rooms, accessible GUI and other essential moments alike. This initial stage takes up so much time, I mean the following few weeks or even months, because apart from all the previously mentioned tech moments, it is also a period for partner negotiations and confirmations of concepts where large enterprises also take part.
The second stage is mainly about expanding the Globo Protocol’s capabilities. We’re going to complement its transactional and data-transferring functionality with additions developed in cooperation with partners.
Lastly, we’re going to work on our hardware during the third stage. Our goal would be to achieve the performance capable of processing a huge number of transactions in seconds. Our company – SmartWeb Group, is currently trying to develop an M2M processor with such capabilities.
Has the initial concept of the project changed much by the time of its BETA?
AB: No, the original concept stays unchanged. During the BETA, the optimization of various software mainly took place, which, by the way, continues up until now. We strive to provide people with the ability to conduct as many transactions as possible in the fastest manner.
Being the original crypto-token of blockless type, how was the Globo Protocol received by the cryptocurrency movement?
AB: The community received our project pretty positively. People seem to appreciate the idea of a decentralization-enhancing concept that will also be able to handle the currently central problems regarding the Block size and the blockchain’s excessively high fees.
Some opinionated people, who only have the superficial knowledge of the blockchain technologies, are still a case, however. Some even go as far as reviewing almost any tech innovation strictly negatively seeing a potential competitor, well, you might have come across such people. We tend to not take such reviews into account.
This question might not be new and original, but still, can you point out some of the Globo Protocol’s competitive advantages? How is it better than the already existing solutions?
AB: You will see that our project’s innovational nature is quite obvious if you look at it from the right angle. Simply compare the Globo Protocol’s capabilities with those of the blockchain. Due to the special nature of the blockchain’s architecture, it must involve miners that confirm transactions taking respective fees for that. The Globo Protocol, on the other hand, is a self-sufficient concept that does not require any commissions or additional payments as its users confirm each other’s transactions themselves.
Elaborating on the theme of fees, the microtransactions involving only a few pennies, like 0.1-10 cents, are completely impractical when there are additional fees to be paid. When the transacted sum is as small, and you can believe me that the M2M implies some cases where there is a need for it, any kind of additional payment would be pretty excessive and wasteful. The Globo Protocol fixes this issue providing the means of transacting whatever sums of money you wish. So, there’s at least that.
The extensive partnerships
What about the previously mentioned partner connections? Can you tell us more?
AB: Yes, gladly. We cooperate with the most various sorts of enterprises, from insurance to e-voting and microtransactions companies.
Let’s take insurance companies for an example. Some of the advanced insurance mechanisms for farmers were developed in the poorer countries like Africa and India. The insurance companies there take into account meteorological data and use it to review the hostility or friendliness of the places where the farmers gather crops. In such way, the companies have a great way of getting profit while providing people with useful information. In this regard, the Globo Protocol will provide an opportunity to make immediate payments based on the varying weather conditions, as well as to keep the important financial data secure and unalterable transferring it to Globo Protocol’s Globo Protocol.
Another moment that directs us towards certain partnerships is the rapid growth and development of the M2M. It poses a question as to how to establish the high level of performance and interconnection between the colossal quantities of the devices it involves. Some oil companies, for instance, put several thousand sensors on their rigs. However, most of the data retrieved by them never reach its final destination. The capabilities of the Globo Protocol, in turn, will let you manipulate and distribute each and every bit of the data however you like, which is a great financial benefit for the business.
Among our partners are also e-voting enterprises which are to rely heavily on our project’s capabilities. The Globo Protocol makes processing of votes almost free of charge while the Globo Protocol ’s infrastructure provides more scalability and versatility than the blockchain, and these are the reasons why our token would serve as an essential base for end-to-end e-voting systems. We are already discussing prototype employment with two companies of that kind.
So, these are some of the examples of partnerships we consider, a pretty diverse crowd, don’t you think so?
Yes, indeed. You seem to engage with quite various niches. So, the last question. What do you expect of Globo Protocol in the future?
AB: In the nearest future, we expect to notify our users about several upcoming partnerships. We will continue the implementation of the Globo Protocol as an innovational, revolutionary solution in the confines of the M2M and modern technologies as a whole. Our main goal is to provide a near to an endless number of devices with advanced transactional capabilities and means of interconnection. With the coming of Globo Protocol, I promise you, the M2M will never be the same.