To understand the problem with the implementation of blockchain technology we have to realize the problem of the implementation of all new technologies. Maybe the best example is in the car industry and famous brothers Duryea who invented the first motorized vehicle in 1893. They managed to sell only 13 vehicles! Probably the main problem was the lack of infrastructure that will support such innovative technology. Something similar is happening with the blockchain also. Most of the business entities still don’t understand what is blockchain and what improvements it will bring to their business. Also, we can acknowledge that there is a lack of support with the infrastructure. Today everybody understands what are relational databases and what improvements they can bring to the business process and that is only because databases are used for more than 30 years now.
What is the Prometheus project?
The idea behind the Prometheus is very simple, but it can have major implications on the blockchain implementation. Today every business process is using relational databases. Prometheus had created an MVP (Minimum Viable Product) where users can connect to their database and transfer the data from the database to the desired blockchain (Ethereum, Stellar, Cardano, Neo…) with the only couple of clicks. With this easy process, business entities will become users of blockchain technology. Imagine a university transferring all grades to the blockchain with the only couple of clicks. They will stop grades manipulation immediately. Prometheus is stating that the reverse process can also be made. Users can transfer data from the blockchain to the database or an excel sheet. Here is a demonstration video of how it is working:
This MVP should be the foundation of the platform they are wanting to build. If this is successfully implemented most of the specialized blockchains will be obsolete. There will be no need for companies to create blockchains that will satisfy their needs and that will cover their product or their service. Creating the specialized blockchain can be very expansive and time consuming and it seems that Prometheus has the right product that is targeting this issue.
Protection of the ICO participants
According to the Prometheus website, they want to implement the high protection of the ICO participants. This is a very good thing regarding the current state of the crypto market and how the community is demoralized because there was practically no safe space as the markets crashed. Lots of ICO scams in the past years didn’t help also.
Ethereum returning via smart contract if the soft cap is not passed is not something that has not been seen before, but it is something that any ICO should have. But, returning Ethereum via smart contract if the soft cap is passed if the development of the project is not going according to the road map is something that has not been seen before. They want to implement a functionality that any participant in the ICO can vote for an independent 3rd party supervisor who will monitor if the development of the platform is going according to the road map. If they fail to deliver they will return the Ethereum via smart contract. This is something that is definitely welcomed in the industry.