SuperNET: Super Competition for Fiat
The blockchain has been called the ‘Internet of money.’ But what if there were an ‘Internet of blockchains?’
Released late in 2014 and coded by famed developer jl777, the SuperNET seeks to allow the strengths of the best cryptocurrencies to work for – not in competition with – each other.
Developer Jl777 said:
‘SuperNET is not designed to replace Bitcoin or any other cryptocurrency, but to enable cryptocurrency to compete more effectively with the fiat economy.’
The simplified idea is that coins that offer unique benefits make up the SuperNET Core. Any one of the currencies you hold can be instantly and seamlessly converted into any of the other coins by what’s called ‘tradebots.’ And because the work is done by bots, there are no exchange fees.
In this way, individual cryptos can be used for what they’re best at, because no one coin is perfect for everything. For example, you have Nxt, but you want to send money totally anonymously, so you tell SuperNET to convert your Nxt into BitcoinDark, back into Nxt, and then send the transaction for you. The tradebots do it instantly, all without fees. Jl777 continued:
‘In Crypto, the competition is not each other, it is fiat. If any Crypto does well, we all benefit.’
This post was published at Coin Telegraph on 2015-01-02.