The Internet of Things, or M2M, holds a firm position among the main buzzwords of the modern tech world. And while blockchain-operated cryptocurrency steadily becomes a usual thing, there’s still an important innovation to look forward to – Globo Protocol, a decentralized crypto-token for microtransactions that will simplify some peculiarities of the M2M infrastructure.
The Globo Protocol is powered by Globo Ledger – a system resembling the capabilities of, but more flexible than the blockchain being a kind of spiritual successor to it. Globo Ledger is viewed as an ordered acyclic graph that can, nevertheless, work in the suggested by the initial architecture fractional order. According to its Founder – Andreas Burwick, the Globo Protocol is expected to revolutionize the modern means of microtransaction, as well as digital world’s course of development as a whole.
We discussed the newly created solution with Andreas Burwick to review its M2M architecture simplifying concept in more details.
“Pretty soon the people will start to call Globo Protocol the general M2M’s currency – all because of its blockless, commission-free concept and decentralized nature”
– Andreas Burwick, CEO of SmartWeb Group, Founder of the SmartWeb Group.
What purpose does Globo Ledger serve for your solution?
Andreas Burwick: Globo Ledger is the foundation of Globo Protocol that enables the capabilities of conducting a huge number of transactions per second. Its functionality resembles and, if I may say so, even sums up the blockchain’s, operating very similarly to it while experiencing normal loads and intertwining the newly generated branches while in stress load mode.
What benefits exactly do you think microtransactions can bring to the M2M?
AB: The Internet of Things is a technology which took some time in development but eventually resulted in great new possibilities and a huge potential. However, many people still regard the M2M in the context of a collection of new fancy Kickstarter devices. The goal here is to pass the word of its advanced, in-depth capabilities among the people, thus, informing them on the subject much further.
“Microtransactions within the Internet of Things can highly increase the availability of various apps, tech products, etc.among the people making digital payments all the more accessible.”
Microtransactions are the moving power of the M2M, which will help reveal its full life-enhancing potential. And there is plenty to enhance – our routine can be, for a lack of a better word, modernized according to the highest tech standards (imagine your fridge ordering the ice on its own – such things are pretty real nowadays thanks to the M2M). But this moment has been discussed a thousand times already. What intrigues me the most, is how microtransactions within the Internet of Things can highly increase the availability of various apps, tech products, etc. among the people making digital payments all the more accessible.
The value of data gathered from thousands of interconnected sensors placed on the most various types of devices, vehicles, buildings would be beyond compare for a number of essential to our daily life industries (car manufacture, weather forecast, energy consumption, etc.).
Microtransactions here, serve the purpose of providing the means of transacting such invaluable data. That will make various polls and surveys old-fashioned and obsolete as there is to appear a possibility to manage and sell the veritable, gathered in real time data for individually set prices.
Moreover, the M2M can greatly benefit the aspects of electrical energy and computational power consumption. People will be able to sell excessive electricity and, due to ever-developing nature of the M2M concept, performing capabilities of their computers (almost everyone has some kind of processing, connected to the web device in their home; imagine how much expensive power your whole neighborhood generates minutely in vain).
“Our collectively acquired expert knowledge enabled us to inspect through and through the downsides of the existing blockchain-based solutions and, also, discover the most problematic aspects of the M2M to take heed of.”
The last but not least significant benefit would be solving an issue of the M2M’s architectural scalability. The more devices the M2M consists of, the more technical conflicts there are expected to appear. Wi-Fi and Bluetooth are unable to provide a sufficient number of channels as of yet, so the innovational concepts like LiFi are being developed to try and solve that issue (LiFi, essentially, distributes data via the special type of light rays, which only work indoors, however, and the concept itself is far from being completed yet). Using small data units and transferring them throughout many endpoints simultaneously, the Globo Protocol is able to shorten the channel engagement time aiding the solving of the issue.
What made you decide initially to implement this new crypto-solution?
AB: We explored the M2M niche pretty thoroughly as everyone taking part in the Globo Protocol implementation has a 1-year experience of developing an M2M startup, as well as extensive experience of working in the crypto niche. Our collectively acquired expert knowledge enabled us to inspect through and through the downsides of the existing blockchain-based solutions and, also, discover the most problematic aspects of the M2M environment to take heed of.
Is Globo Ledger compatible with Bitcoin’s or Ethereum’s blockchain systems?
AB: We are not striving to invent the “almighty”, universal solution as many out there are attempting to do. We understand the silliness of such an idea and don’t want our M2M tech offspring to feature below-average functionality. Instead, we set an objective to provide the best solution for microtransactions niche possible. Our concept is open to various other blockchain environments, such compatibility was initially written in its foundation. We’d like to cooperate with Ethereum, Bitshares and companies alike for a mutual contribution to the M2M’s progress. Some negotiations have even already started.
What about quantum resistant algorithms, why should they be implemented?
AB: According to the experts, the coming of quantum processors is not that far away, and it’s not in the least a sci-fi concept but a very real one. Quantum resistant crypto has already been employed by the NSA and there are other related campaigns that started to emerge already in the beginning of 2000s.
This high-tech futuristic concept is expected to be necessary for the logical further development of the M2M and will be a real step forward for it. I won’t be elaborating further on this subject as it can take up to several days, you can find out more yourself from this huge article here.
“It’s [Bitcoin] doing great but what we need to define in this relation right now is in what manner it will develop and by what principles it will act in the future.”
How is Globo Protocol effective in terms of scalability?
AB: Globo Protocol takes into account the changing nature of working conditions and adapts its performance accordingly. We did not involve complex algorithms for that purpose but embedded into its core the response data batches.
How do you think the Bitcoin environment is doing right now?
AB: It’s doing great but what we need to define in this relation right now is in what manner it will develop and by what principles it will act in the future. I believe that the block sizes are the main object of discussion here: they must stay small if Bitcoin is to hold its digital gold position, and be enlarged if it is looking to go global in its transactional activities.
How can Globo Protocol predict smart contracts?
“Microtransactions will greatly influence the modern way of setting of prices, which is, to be honest, a pretty mediocre process.”
AB: Globo Protocol is able to initiate smart contracts thanks to its blockchain compatibility. For example, we are able to resolve the conflicting reports issue on various platforms counting PoW of Globo Protocol attached to every report, which provides great chances of receiving a proper solution.
In what manner can the concept be used in real world?
AB: Microtransactions will greatly influence the modern way of setting of prices, which is, to be honest, a pretty mediocre process. Pricing nowadays is established based on the rough statistical estimates ignoring the individual qualities of buyers (the sums are always fixed).
Also, the purchases are never made in real time, which can be fixed by the microtransactions. The concept starts to seem all the more revolutionary when you imagine an opportunity to pay for the desired goods directly and immediately.
What is the ultimate objective of the newborn concept of Globo Protocol?
AB: We strive to deploy the M2M environment to its fullest extent and provide immediate transactional capabilities.