The development team of the project the Lambda Protocol announced
its decision to provide access to decentralized applications (ÐApps), which in the future should form the basis of Web 3.0. The new Protocol will allow users of distributed applications to interact with Web 3.0 through the already existing Internet browsers such as Chrome and Safari, without having to install specialized SOFTWARE.
The source code of the Protocol will be opened, which should increase safety and to accelerate the dissemination of technology. At an early stage the Protocol will only support blackany Ethereum and Bitcoin, but in the future we plan to support other blockchains, including Hyperledger Fabric.
The company is headed by the Lambda Protocol TAYANA Zhang (Zhang Taiyang), employees located in Singapore and Australia. Among the consultants and mentors of the team are key figures in the crypto-trading projects Santiment and KyberNetwork and analog Lighting Network for Ethereum is Liquidity.Network.
Zhang believes that the use of distributed applications (ÐApps), now has two key problems: centralized access points to these applications, and lack of compatibility between different browsers and wallets. For example, to access the applications on the network Ethereum on PC at the moment, it is necessary to expand MetaMask for the Chrome browser, on mobile devices where the browser and support third party extensions need a special application for iOS. This not only creates inconvenience for users, but also makes them very dependent corporations. If you imagine that Google suddenly decides to delete MetaMask from Chrome Web Store, it will be a disaster for users of this popular extensions, because they will lose access to their funds and all applications.
«You can compare the current approach with a hypothetical situation where access to all Internet pages would be carried out via a single web site. The controller or the operator would not be difficult to block access to the Internet, taking control of only one resource. This approach is fundamentally inconsistent with the basic principles of decentralization.» noted Zhang.
In addition, all distributed applications require a cryptocurrency wallet to work. The lack of compatibility and support in browsers, third-party wallets forces users to install extra software to spend time and money on a transaction between the purse and what is required for applications.
The Decision Of The Lambda Protocol
The Lambda Protocol (protocol λ) is the internetwork Protocol is open source, which aims to «give users access to decentralized applications of the future in current web browsers,» — said the head of the project.
To achieve this objective, the team will develop a mechanism of interaction in a separate layer popular cryptocurrency Ledger Nano’s wallets, best wallet, imToken, Jaxx with such browsers as Chrome and Safari, which is built on top of existing network technologies of Web 2.0. This approach does not only simplify the work with ÐApp, but will allow to abandon the use of centralized solutions.
However, such a solution has its own price. A new Protocol you’ll need some «fuel», by analogy with the gas in the applications of Ethereum. As this «fuels» the developers plan to use the DAP-tokens (Decentralized Application Particle — particle decentralized applications). The number of DAP-tokens required for each transaction will be calculated dynamically.
The TAYANA Zhang describes the process of interaction with the Protocol in this way:
«When you query for user’s wallet to sign the transaction using an application that uses the Protocol λ, the developers of this application get paid for request DAP-tokens. Repeaters — network users that provide confirmation of transactions, can earn the DAP-generating tokens to authenticate the transaction and transmitting it to the network».
Through the use of PoS algorithm and the mechanism of restriction of speed of transactions, application developers will be charged only for on-chain transactions remaining in the circuit.
The main usage scenarios of the Protocol:
Trade on decentralized exchanges using popular software and hardware wallets;
Confirmation of the identity of the user to procedures in KYC/AML;
Integration solutions for cryptocurrency payments in online stores;
Organization ICO using many different cryptocurrency and token at the same time;
The development of decentralized applications for iOS/Android without having to create your own cryptocurrency wallet.