This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.
Mesh network is an ad hoc network that can be automatically established between radio nodes such as mobile devices. It is more private, resilient, and efficient and often comes free, yet it has the challenge to scale, largely due to the lack of economic incentives.
SmartMesh, an autonomous communication protocol, offers such an incentive by introducing a crypto token which smartphone users can “mine” when they share their nodes, building a decentralized mesh network.
SmartMesh represents an Aribnb style smartphone node marketplace on which participants can be both network service provider and customer.
Mesh Network Restrictions
Mesh network technology has already been deployed in areas where the Internet is not available. In such environments, payment transactions between nodes have to be made without access to the blockchain, severely limiting mesh network’s capability.
Even when the mesh device has access to the Internet, there is still a problem: slow transaction speed. Because of a hard-coded limit on computation per block, the Ethereum blockchain currently supports roughly 15 transactions per second compared to the 45,000 processed by Visa. To make Ethereum based ERC-20 token a viable payment solution for the mesh network, faster transaction speed is essential.
Solution: Off-Chain Payments
SmartMesh recognized that an off-chain payment channel can make payment fast and economical. By using blockchain tokens, SmartMesh creates a resilient, decentralized, self-healing mesh network that offers higher near-field communication speed and bandwidth than the Internet that is free to users.
SmartMesh will build a mesh network that is parallel to the Internet based on P2P direct connection of smartphones, so that traffic does not get sent to the center servers but through communication in the local mesh network, saving traffic resources, reducing radiation and waste of power communication.
The SmartMesh mesh network will connect mobile phones, on which people who share their own mobile phones as nodes are rewarded with crypto tokens. Each smartphone will become a node to form a dense network that breaks the traditional boundaries of payment services, making payment easy.
Integrating Raiden Network
SmartMesh has integrated Raiden Network technologies to accelerate micro-payment transactions. The Raiden Network increases the processing power of the Ethereum, processing up to 1 million transactions per second.
Users will have transactions si
gned off-chain, rather than having all transactions processed on-chain. The cost of transaction can be as low as 1 millionth that of on-chain.
Raiden Network brings the advantages of scalability, fast transaction, confidentiality, interoperability, low cost and micropayment-readiness. SmartMesh makes crypto payment without Internet possible.
The first Mobile-Raiden micro-payment was recently made to Beijing using an Android smartphone through the Ethereum Testnet network.
Because Raiden Network in Germany uses Python to develop and maintain the whole project, it can only run on PC servers. To overcome the limitations of the Raiden Network, the SmartMesh development team used Golang to enhance the Raiden Network into the new Raiden-Mobile, which can run on smartphones, smart devices as well as PCs and servers to provide micro-payment functionality.
After the release of Mobile-Raiden, SmartMesh’s mesh network and its eco-project MeshBox will leverage this technology to realize offline token micro-payments. The MeshBox’s network nodes will become the network nodes of Raiden.
When MeshBox ecosystems are unleashed, Mobile-Raiden will have hundreds of thousands of network nodes to establish its micro-payment links on and embed itself worldwide. This also supports global micro-payment solidarity, building a protocol for global network payments.
As long as phones are linked to a mesh network, mobile micro-payments can be made through Mobile-Raiden almost anywhere. M2M payments on which IoT development relies can become viable and lay the groundwork for M2M payments in AI.
More importantly, the combination of Mobile-Raiden and SmartMesh enables the development of Internet-free payments, which are currently not possible on global financial payment systems and blockchain digital currencies. This is a historic breakthrough taking economies into social, geographical and technological frontiers!
Follow us on Telegram.