What is SuperNET?
SuperNET is a project for volunteers, people who come together to pool their money and time to support a cryptocurrency initiative, one that is radical and will change the way we do things online. It is important to highlight the fact that SuperNET is not cryptocurrency.
For this reason, participation in the SuperNET project or the distribution of revenues that are earned will depend on the ownership of tokens that the well-wishers receive in exchange for their donations.
Since SuperNET is not essentially cryptocurrency, what is it, or what is it all about?
This is a project that is rather powerful in its course, but all about simplicity.
The idea behind SuperNET is to bring forth a network of coins that is mutually beneficial and offers motivation for innovation. To do this, SuperNET is a collection of revenue-generating services and a collection of most of the major cryptocurrencies in the market at the moment.
In order to do this, the plan is to have SuperNET get 10% of the market cap for all the coins that are participating in the SuperNET project. This particularly applies to the coins that run a unique and promising technology.
This is to make sure that there is value addition on the blockchain since these projects will engage in cross-marketing for their unique features, and at the same time offering additional services where necessary.
What is the problem that SuperNET Solves?
Ever since the advent of cryptocurrencies, there have been a lot of projects coming up all the time. Each of these projects promises one thing or the other. However, whether they all get to make these promises a reality is a different story altogether.
Over fiat currency, cryptocurrencies have proved to offer relevant and significant advantages.
These include an increased speed of conducting transactions, lack of interference through central authorities and organizations like payment processors, banks and governments, or central banks and other financial watchdogs, low cost of transaction and so forth.
However, even with these amazing benefits, one of the biggest challenges that cryptocurrencies still face is the issue of adoption.
Large-scale adoption of cryptocurrency and integration into the normal economy has always been a challenge. There are a lot of reasons why this is true, and these challenges are either internal or external.
One of the biggest concerns that developers behind cryptocurrencies struggle with is operating in a zero-sum economy approach.
The problem here is that they often assume that the system has a finite supply of money, and as a result, if a given cryptocurrency project was to survive and become a success, it follows that another must be failing.
In fiat markets, this is possible, and might even be true. However, this only ends up creating competition, unnecessary competition between cryptocurrency projects and the different communities that back them.
This rivalry is not healthy because you end up with so many projects that are apparently out to solve the same problem. Instead of competing against one another, the project developers should embrace productive collaboration.
Another concern is the fact that indeed, there is credible and relevant innovation in the blockchain realm. However, at the same time, there are so many projects that are nothing but clones.
Other than a new name, they have nothing new to offer users or nothing new that sets them apart from other cryptocurrencies that are already in existence. The biggest issue here is that such projects operate like MLM scams. It is only the early adopters who eventually benefit from owning these cryptocurrencies, at the expense of the late adopters.
Other than that, such projects have effectively succeeded at tarnishing the name and reputation of cryptocurrency. This is an industry that is challenging the status quo, and at the same time, is riddled with a lot of controversy.
Having such dummy projects in the news all the time for all the wrong reasons makes it very difficult to engage potential buyers and make a sales pitch for them to invest in the specific project.
Most, if not all cryptocurrencies are generally traded on a speculative approach. Because of this reason, any market where these currencies are traded is often manipulated and controlled by those who own the largest portion of currency in their wallets.
This means that in such marketplaces, it is the large coin holders who will always benefit, while the small coin holders will always lose out in the long run.
How does SuperNET Solve the problem?
In light of all the challenges that have been mentioned above, SuperNET is a solution whose initiative is to address all these concerns. SuperNET promises to do the following:
- Bring value to participants who are on SuperNET for the long-term
- Allow core members to share benefits, extending these to all the cryptocurrencies that are part of the SuperNET project
- Encourage and reward active coin communities, talent, and innovation
- Encourage collaboration to bring together different cryptocurrencies that would benefit from working together instead of working against each other.
Each of the coins that form a part of SuperNET has unique features. When these coins are brought together, there is a lot of potential for innovation. Since this has been a challenge, SuperNET creates a GUI that is embedded in every wallet for the coins that are participating in this project. What about those who will be using these coins, or the SuperNET project?
People who use SuperNET or any of the coin communities that belong to the SuperNET project will earn goodwill payments. This works in the same way that dividends work. The goodwill payments only apply to specific services. They do appreciate in value, especially when the core currencies that they represent are doing well in the market, or through the collaboration of different features, products and services across the board.
In the long run, the hope is that SuperNET proves to be attractive enough to rope in wealth and talent and make cryptocurrency become powerful and reliable just as fiat currency is.
To do this, the goal is to empower people to use cryptocurrency as a form of commitment, talent and to reward innovation. It is important to mention at this juncture that the role of SuperNET is not to replace projects like Bitcoin but to build on some of the flaws and make sure that any cryptocurrency that is on the SuperNET project can actually compete favorably within a fiat economy.
This is what SuperNET participants are making a commitment to.
What makes SuperNET better than the competitors?
The SuperNET project is different from any other project because of its core mode of operation. While most of the other projects exist in isolation, this project brings together a number of cryptocurrency projects, in the process benefitting from their advantages. This mode of operation is one of the key reasons why SuperNET stands out from all the other projects that might be competing against it.
SuperNET as a CryptoToken
We have already mentioned that SuperNET will not be operating as a cryptocurrency. Instead, it will operate as a crypto token, an NXT asset. This also means that it works differently from other common cryptocurrencies. The money that is accepted from participants in the SuperNET project is unlimited and uncapped.
However, it is not possible to dilute the membership share of participants through a large capital flow into the project. As a matter of fact, the larger the market cap that SuperNET can attain, the higher the expected benefits for everyone who is in the SuperNET ecosystem, and more importantly for the world of cryptocurrency. Success for the SuperNET project will mean success for a lot of cryptocurrencies.
Low risk of price crash
SuperNET is one of the projects that has the lowest risk of price crashing. Price crashes have been common among cryptocurrency projects over the years.
Promising projects have all of a sudden become dull projects, with a lot of users cutting their losses and selling their crypto assets. It is highly unlikely that the price of SuperNET would crash below the initial launch price.
The reason for this is because the participants would basically be selling the currencies that they hold at a lower rate than the market rate.
This means, for example, that if a user is committing, say 2 BTC to the SuperNET project, they must back it with cryptocurrencies worth 2 BTC.
Essentially, SuperNET is forming something that is more than just a currency offering, but a closed-end mutual fund. Therefore, the more money that can be collected, the more powerful the SuperNET project will be, increasing awareness of the project, and at the same time, improving the purchasing power of the users.
Coin Control
SuperNET is doing something that a lot of users have been wishing would be possible for the longest time possible, creating a platform where you have one wallet that can hold and help you move any of your favorite coins.
By having all these assets in one place, this also means that you can combine all their features and access them at will, conveniently. You can choose either to have the coins stored to your personal wallet, or keep them in the SuperNET decentralized exchange.
Decentralized Technology
SuperNET will serve as a third-party clearinghouse for transactions. Therefore, it forms a gateway to keep coins on different multisignature server clusters.
Every server can only access one of the many keys that is needed, and for any withdrawal to occur, the servers must all align.
Given that these servers are found in different parts of the world, and they can only be controlled by participating coin development teams, this is one of the most secure ways of keeping digital assets, making this one of the most secure projects.
Real-time trading
SuperNET is implementing InstantDEX, which allows real-time trading between different cryptocurrencies. Other than normal trading, those who are using the SuperNET project can also use this to trade in different telepods anonymously for unique cryptocurrency funds, especially once Teleport has been fully integrated.
Anonymous Trading
Security and privacy are two of the most important factors that keep the SuperNET project viable. To prevent the risk of large-scale surveillance, SuperNET uses BitcoinDark.
This gives users an assurance that at all times, they are safe when going about transactions on SuperNET.
Contrary to what many of the other projects are doing, SuperNET does not perform coin mixing.
By design, SuperNET is specifically made to obfuscate the IP association of users and the trades that they perform. BitcoinDark, for example, uses Teleport to keep all transactions anonymous.
How can SuperNET be categorized?
SuperNET is a decentralized project that was built to develop open-source and decentralized tools specifically to serve the cryptocurrency market. Some of the tools include decentralized exchanges, multi-coin wallets, and price stability products.
What’s SuperNET’s vision on Security?
SuperNET uses delayed proof of work (dPoW). This is a consensus mechanism that uses the normal proof of work algorithm that Bitcoin uses, but not in the same way.
dPoW will notarize blocks on the SuperNET blockchain, making sure that they are totally immutable, and in the process offering the transactions an additional security layer.
There are 64 pre-selected notary nodes that are used to run the notarization task, thereby mitigating any risk associated with immutability before it happens. For this reason, should someone want to attack the network, they would need to, first of all, alter the Bitcoin blockchain, which is not possible.
Examples of SuperNET use cases/applications
Jumblr
This is a decentralized coin mixer that operates as a decentralized anonymizer. It offers coin mixing abilities better than normal centralized coin mixers by virtue of the fact that it has zero-knowledge proof, which gives users complete anonymity.
dICO
dICO is a decentralized token sale or ICO model that is powered by the SuperNET project. dICO runs on the Atomic swap and BarterDex technologies to provide a completely anonymous and decentralized issue and distribution model for coins.
Teleport
Teleport is the main privacy technology behind BitcoinDark (BTCD) which helps to keep user services anonymous when they are using the SuperNET project.
Resources
https://coincheckup.com/coins/SuperNET
http://old.supernet.org/index.php
https://support.supernet.org/support/solutions/folders/29000036758 http://www.weebly.com/uploads/3/8/5/6/38564127/supernet.pdf