With the increase of decentralized blockchains such as Ethereum and Bitcoin comes an increase in other distributed ledger technologies. With the volume of electronic transactions growing at a global scale, it is clear that there is a need to increase the number of blockchain based networks to keep up with demand. IonChain offers an innovative blockchain which meets the global standard and provides a secure, scalable and decentralized technology which guarantees security through collaborative and permissionless mining. Security of transactions are ensured by our theoretic framework that means over 50% of total hash power is sent to the base chain which acts to prevent any double spending. Cross transactions can also be issued on the platform and confirmed within minutes, with the number of cross transactions increasing the response time. IonChain will operate a
smart contract network which will be backed up by the Ethereum Virtual Machine.
The principles of IonChain’s design including increasing scalability but at the same time making sure that decentralization and security are paramount. Creating cross shared transactions seamlessly to give user quality of experience (QoE) within an ecosystem that is incentive driven is key to IonChain, being able to support different platforms and providing users with an easy to use account. Our design will allow for scalability to be in line across the requirements of maintaining high security with a good level of decentralization.
Current blockchain technology has two different basic functions in every block within a chain – the ledger, including the state of the current ledger, and the confirmation, which is required to confirm the transaction from a ledger and then mine blocks to reach desired difficulty levels (proof of work or POW).