Insolar Q&A
• What is Insolar?
Insolar is building an open source blockchain platform for business to enable seamless interactions between companies and uncover new growth opportunities powered by distributed trust. We help companies unlock value trapped in business processes that are not properly synchronized via a platform which creates cost efficiencies, new revenue streams, and powers transformative business models.
Insolar is an enterprise-focused platform with architecture that merges the best of cloud, blockchain and distributed technologies, introducing dozens of industry-first features. It is rapidly deployable and solves the fundamental challenges of current blockchains, including scalability, ease of use, and interoperability.
Insolar also provides blockchain services and ecosystem support for companies that are looking to develop and deploy blockchain solutions. Insolar features the most complete and secure set of production-ready business blockchain tools and services to quickly build and launch blockchain enterprise applications, accelerating the progression path from initial proof-of-concept to full-scale production.
Insolar is ranked number one among blockchain projects in development activity. It has one of the most impressive teams in the industry, with 70 people located across Europe and North America, including 45 software engineers with industrial and blockchain expertise, and 10 academic blockchain researchers from leading institutions (York University and ETH Zurich).
• What drove the idea behind founding $INS?
Insolar was founded with a rebellious spirit and lofty objective: to transform blockchain technology from a geek’s toy to a useful tool for real world applications.
When we started, we had a vision of how blockchain technology could be put to practical use and transform virtually industry. In this connection, we quickly realized that no blockchain platform existed yet which could fill the needs for large and small companies worldwide.
So we decided to build our own. We started Insolar to create an alternative.
By leveraging rich experience in building complex enterprise software, utilising the best available technological solutions, and engaging directly with future end-customers - large and mid-sized enterprises - we are able to provide a robust, reliable and scalable blockchain platform and developer tools that meet enterprise requirements.
We believe that blockchain technology should bring real value beyond the hype. It should create new business opportunities, decrease costs and increase transparency. With it, we can transform not only the grocery industry, but the whole economy, across industries.
• About the team and supporters, what are the strengths of $INS?
The founding team is complemented by a team of over 70 people, with unique tech experience in blockchain and high-load systems. Their experience includes developing and implementing one of the largest P2B payment systems in the world, the roll-out of production-ready blockchain solutions (insurance, contract lifecycle management, banking products, etc.) for one of the top five banks in Europe, and the development of enterprise and critical infrastructure security systems, with deployment of the systems across Fortune 500 companies globally.
Moreover, Insolar has a global research team of 10 prominent experts in blockchain, including leading scholars who have conducted distinguished projects for organizations such as the UN and other governmental institutions. These academics have been nominated for awards for their work in the realm of blockchain and conduct educational programs at leading universities worldwide, including: York University, ETH Zurich and others.
• Why Insolar is unique, better than other projects and why it will thrive?
The Insolar team is creating the next generation high-performance scalable blockchain platform. It is designed with the express purpose to meet an immense business scope and offer enterprise-grade quality. The advantages of the platform are the following:
● Multi-level governance models. There can be many interacting authority structures at work. every domain or company can establish its own procedures and policies of governance, settlement, legal, payment etc.
● Linear Scalability. The Insolar platform enables near-linear scaling. This simplifies costs - expenses are proportional to the hardware, the hardware is proportional to amount of transactions, and transactions are proportional to size of business.
○ A company can start small and rapidly add multiple nodes to the same domain, eliminating the cost and hassle of building new domains in order to accommodate scale-out.
○ Alternatively, a company can contribute compute power and get a discount on services in exchange.
● Modularity. The Insolar platform offers a modular structure to tailor to the specifics needs of a company or an industry, while enabling seamless communication with other Insolar networks if allowed by local policy.
• How would you describe the main pillars of the project?
Insolar Blockchain Platform has several industry-first key features, among them:
● Unlimited scalability (OmniScaling)
● Security (data scattering, split-key encryption and isolation)
● Simplified development (modular, preconfigured networks and infrastructure)
● Interoperability with other blockchains
● Compatibility with existing enterprise software systems
● Hybrid network capabilities via combination of public and private networks
● Regular protocol upgrades
● Complete user protection
● Regulatory compliance (GDPR, HER, HIPAA, EMR, and other)
● Easily integratable (REST-based and message-based API)
• What are the use cases you are looking to cover?
Insolar solutions are made to facilitate multiple kinds of interactions between enterprises across industries and use cases. They do this by creating transparency, efficiency, immutable real-time records, and trust. They thus make the intermediary services which would otherwise be involved in these transactions unnecessary. As a result, they save money and time, prevent mistakes, and open new revenue streams.
Insolar target industries:
● Supply Chain & Logistics
● Energy & Utilities
● Retail & Consumer Goods
● Automotive
• What current partnerships Insolar has and what will be its purpose?
We are negotiating with a number of large enterprises interested in our services.
Currently Insolar already has a cooperation agreement with Canada’s Hero Engineering Inc. to develop and test a blockchain-based platform for improving the resiliency and efficiency of energy systems. More partnerships will be announced closer to the mainnet launch.
• What is the plan in terms of marketing Request? When do you plan on marketing the platform? Do you have a plan on how you’ll be marketing?
We have determined three priority areas of use as a point of focus. These are cross-industry Supply Chain, Identity Management, and The Shared Economy. These three fields particularly lend themselves to optimization through use of blockchain technology and they are areas in which our team has particular expertise. We invite our partners and clients to develop PoCs together in these and other areas which we can tailor to their business needs.
• Where do you see the future of crypto heading within the next five years?
These days, there’s a lot of interest surrounding blockchain, but mostly in the context of cryptocurrency. However, the power of the blockchain extends far beyond its roots in the financial world. Blockchain technology represents a fundamentally new way to transact business. It ushers in a robust and smart next generation of applications for the registry and exchange of physical, virtual, tangible, and intangible assets. Gartner predict that the business value added by blockchain will grow to $38 billion by 2021, then surge to $360 billion by 2026 and more than $3 trillion by 2030.
• Where do you see $INS in 1 year? 3 years? 5 years?
The team applies a forward-looking approach to design its architecture and services for a 10+ year horizon, while focussing on enterprise needs.
Our BHAG: Insolar tech solutions are used by 500 of $1bn+ companies
• What is your favorite alt coin at the moment (other than $INS?)
I’d like to avoid mentioning other projects due to business ethics. I’d say that I like projects that are building disrupting products with the real-world value: doesn’t matter if it’s consumer products or corporate.
• Is there anything the crypto community can help Insolar with?
Sure, being an open-source project we’re planning to build a huge developer community for Insolar ecosystem, that’s where we’ll definitely need a real engagement from the community. As long as the ecosystem expands, it’ll also require more nodes, and I’m sure the community will help us with it.
We’ll also appreciate if you spread a word about Insolar, so more people could learn about the fascinating technology we’re building.
Insolar resources:
Website - https://insolar.io/
Blog - https://medium.com/@Insolar
Telegram announcement channel - https://t.me/InsolarAnnouncements
Thank you for
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