Blockchain technology appears to have shaken up the entire technology innovation system. Blockchain is constantly drawing attention and will revolutionize the industrial landscape. Apart from cryptocurrency, several other industries are also using this technology to optimize business operations and efficiently carry out company objectives. SmartMesh is one such company that uses blockchain to revolutionize transaction methods for both data and value, and the communications industry through more agile and robust networks.
SmartMesh is a Singapore-based firm established in 2017 that is using blockchain technology to build the global value internet and web 3.0 ecosystem with a decentralized mesh network.
SmartMesh's mission is to 'connect the unconnected and bank the unbanked. While the world has been enjoying growth by leveraging digitalization, the existing centralized business model in this digital era has also created an inequality in development, where 3.7 billion people or just below 50% of the world's population remains unconnected, and therefore, not able to benefit from the advantages brought about by the internet. The company facilitates inclusive connectivity and finance for all beings by building a decentralized network infrastructure powered by SmartMesh (inclusive connectivity), which is owned, deployed, and operated by individuals rather than big telcos. The infrastructure allows its ecosystem partners like Tokenship to construct a decentralized social platform that drives the creator economy (inclusive finance).
Henry Wang is the Founder and CEO of SmartMesh. His mission is to build the Value Internet ecosystem using SmartMesh inclusive connectivity. An interplanetary, distributed, and self-organized mobile mesh network is being constructed under his supervision to support a wide array of next-generation edge computing, edge storage, edge intelligence applications, and DeFi applications. To this end, Henry created IBAF and UCCO to promote global blockchain technology and applications. He also serves as an adviser to several blockchain associations to enhance international cooperation. Henry co-founded the SUSS-SmartMesh Blockchain Living Lab, the base for blockchain incubation and interoperability. His research and development projects cover internet protocol, blockchain, chip design, artificial intelligence, big data, edge computing, Internet of Things, space ground integration network, and Internet of Everything.
The public perception of blockchain technology is always surrounding Bitcoin, money laundering, and speculative investment, SmartMesh aims to bring tangible benefits to the underserves, by leveraging the decentralized property of blockchain technology to address inequality issues in global economic development. It brings a decentralized business model to resolve the fundamental accessibility issue with communication networks, especially in underserved communities.
The decentralized model means that deployment, operations, and maintenance of such infrastructure are at the hands of the local communities. Instead of an only company having the resources to provide services and hence is the only monetary beneficial (as in the existing centralized business model), where anyone can tape onto resources available in the network that is supported by blockchain and offer services or trade within the local communities and be compensated for the contribution. This is a new shared economy enabled by SmartMesh where monetary benefits are distributed within the local communities and individuals rather than the conglomerates. This is SmartMesh's contribution to the 3.7 billion unconnected and the 1.7 billion unbanked population by bringing inclusive connectivity and finance.
Henry presumes that the emergence of blockchain technology, AI, and IoT sensors brings to life the convergence of the physical and virtual world, the metaverse. With these technologies, metaverse doesn't only exist in games, but can also exist in real-life scenarios. SmartMesh's eco partner Tokenship Foundation is developing the Tokenship protocol, an innovative social networking protocol that encompasses NFT, DAO, DeFi, and IoTs, which serves as the cornerstone for Web3.0 and metaverse.
Supported by the SmartMesh decentralized communication network, it envisions a metaverse formed by 'maniverses™' (community DAOs), which are self-governed and autonomous.
According to Henry, most popular blockchains have a fundamental issue with low throughput rate (TPS) and significant transaction fees, therefore, deemed not suitable for application in use cases that create voluminous transactions, like in payment or IoT solutions. SmartMesh's team addressed these issues with its first optimized spectrum blockchain. It is extremely lightweight and high energy-efficient that can be run on small devices like a router, which has low CPU and limited storage space. Next, the company built photon, the layer 2 payment network on a spectrum that supports high TPS and offline and off-chain transactions, i.e., to support transactions when the internet is not available, as the protocol can handle transaction verification and confirmation off-chain. This offline and off-chain ability is by no means trivial and it opens the SmartMesh's blockchain offering too many applications operating in an environment with intermittent internet.
Henry claims that one of the major components of SmartMesh's solution involves hardware. The recent global chip shortage crisis has caused a huge delay in the planned rollout of the mesh network. The company had to make significant changes to the strategic plans to deal with the crisis.
The company believes in building an ecosystem that involves all partners and communities' remarks Henry. In 2020, it partnered with the Singapore University of Social Sciences to establish the permanent blockchain living lab at the university, where an incubation platform is open to all students from SUSS to develop applications on the SmartMesh infrastructure that supports offline transactions. In the same year, SmartMesh together with its partner won the IMDA Blockchain Challenge award in demonstrating its cross-chain capabilities in a supply chain use case.
Henry opines that the industry will embrace Web 3.0 and its principle, decentralization. It will put heavy emphasis on individuals where solutions are going to center around individuals and their privacy. Creators are owners of content that they create and have the autonomy to determine how they should be shared, able to create an economy around these assets and benefit from it. Decentralization also drives interoperability as there will be no boundary where data is concerned, no single entity can manipulate and dictate who has access to data and how data should be used and shared.
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