The Blockchain Vanguard How Ganesh Lore, founder & CTO, Chain Sense is foreseeing the future one chain at a time
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Technology has been evolving by leaps and bounds and over the years, it has gone from artificial intelligence to blockchain to creating an entire virtual world called "The Metaverse'. Blockchain is considered as a digital ledger of transactions which is duplicated and distributed across the entire network of computer systems connected via blockchain. A blockchain is an immutably transparent database that cannot be modified and deleted. The information that has been recorded on the blockchain once cannot be changed. A network managed by peers that allows participants to verify and audit transactions independently.
Blockchain has made quite a stir during the last half-decade, but only in the financial sector, but it has had little impact in well-known sectors such as healthcare, pharmaceutical, real estate, hotel, automobile, and government etc. India has been a late but rapid adopter of the blockchain and cryptocurrency markets, with a substantial development coming in connection with the lifting of the prohibition in March 2020. Ganesh Lore, Founder and CTO, Chainsense began coding at the age of 14 using the C programming language. Developing an interest in web browsing, he learned web-based language using old Digit Magazine editions. He began developing websites in 2002 as a pastime using Macromedia Flash MX. He listed himself on Justdial which assisted him in generating a large number of leads including e-commerce websites, CRMs, social platforms, chat applications, etc. Launching his own IT company in 2008, he created school management software with Webvistar. Following that, he established automation management for universities, where he constructed more than 56 modules covering admissions, pre-examinations, post-examinations, convocations, etc. under the same roof.
When Bitcoin rose significantly and crossed $100 in 2013, it sparked an interest in Ganesh. However, with concepts being extremely difficult to understand, entering a new era of technology with limited knowledge available on concepts such as node setup, mining, node/wallet setup, ledger, and public key/ private key pair. "I come from a background where server-side programming and front-end languages were distinct, with node. js dominating. Node.js was ushering in an entirely new technical era by integrating server-side scripting and front-end languages," shares Ganesh Lore.
"I couldn't decide whether to focus on blockchain or the node.js revolution. In 2015, I began constructing dApps, but the market wanted more token deployment than blockchain development at the moment, so we began with coin deployment," said Lore.
Chainsense, a firm committed to creating blockchain technology, was founded by Ganesh in 2020. According to Ganesh, blockchain is adopted only because of cryptocurrency but not for utility purposes. The majority of the market favours native token trading. However, there is currently no utility-based application on the market. According to Ganesh, building a blockchain consists of five layers: starting with the most complicated hardware; data; network; consensus; and application layer. People fork EVM and focus solely on the application layer. There are a few blockchains that work on their own consensus, which is highly lacking in India. "After conducting healthy research for over 5 years on blockchain, we as a team concluded that business applications are dependent on blockchain's application layer, which is smart contract based. But there are some limitations. Smart contracts cannot go beyond the consensus layer," added Ganesh.
Chainsense customizes the consensus layer depending on various sectors and how the industry's business operations work with applications in such a manner that they can utilise the real essence of blockchain.
"We developed our first crypto multichain wallet, for Android and iOS in 2020. In a short period of time, we established a large number of DEX, CEX, staking protocol, NFT marketplace, and NFT raffles. Then, for each dApp, construct it. In the crypto realm, we have so far established four blockchain protocols. Our goal is to create a crypto valley," said Ganesh.
With Blockchain bearing the potential to impact many sectors, from financial services to the public sector to the healthcare and media industry. In India alone, government bodies, consultancy firms, technology giants, and startups are coming together on multiple platforms to explore Blockchain as a technology. Ganesh believes that blockchain is a simple word but in reality, it is extremely complicated and not everyone can use blockchain. The focus of Chainsense started from creating consensus to launching a TestNet and explorer, etc. Chainsense delivers a business oriented niche solution with an integrated custom consensus algorithm within the blockchain architecture for a comprehensive solution.
Chainsense provides a range of blockchain application development services across various verticles with transparency, security, automation, and efficiency. The company enables various industries such as financial services, healthcare, online streaming, real-estate, etc. to transform its core functionality and efficiency with blockchain technology. Its public and private blockchain-based industrial solutions bring automation security, traceability, and immutability, across business processes.
Blockchain ecosystems are made up of pieces that can interact with one another and the outside world to create a unique environment. A blockchain ecosystem can also be defined as the agreed-upon governance structure for a particular use case. Cross Chain technology is increasingly becoming the ultimate solution for enhancing interoperability between blockchains as it is an emerging technology that seeks to transmit value and information between different blockchain networks. The private blockchain currently held the largest market size in 2020. A shared database or ledger is secured by traditional security techniques, such as limited user rights.
Chainsense developed a concept known as Lycanchain which the company claims to be the fastest scalable blockchain protocol, reducing the gas fees, zero fees on stable currency. Every full moon on each transaction that took place, base fees of the transaction is burned automatically. Lycanchain is introducing one of its kind referral systems - Proof of Bite. A person can only be a delegator only if he is referred by a validator. With every referral, 1000 Lycan coins will be burnt from validator's wallet and that will control the circulating supply of the coin. The delegator can delegate his token only to that validator who has referred him. If a delegator is referred by more than one validator, then he can delegate his tokens to multiple validators. Delegator will be rewarded with block rewards up to 70% of total pool rewards.
Web 3.0 is the next step of the internet revolution. Decentralisation and privacy are at the core of Web 3.0. According to Ganesh, Lycanchain will support future generation web 3.0 applications where technologies like machine learning, decentralised ledger technology (DLT) and big data will be used. The company is building a decentralised browser where users would not have to struggle in order to connect to Web 3.0 extensions where all the blockchains will be connected together.
Metaverse is another buzz word that has recently picked up a lot of pace. Chainsense's other product offering, Blockchain Land is a marketplace where businesses and users can create their own metaverse. At blockchain land users can purchase and own a parcel on any EVM base chain. Aside from that, the company believes in notions like obtaining digital global citizenship, which allows users to buy and sell NFTs. Blockchain Land is set to go online with several major collaborations already in place, such as supermarkets, entertainment companies, fast food restaurants, and so on. Chainsense currently has offices in six different locations, with headquarters in London, operating offices in Mumbai, Surat, and Bangalore, sales and marketing offices in Dubai and Johannesburg.