Todd Morley, Overline chairman and co-founder of financial-services giant Guggenheim Partners is building a blockchain tower in New York, as per a report on Business Insider today.
The new building at 111 West 57th Street, to be built by JDS Development Group in partnership with Overline, “will be able to connect, sort of like a hand radio operator, everyone in New York City to a crypto trading wireless communication,” said Morley in his interview for Bloomberg Television.
Overline network
Overline is a mineable interoperability protocol that can connect all blockchains, including Bitcoin, to decentralized finance (DeFi) protocols. The network is entirely powered by mining and besides enabling cross-chain trade and interoperability, it allows users to trade its own cryptocurrencies, such as ‘Emblems.’
The interoperability of the Overline multichain network utilizes a unique ´Proof of Distance´ proprietary consensus protocol, which builds upon Bitcoins ´Proof of Work´. Bitcoin users are already able to access blockchains through other means, for instance via a network of satellites.
More than just one skyscraper
In the interview, Morley also revealed that besides incorporating a wireless network that will allow improved access to public and private blockchains, the skyscraper is supposed to include a museum for non-fungible tokens (NFTs)—unique digital assets underpinned by blockchain technology, linked to art, music files or other assets.
The company is planning to make the wireless network available on more skyscrapers, some spread outside Manhattan.
As such, the end goal of the project is to allow anyone within a defined radius to have wireless access to blockchains, regardless of cellular plans or Internet connection.
“Overline has developed a new way to decentralize communication, wireless communication, that could be used at the speed that would even allow crypto mining,” said Morley in a statement. Here‘s hoping the blockchain towers don’t add to the 5G conspiracists.