Hypernet Labs and Connext Partner to Build Versatile Blockchain Payment Infrastructure for Decentralized Computing Marketplace
- The Hypernet Protocol aims to address blockchain throughput issues by incorporating Connext’s latest protocol, Vector, into a seamless experience for developers and end users.
- The collaborative work aims to facilitate mass adoption of blockchain-secured payment systems for decentralized computing and that are generalizable to other subscription and on-demand metered services.
- The Protocol is meant to facilitate a blockchain-secured marketplace, which Hypernet Labs is building to enable users to buy and sell access to computing resources through the Galileo web application.
- Connext is an open-source, peer-to-peer protocol of networked state channels that efficiently and economically facilitate micropayments on the Ethereum blockchain.
Hypernet Labs and Connext are partnering to more readily enable the high-throughput payments required by a decentralized marketplace. The purpose is to support the decentralized computing marketplace Hypernet Labs is building, to be accessible through their Galileo portal. Galileo (in beta) is a web app platform designed to streamline computing infrastructure for data analytics and simulation work across multiple industries and research disciplines. Hypernet Labs is also focusing on ensuring that the resulting payments architecture is packaged so it can easily be adopted by more traditional software developers without blockchain experience and is intuitive to end users.
According to Hypernet Labs CEO Ivan Ravlich,
“Transaction scaling is going to be a major catalyst for generalized blockchain adoption. Also, to drive blockchain adoption, the technology needs to look and feel familiar to developers of traditional payment technology so it can easily be dropped into their existing systems.”
These issues are also a major focus for Connext. Connext offers standardizable libraries for developers and promises high-throughput transactions via Vector, which additionally enables fast and easy value transfer between different chains and Layer 2 systems.
The Hypernet protocol software development kit (SDK) abstracts the Vector libraries in a userfriendly interface, defines the conditional logic of value transfers, and provides a software development toolkit for easy integration of this blockchain-secured payment architecture into traditional software stacks. The Hypernet protocol is designed to support peer-to-peer payments for access to computing resources and to be generalizable to other software and API marketplaces.
Hypernet Labs and Connext aim to address problems of speed, efficiency, and cost that challenge online payment services, as a whole, in processing microtransactions. As such, the partnership has the potential to result in a broader contribution for online payment infrastructures, not simply a blockchain version of something that already exists. Unlike traditional payment systems, Vector is designed so the cost of processing a single $100 transaction is the same as the cost of processing a thousand transactions that add up to $100. This has potential implications for on-demand computing power and perhaps other metered service payments, which can be understood as accumulating series of micropayments.
The approach is also peer-to-peer, eliminating the need for trusted third-party intermediaries. It offers the security and immutability of blockchain and has the potential to increase throughput far beyond what is possible with most Layer 1 blockchain architecture.
As Arjun Bhuptani, Project Lead at Connext, explains:
“Hypernet is the quintessential use case around using programmable micropayments to create decentralized resource sharing networks, and the way Connext is built, it’s very conducive to creating this.”
The partnership is a natural fit for both companies, given their respective missions and efforts towards building a decentralized Internet future. This is becoming a pressing concern, as demonstrated by recent outages affecting large numbers of apps, services, and websites. These incidents illustrate some of the risks incurred as a result of private control of the Internet by only a few large actors.
Hypernet Labs aims to decentralize and streamline cyberinfrastructure to make computing power more efficiently and widely accessible. Connext’s mission is to “fix the incentives of the web by enabling a new generation of decentralized internet products, platforms, and protocols that can redistribute value back into the hands of users.” The collaboration furthers these goals.
As the culmination of this initial collaboration, Hypernet Labs and Connext are preparing to showcase a demo of the payment interaction, in which the Hypernet Protocol software development kit (SDK) will make the Vector micropayment channels more accessible to traditional developers working on subscription and on-demand metered services. (The demo is planned as a full-stack, end-to-end relational flow using Connext’s Vector micropayment channels abstracted by the Hypernet Protocol developer SDK.) The purpose is to lay the groundwork towards a scalable decentralized on-demand computational resource marketplace and to emphasize the generalizability of this technological solution beyond this first target application.
Stay tuned for demo videos in upcoming updates!