Five billion more pay too much to a channelized payments industry that charges the global economy over two trillion dollars to complete transactions. Open blockchain technology offers to disrupt this industry through the property of decentralized trust - you can trust the network, without trusting anyone on the network. But blockchain hasn't lived up to its promise. The proof protocols used to secure current networks are slow and expensive. Worse, economies of scale are forcing these networks to centralize. The result is monopoly control, raising transaction costs and destroying distributed trust.
Until now. TrustWave’s POLARIS technology uses a new physical paradigm to build a proof-protocol with sustainable decentralized trust. Our network can't centralize. Transactions are fast, secure, and orders of magnitude cheaper than rival networks. And they'll stay that way, as the network serves today's market, and scales to meet tomorrow's.
1. What's your advantage?
Our technology enables the POLARIS network.
This is an open, distributed network, capable of fast, secure, centralization-proof transaction handling, at costs orders of magnitude lower than any current system. It is not only the most efficient such network that exists, it is the most efficient network that can exist, for any given level of security and compute efficiency.
Under current assumptions, transactions can be cleared at a cost of $.00003, and finalized under fourteen seconds. Bitcoin transactions currently cost $.40.
Banks and credit cards average anything from $1.50 up.
2. What does "centralization-proof" mean?
Bitcoin and similar networks have value because they have the property of distributed trust. This means you can trust the network without trusting anyone on the network. However distributed trust only works if the network is made up on many independent entities, none of whom control a majority of the network. Unfortunately, Bitcoin, and similar networks are secured using a Proof-of-Work protocol, and this gives an a steadily growing advantage to larger, more efficient players. The three largest mining pools now control the majority of Bitcoin, and other Proof-of-Work networks are not far behind. Similar logic applies to Proof-of-Stake, the other protocol currently used to secure open distributed networks. The POLARIS network uses a new paradigm, which not only hard-codes decentralization but enables unlimited scaling, and which enables all the computing power on it to be devoted to secure computation.
3. So your network is a cryptocurrency?
Yes, and much more than this. A major application for secure distributed computing is transaction clearance, and so the ability to do secure, private, peer-to-peer token exchanges is a major positive externality of the POLARIS network's operation. As we provide the most efficient secure computation physically possible, this is the most efficient currency that can exist, and that's no small thing. However these tokens are just the fuel for a global market in secure distributed computation. This can be used to indelibly record data, and to notarize its creation, streamlining insurance and other document driven industries. It can be used to create self-sovereign identity systems, re-enabling online privacy in the social media world. That in turn can enable secure content distribution, changing content subscription forever. It can be even be used to create secondary markets, like a stock exchange that's immune to high frequency trading techniques and non-public front-running. What we are really offering is Web 3.0, and anything is possible.
4. Who's your customer?
A better question is, who isn't. We offer financial stability to the 3 billion people living in unstable economies, we underpin privacy for everyone who uses social media, we improve efficiency for anyone who uses insurance, and anyone who trades on a market. We enable middle-man free exchange to content creators and consumers, dirt-cheap accountability across supply chains, and surveillance-free internet search. At the most basic level, we offer transaction clearance to the 2 billion people who have no access to banking, and much cheaper transaction clearance to the 5 billion who do. Just this last is a trillion dollar opportunity.
5. How do you do this?
We're holding our IP close for now, but like all great ideas, it's so simple it's obvious, once you have the right point of view. Just as the Wright brother's genius was understanding the obstacle to flight was not power, but control, our innovation came from going back to basics. What does "secure" mean? What does "decentralized mean? What is a "market", really? We knew we were on to something when we found questions that neither cryptographers nor economists had answers for.
6. If you're keeping your IP secret, what does open distributed network mean?
Distributed trust only has value if it's truly distributed, so open means open. Once we're at network launch we will move to open source, open access, open opportunity. Anyone can get on the network, anyone can change the code, anyone can use it, for anything they want. We will continue to improve and update the system, but we will have no special advantage or position in its operation, and we will not be a single point of failure for hackers or other bad actors to target.
7. If it's open, how will you make money?
We're building POLARIS, we're leading its deployment, and we're going to lead the world in its application. The future is wide open.