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Overline is a protocol designed to foster innovation by connecting blockchain technologies with liquidity and interoperability. Overline is built on top of a unique proof-of-work algorithm called “Proof-of-Distance” and uses mining hash power from it’s network to build a "blockchain of blockchains”, or multichain, by weaving together the states of all connected blockchain networks and recording this information into a single immutable ledger.
Disparate blockchain networks are prevented from reusing, triggering, or executing transactions on other blockchains. Networks seeking to collaborate or interact are forced to rely on middlemen and third party platforms in order to bridge the gap. These third parties are a compromise to the design philosophy of decentralized technologies and introduce significant vulnerabilities to the industry as a whole.
By connecting multiple blockchain networks together, and baking connectivity into the technology itself, Overline helps organizations and individuals leverage the unique benefits of siloed blockchain networks from one single platform.
Overline currently incorporates the Bitcoin, Ethereum, Waves, Neo, and Lisk blockchain protocols into its multichain.
Being an Overline miner or running an Overline node is defined as performing the task of continuously observing the states of all connected blockchain networks within the multichain, monitoring for occurrences relevant to the trades and transactions. As a result of miners verifying the current state of all child chains, miners also verify and add new cross-chain transactions by processing them locally.
Miners must expend computational resources to perform this activity, racing to produce cryptographic fingerprints which prove that they have in fact observed the latest blocks issued by connected chains. Those who are able to do so successfully earn Overline (OL) as a reward for their contributions to the network.
OL is used primarily as collateral to de-risk, prioritize, and facilitate value transfers between ordered datasets. The technology stack was designed so that any event can be expressed in terms of Overline (OL), be it a trade, smart contract execution, or insurance linked instrument. OL could be compared to Gas on Ethereum in that it fuels the economics of mining.
Emblems (EMB) are the utility coins of the Overline network. If you are mining Overline, Emblems attached to your mining address significantly increase the size of your mining reward. Miners who own Emblems earn more Overline per block as a bonus and can issue larger blocks with more transactions.
EMB and OL represent an application of ‘meso-economic theory’ in a decentralized blockchain protocol. One coin, EMB, allows you to upgrade the performance of the network through mining rewards and large blocks, while the other, OL, powers all of the transactions within the network. EMB is like owning the gas station, OL is the gas. By splitting the two, the utility of the network is designed to reach a technological and economic optimum through interplay between EMB and OL.