Global Blockchain recently announced the introduction of a service layer technology called Laser which works by operating on top of existing blockchain networks and optimizes its functions as per the user’s requirement.
What Is Laser?
Laser is a service layer model that operates on top of a blockchain network. It provides services that may not be native to a given blockchain, such as near-instant transfers, and anonymous transactions. It also has the capability of interacting with other blockchains that also have this service layer, effectively enabling separate blockchains to seamlessly interact with each other. Laser is built on a fork of the Ethereum blockchain.
Laser is not a cryptocurrency by itself. However, Laser will have its own crypto coin called a Photon. All holders of Ethereum currency before the hard fork will receive the equal number of Photons on upgrading.
A major advantage of this platform is their speed of transactions. Using an overlay protocol, nodes are able to perform verification checks in a matter of milliseconds in order to “pseudo confirm” transactions, without having to wait for a matter of minutes or longer.
Laser Protocol Benefits
Users looking for anonymity can enjoy the benefits of Laser too. With a joining technology, same-currency transactions are bundled together and sent to a “ghost” wallet that is pre-programmed to redistribute the lump sum according to the amounts specified by the original senders, to the recipients specified by the original senders. This optional service will obscure details of previous ownership of a given token, preventing transactions from being traceable on the blockchain.
The primary difference between Laser and its competitors is in accountability. The true backbone of blockchains is the supply of full nodes to verify transactions. Since these full nodes generally do not get rewarded like miners do, there is little incentive to operate them. Laser’s model provides for compensation of full nodes, while also requiring them to put up collateral in order to operate. With incentives to provide stable computing resources, and do so honestly, Laser will ensure a reliable, trustworthy, and sustainable blockchain environment.