Discussion

Will the COMIT Network be "the internet of blockchains"?


COMIT Cryptographically-secure Off-chain Multi-asset Instant Transaction network

COMIT is a protocol developed to define a new blockchain-based internet, one in which everything is interconnected. For example, prior to the internet we know (and love) today, the internet consisted of individual “intranets”. Different government agencies created their own intranet, along with universities and large corporations for communicating internally.

Then the TCP/IP protocol was introduced, which acted as a host and provided an intermediary between the internet protocol and the application program. Companies such as Linksys, soon followed by other hardware companies, started building easy-to-install routers that connected homes and businesses to the TCP/IP protocol. With easy and affordable access, users become connected more than ever before and the spread of the internet become unstoppable.
This is what COMIT does for the blockchain. It connects all blockchains to one protocol. With a mission statement of: “Making global payments as cheap, fast and easy as sending a text message.”
Since the release of Bitcoin in 2009, public and private blockchains have become increasingly popular. This leads to fragmentation. While fragmentation gives consumers options in terms of different cryptocurrencies to invest in, it also makes exchanges extremely complicated and often expensive, ultimately devaluing the network effects.
There are multiple benefits of COMIT:

  • Open source infrastructure
  • True instant, frictionless and cheap payments for users all over the world
  • True global access without limitations to any asset or business process connected to a blockchain
  • Cryptographically secure trustless global transactions network
  • Amazing new business opportunities for companies
  • New recurring revenue streams for banks and other liquidity providers
  • Rapid adoption based on existing networks build with new cheap and secure infrastructure

What do blockchains need to be compatible with the COMIT network?

  • Multi sig aka multiple signatures
  • Time locks
  • Password (implemented through a simple hash function)

90% of all blockchains contain these features.
So, why is COMIT important?
With COMIT all private and public blockchains can be tied together resulting in a smoother user experience, with the potential of becoming “the internet of blockchains”.
Additionally, cryptocurrency payments cards issued on the COMIT network mean there are no transaction fees, no foreign exchange fees, and no ATM fees resulting in the ability for individuals to access their funds and make purchases at any time, anywhere VISA is accepted. This creates a way to use cryptocurrency in everyday life for everyday purchases.
Connecting public chains (i.e. Ethereum) and private chains (i.e. Ripple) allows blockchains to connect naturally, resulting in a so-called “Super Blockchain”.
We have high hopes for the COMIT network and believe it will allow for all blockchains to operate as one, just as all intranets became one internet.