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Founded in 2017, Coinweb’s blockchain infrastructure project and enterprise unit, the 360 Accelerator, seemingly has the answer to a number of bottlenecks that B2B customers will face when integrating blockchain technology into their businesses: the ease of implementation, the time to market and the speed of adoption.
The Coinweb team, led by Toby Gilbert, CEO, founding chief scientist Knut Vinger and Mike Conte, CTO, is made up of enterprise experts and market leaders in technology, all offering successful leadership histories at Microsoft Word, Excel and Office, Google, Cisco and Oracle.
They understand both blockchain technology and the enterprise considerations of implementing it and believe they’ve got the solution for enterprises to utilize and capitalize on blockchain technology around scalability, usability and security.
What Are They Doing?
Coinweb are building for the mainstream adoption of blockchain and after months of development, they have created their Hyperlayer platform, an agnostic infrastructure layer that crosses and connects chains, allowing ultimate blockchain functionality.
For ease of blockchain use, they have also designed the Coinweb Name System, the ‘CNS,’ to do for the blockchain what the DNS has achieved for the internet. This is led by Paul Mockapetris, inventor of the internet’s Domain Name System or the DNS.
The majority of solutions in the market today are being built on top of one specific chain that they are anchored to for the life of their project, which is referred to as vertical development. This has become significantly problematic with blockchains running into scaling and usability issues. Additionally, the solutions built on top of them are not able to evolve as new blockchains enter the market delivering advanced functionality.
Coinweb is aiming to solve problems that exist for enterprises and users alike.
According to their whitepaper, by building ‘horizontally’ across a number of blockchains, their Hyperlayer allows solutions built on top of the platform to pick and choose functionality from the blockchains they connect to. This includes the setup and execution of smart contracts that are cross chain compatible as well as future proofing through new functionality by connecting to the latest blockchains in the market. The Hyperayer also mitigates scaling issues that are becoming apparent today.
Blockchain projects are rapidly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts, said Knut Vinger, founding chief scientist at Coinweb. As spending on new technologies accelerates, there will need to be an enterprise-class platform that includes smart contract security and integrity, scalability and interoperability.
To date, Coinweb has attracted a diverse range of companies that want to launch off their Hyperlayer platform, who collectively boast balance sheets in excess of $1 billion and offer access to over 50 million users. To Coinweb’s view, established businesses with existing users present the opportunity of bringing large volumes of users on their platform, in turn helping to spearhead its adoption.
Coinweb 360 Accelerator participant, Eric Ramos, founder of GoMama.io, a blockchain backed money transfer platform, and president of Pure Minutes, a NYC-based prepaid international long-distance calling company, with over two million users explained:
“In addition to using whichever blockchain network best fits our users’ needs we can customize transactions on demand dependent on their preference for speed, cost of fees or privacy, without the user ever needing to do anything more than checking a couple of boxes and pushing a button. Coinweb are helping us to architect this horizontal multi-chain approach.”
Talks are underway with global sports companies and luxury car companies alike as to how the platform can help them integrate blockchain technology into their existing business. Discussions have also taken place with Asian partnership networks, which control hundreds of millions of users in transport and online gaming who are eager to adopt the blockchain.
Toby Gilbert, CEO of Coinweb, added that there is a huge demand for these kinds of solutions within enterprises today. They have the ambition to integrate blockchain technologies, but don’t have the expertise and agility.
In order to help enterprises integrate blockchain technology, via the Hyperlayer, into their existing structure, Coinweb’s 360 Accelerator, a turnkey solution, offers strategical help and technical support to do just that. Working closely with companies that are exploring blockchain solutions, the 360 Accelerator provides advice and niche services to projects and businesses as well as giving them a platform to launch their own end-to-end crypto and blockchain projects efficiently.
Providing support from initiation to post-launch growth, the 360 Accelerator program also offers in-house and third party services such as seed funding and investor introductions, access to Coinweb’s advisory board, technical team and legal services.
But, aside from providing a solution to make blockchain scalable and usable, how is Coinweb making it secure?
This is achieved through its own CNS, which is another important component to Coinweb that makes the blockchain more connected and personal.
At the moment, hash addresses in crypto are difficult to remember and easy to lose, as they consist of a sequence of alphanumeric characters that are typically written down and physically stored somewhere.
With the aid of the Hyperlayer, the CNS delivers a friendly name system. Similar to what the DNS did for the internet, the development of the CNS is intended to make the blockchain easier, safer and more accessible. Led by Mockapetris, individual users and projects can register their own upper (@xxxx) and lower (xxxx@) domain names, making them as easy to use as email or web addresses.
It’s expected that this, along with Coinweb’s platform and 360 Accelerator, will open the mainstream doors for enterprises who have expressed interest in introducing the blockchain.
We’ll start to see blockchain having a real impact in many more scenarios, said Paul Mockapetris, inventor of the DNS and CNS innovator at Coinweb. Practically any industry can benefit from its capabilities with seven billion people and millions of users that will need the CNS. The options are simple: experiment now or get left behind.
Recent PWC research revealed that 84% of businesses that they contacted are “actively involved“ in exploring the technology. A separate survey by Accenture found that 60% of executives indicated that blockchain and smart contracts “will be critical to their organisations over the next three to five years.”
Yet, while this presents a positive future for the technology, challenges remain over its scalability, reliability, speed and security. For that reason, it’s reported that it’ll take time before the blockchain sees widespread adoption with credible use cases linked to business key performance indicators [KPIs].
With Blockchain 3.0 underway, Coinweb has the potential to deliver on what is currently lacking in the space. By connecting blockchains and their experts with the world’s enterprises, they have the ability to deliver profound benefits to the mass market.
“We will change the face of blockchain in the next three years and there is no more credible team to do so,” said Toby Gilbert, CEO of Coinweb. “Our commitment is to go above and beyond with our 360 programme for enterprises of all sizes.”
December 20, 2018 at 07:07AM
Forbes – Entrepreneurs