Interview with Wire Network Founder Ken DiCross: Latest Partnership news
In the fast-paced world of NFT marketplaces, innovation, and interoperability are key factors driving success. Wire Network, a 3rd-generation blockchain technology company, has gained recognition for its groundbreaking solutions in addressing the challenges of interoperability.
We had the privilege to sit down with the founder of Wire Network, Ken DiCross, to discuss the company's unique approach to NFT marketplaces, how their protocol, UPAP (Universal Address Protocol), is revolutionizing the way different blockchains communicate, and their recent collaboration with CPU Coin.
Provide a brief history of Wire Network, its inception, and vision. What inspired the creation of Wire Network?
Wire Network was born out of necessity. It all started with a vision for a multi-chain NFT marketplace and a camera app that would let you mint, buy and sell NFTs on the fly.
As we started expanding the app's functionality, we realized that no blockchain or protocols on the market would allow us to evolve the product into what we wanted it to be. So we started building out features.
Along that path, we discovered a much larger problem to solve in the world of blockchain development. Specifically, there was no way to let users share assets across different blockchains without complicated currency swaps or convoluted onboarding processes that require users to jump through a bunch of hoops just to get started.
This was when we realized that the features we were building for our application could serve as solutions for much more than just our camera app. This is also when we raised our first round of funding and set out to change everything about how blockchains interact with each other.
To this day, there are no solutions that even get close to offering as comprehensive a solution to interoperability as we do. When most people talk about interoperability, they talk about EVM only. When we talk about interoperability, we mean all chains from Rust to Graphene to Solidity and even beyond that to outliers like Hedera and Hyperledger. With Universal Polymorphic Address Protocol (UPAP), we aim to define what constitutes a qualified data structure and standardize transaction workflows across blockchain networks, much like HTTP did for the early internet.
This protocol, alongside Wire Name Service (WNS) and our Crypto SSO, gives us the base-level architecture to provide truly universal interoperability across any modern blockchain network with a seamless onboarding experience.
The goal is to onboard the next billion blockchain users. And the tech to do just that will be rolled out over the next six months.
What critical problems do you aim to solve in the blockchain space?
We aim to optimize blockchain usability and usher in a new era of mass adoption of blockchain technology. To do this, we address six core weaknesses of existing blockchain tech: speed, security, interoperability, scalability, and transparency.
At the core is a user-friendly onboarding experience that makes blockchain products as easy to use as any mainstream web application, even for non-technical users.
Our Single Sign On (Crypto SSO) allows users to work intraoperatively between blockchains with a single account. It also offers a decentralized password reset system to ensure users do not risk losing their private keys—something which has historically been a significant limitation. The network can process over 100,000 transactions per second and is capable of scaling to millions of TPS and beyond.
Our code will be released under an open-source license, and our governance will be public once the 21 nodes are fully operational. Additionally, we leverage a special consensus mechanism called Appointed Proof-of-Stake (APoS) which increases security by placing a governing council as an intermediary to restrict stakeholders from influencing the process of producing and validating blocks on the network.
How does Wire Network's cross-chain infrastructure improve decentralized applications?
There are three major barriers currently restricting the wide-scale adoption of blockchain technology. True universal interoperability, high gas fees for transactions across the Ethereum network, and complicated user onboarding experiences.
Today, multiple blockchains exist which are still not interoperable. Meanwhile, many decentralized protocols require users to interact with numerous chains to accomplish even the simplest task—the process becomes burdensome and prohibitive for even the most ardent fans of decentralization.
To solve this, Wire Network enables robust, native cross-chain interoperability using several innovations. These include WNS, UPAP, and our Crypto SSO. These innovations allow users to work across multiple protocols without having to manually switch between them or wrap/transfer/bridge assets.
To do this, Wire Name Service (WNS) uses blockchain smart contracts to abstract ownership while leaving assets on their native chain. For each connected chain, our Universal Polymorphic Address Protocol (UPAP) enables the creation of unique deterministic wallet addresses based on a user's Ethereum address. This allows universal interoperability across networks without requiring vulnerable bridges or complicated oracles since assets remain on their native chains.
This is possible by uniting data from various chains and aggregating any cross-chain transactions inside of a single wallet, thereby allowing users to have clarity on their holdings without thumbing through multiple apps. For the first time, users can swap assets, add liquidity, or send and receive NFTs across protocols, all from one unified wallet environment.
In addition to these innovations, Wire Network is built around the concept of allocated computing resources which is why node ownership has become so important. This arrangement allows dApp developers to subsidize transaction costs, eliminating most gas fees across the network for the end user, much like modern web apps do now. Imagine every user getting an invoice every time they upload a video to YouTube.
This would fundamentally limit YouTube’s ability to grow, as most people would no longer upload videos on that platform. This is one of the big reasons mass adoption of blockchain tech has been so elusive up to this point – until now. The end-user has been burdened with considerable fees whenever they want to transact.
To give an example of the implications of our innovation in this regard, consider that you want to do an airdrop and distribute tokens to 200,000 addresses. Typically, this would entail costs from $1-3 per transaction on the Ethereum network, which means $200,000 - $600,000 in fees. Using Wire’s technology, these transactions can be made free of charge. This has huge implications for blockchain and crypto generally.
What significant milestones has Wire Network achieved since birth?
Looking back on our technical milestones, I would count on solving the three challenges mentioned above among our significant accomplishments: Enabling blockchain interoperability, simplifying the user onboarding experience, and bypassing Ethereum’s burdensome transaction fees. Together these are game changers for the whole industry.
CPUcoin specializes in reselling users’ unused CPU/GPU power to provide edge computing at scale and power blockchain-enabled cloud services and applications. This creates efficiencies at scale and lowers energy use and costs over time. It also increases computational scalability while enabling high-definition responsive content display. This means content renditions can be handled automatically while being stored and viewed on demand beyond current capacity.
This is a perfect fit because it allows us to offer features on our network that are currently restricted to Web 2 systems. Mix this with our universal wallet, giving us a unique competitive advantage. Additionally, since billing is enabled by the minute instead of on an hourly or daily basis, costs can be reduced up to 100x compared to similar services.
Lastly, this partnership allows us to incentivize additional miners to monetize their unused computing power and earn rewards across our combined networks.
Give us more insight into how you plan to tackle the technical challenges of decentralization.
Most of the existing systems today are not truly decentralized. For instance, a large portion of the Ethereum network runs on AWS (Amazon Web Services) and is susceptible to censorship. We have seen time and time again that these centralized platforms can pull the rug out from under you the moment you challenge the status quo. This means these networks will face tremendous pushback from the institutional powers as they attempt to scale.
Going back to the CPUcoin partnership to add context here, we will be offering edge-ready computation that is truly decentralized because it is running on hundreds of thousands of machines across the globe rather than centralized data warehouses. Using existing best practices blended with blockchain innovations, we are building a decentralized Kubernetes configuration that mimics Web 2 architecture but delivers all Web 3 security and transparency values as outlined across our six pillars.
Furthermore, we are working on trustless hardware to run our node infrastructure, allowing for network audits down to the bare metal, right down to the boot state of the firmware at runtime.
The news of your partnership with CPUCoin came as a surprise to a lot. Do you have any new projects or collaborations on the horizon?
Yes! In fact, we are planning a whole array of partnerships and integrations in the coming months, all of which will achieve the goals outlined above while reducing complexity and increasing the usability of blockchain tech with meaningful utility. This is the next chapter of blockchain development, and we hope to move past the various hype cycles and show the world what this tech stack is fully capable of. Follow us on Twitter and keep an eye on our website, as we will make many more announcements over the next few months.
What are the plans for Wire Network in terms of growth and development? Any upcoming features?
Our next major initiative is to launch and validate our universal wallet technology. This is in early testing and will soon be live to a limited audience as we work out the kinks. Expect to hear more about that towards the end of summer. In the meantime, we are working on some projects in the generative AI space, which we will be announcing soon.