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- August 26, 2022
Hyperledger – What really is cryptocurrency-agnostic?
This article will focus on the cryptocurrency-agnostic aspect of the Hyperledger blockchain. The word ‘Agnostic’ in general technology term refers to something that is generalised, that can be used with a wide range of different platforms, so that it is interoperable among various systems.
An ‘agnostic’ approach to cryptocurrencies signifies that Hyperledger is independent and agnostic of any cryptocurrencies. In essence, it is saying that the solution to any (cryptocurrency) problem is not one size fits all; there can be many ways to solve it and many options to choose from.
A technology agnostic approach can also be used by a company in terms of impartiality towards using a particular technology, methodology, or data set. If this relates to a business being blockchain agnostic, this means its business solutions can be built from different blockchain technologies.
If a company’s business solution blockchain project wants to accept many cryptocurrencies, Hyperledger has the provisions to enable that on its platform. Hyperledger also has the capability to design its own cryptocurrency but it will never create its own one.
Hyperledger’s purpose is to build enterprise blockchain, with a focus on interoperability and integration elements. Creating or managing a currency is not necessary, and Hyperledger blockchain network does not require cryptocurrencies or other tokens on its platform, in order for it to work.
Having a cryptocurrency-agnostic design architecture indicates Hyperledger’s pragmatic approach of not being tied to or showing preference for any particular cryptocurrency. It does not need cryptocurrencies as incentive mechanisms to establish a trust system.
Nevertheless, Hyperledger supports and can enable custom tokenisation option. An example of tokenising is creating Non-fungible Tokens (NFTs) that are associated with digital or physical assets. And tokenisation of asset is quite a different concept altogether. Tokenising an asset increases its utility, makes it trackable, and supports automation.