We have created a unique scalable protocol called Pebble Distributed Ledger Technology. Pebble is capable of interoperating between other blockchain and ledger technologies like Bitcoin, Ethereum, Iota, IPFS.
The Idea
By Interoperability, we mean creating a 1 to 1 corresponding wrapped token in Pebble ecosystem, thereby swapping Bitcoin or any other cryptocurrency into a much faster consensus protocol. This swapping of coins happens atomically and in a peer-to-peer manner. The swapping mechanism in Pebble doesn't require any modification to the Bitcoin protocol. Pebble Ledger consists of 8 shards each maintained by 250 public validators. With our unique consensus mechanism, we can achieve more than 20,000 transactions per second in each shard and a combined total of 1,60,000 transactions in the network. Lightning network is trying to solve the problem of making bitcoin faster, but we are not only making bitcoin much quicker; we make Bitcoin available in other ledgers like Ethereum. Our whitepaper explains how Pebble Protocol is secure and solves scalability problems. The Interoperability brings us faster speeds in Bitcoin and a much better Decentralized Finance (De-Fi) option to the crypto community.
There will be a decentralized exchange as a smart contract in Pebble by the Pebble Foundation, which determines the value of Pebble against US dollars. With the help of this smart contract, transaction fees are adjusted to reflect a constant USD fee transactions even though it is collected using Pebble. Making transaction fees in USD enables mainstream businesses to come on board without hassle.
Others who are solving Interoperability
Two other teams are solving the same problem for the last four years, namely, Polkadot, Cosmos.
The co-founder of Ethereum Dr. Gavinwood founded Polkadot in 2016. They haven't launched any solution for interoperating with Bitcoin yet. The solution proposed in their whitepaper involves Multisignature transactions in Bitcoin, which is economically not viable for users due to crazy high transaction fees in Bitcoin. They launched a testnet in May 2020, which will support Interoperability by the end of 2020. We believe having just ethereum is not enough, bringing Bitcoin's liquidity is the winning solution. Pebble Interoperability with Bitcoin doesn't involve Multisignature transactions but regular Bitcoin transactions, hence lower fees than Polkadot.
Cosmos comes under Tendermint Inc. They launched their mainnet in 2019 and doesn't support Bitcoin interoperability yet. They support Ethereum through a mechanism they call as Peggy, which is still under audit. Their whitepaper explains Interoperability with Bitcoin and Bitcoin-like protocols using threshold Multi signatures mechanisms; this again is economically not comfortable to users due to its transaction size in Bitcoin.
Our Vision
Our vision is to provide Interoperability to all other decentralized technologies like IPFS, and making Pebble the junction between Bitcoin, Ethereum, and others. In this way, we intend to bring in mainstream businesses like SupplyChain companies to perform their business logic on-chain, startups that need a secure platform to store and process data like IPFS* can use Pebble to take care of it. Hence, we intend to pave the way for decentralized internet or Web 3.0.
I am the creator of Pebble Ledger Technology. The whitepaper will be coming out shortly; I want to know what the community thinks about creating a wrapped bitcoin available in Pebble, Ethereum, Hashgraph, or any other ledger. Please let me know your thoughts.
PS: Consider this as a market feedback search.
