laser protocol

Since the inception of Bitcoin (and its underlying blockchain concept) in 2009, several
other cryptocurrencies both similar and dissimilar have emerged. Although
technologically and socioeconomically disruptive, most of these peer-to-peer
transaction mechanisms have their own limitations. Issues such as slow transaction
speeds and transaction confirmations, an inability to interoperate blockchains with one
another (e.g. cannot easily transact Bitcoin for Ethereum), and incomplete anonymity of
users have hindered wide-scale deployment. These topics have been widely researched,
in pursuit of a solution for each of these shortcomings.
In this paper, we propose a mechanism called the Laser Network to address these
issues with a blockchain-agnostic design that we call a service layer. This service layer
will enable secure transfers across different blockchains while also providing
mechanisms to achieve near-instant transactions, and improved anonymity of users.
Laser will be built on a hard-fork of the Ethereum blockchain. Under the proposed
distribution plan, Ethereum holders will be incentivized to begin staking on the Laser
network, with a targeted airdrop in which they will receive Laser’s Photon
cryptocurrency. Currently, it is estimated that they will be rewarded with a yearly 36%
payout of Photons.

The year 2008 will remain an important year in the history of cryptocurrencies. This was
the year when the domain name Bitcoin.org was registered. Later in the same year, a
paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” [1], authored by a
pseudonym “Satoshi Nakamoto” was posted.
In 2009, Bitcoin came into existence, with the release of the first Bitcoin client, and the
issuance of the first block (the genesis block) on the Bitcoin network.
Since then, we have seen a proliferation of cryptocurrencies and a multitude of
blockchains. One very interesting after-effect of cryptocurrencies’ initial surge of
popularity was the application of blockchain technology in areas other than
cryptocurrencies, with the main idea of harnessing it as a platform for enabling
decentralization while retaining trust.
Blockchain has expanded the areas of distributed ledger technology (DLT) applications,
finding its way into non-financial domains as well - such as commodities, supply chains,
and data management.
With the expanding population of blockchain use cases, we look at some of the
limitations of current blockchain technologies, and will subsequently introduce an
overview of a proposed solution to overcome some of these limitations.

Traditional blockchain technologies face several practical issues, which are hindering
the adaptation of these technologies into mainstream use. We will be focusing on the
blockchain technology implemented in Bitcoin as the central case study to demonstrate
its limitations. We believe that the blockchain mechanisms used in Bitcoin are wellestablished,
and have the largest base of installations as of this writing. Further, most
other cryptocurrencies use similar concepts in their blockchains. Hence, we believe the
limitations that Bitcoin faces are representative of those that are faced by other
cryptocurrencies as well.
The Bitcoin network faces the following challenges as of today;