A blockchain company named CoBlox is near to completing their COMIT protocol- an abstract layer of code that is capable of connecting different blockchains together in a seamless network. It is technically ready for deployment though they have only tested the protocol on Bitcoin Ethereum and ERC20 Tokens so they are looking to further expand it’s reach to encompass more cryptocurrencies.
Blockchain is an amend-only ledger whose informational records are distributed across multiple computer “nodes” that are constantly verifying one anothers data. For example if someone operating a node decides to change the record of transactions on their computer the other nodes will boot them off of the network. This is how the “amend-only” immutable record is preserved. The system is meant to prevent centralization of power and the corruption that often accompanies it.
COMIT stands for Cryptographically-secure Off-chain Multi-asset Instant Transaction network. It has built in safeguards to prevent double spending, and hash functions that route across multiple blockchains. The main point is to reduce fraud and enable better communication between blockchains with minimal friction.
One of the biggest misunderstandings about Blockchain technology is that it is reserved for cryptocurrency. Many contemporary institutions have began to use Blockchain technology in order to increase public trust in their organization. Among them are mainstream financial institutions, jewelery and diamond companies, transportation and logistics, and supply chain management
One of the biggest challenges for the COMIT team was overall complexity.
In their own words a significant hurdle was simply “Understanding different blockchain platforms to their core, so they can be connected without additional security assumptions” According to them its difficult to balance the functionality of exchanging between two specific chains with the possible future addition of other blockchains without compromising speed.
CoBlox is running a hackathon to refine their product. When asked what they hope to accomplish with the open contest they responded with three points.
- They want the public to know what they are doing and what COMIT is capable of
- As well as to validate their own assumptions through leveraging the brainpower of the community
- and to allow for discussion or to challenge what they have build
According to the team blockchain interopability will increase
- The level of decentralization: Blockchain is renown for being more decentralized then fiat currency or contemporary banking which is accomplished through storing the info on “node” computers that cross-validate each others records, successfully keeping control out of the hands of a single entity.
- The level of trustlessness: No need for “security assumptions” such as extra tokens, or 3rd party smart contracts that are supposed to mitigate a security breach. Instead of relying on decentral exchanges for this sort of “guarantee” security will be constructed in to very fabric of the interchain.
The team believes that within 3-5 years blockchain interopability will have a huge impact on the way we deal with exchanging financial assets.
Similar to how you can build a decentralized application out of connected smart contracts you will be able to construct an application overtop of the interchain to improve and upgrade the experience of exchanging financial assets like cryptocurrency.
Throughout the next year, the team will be focusing on equipping the protocol to support near-instant transactions