Introduction

In recent times, our global village has witnessed an explosive advance of technology, which is nothing short of incredible. Solar cars, Smart refrigerators, blockchain and an overwhelming variety of super-intelligent virtual machine 'A.Is'. The truth is the creations in this century only, are plenteous and highly-important. Of all these, blockchain technology appears to be enjoying the most attention today.

Prior to arrival of the technology, the internet was no doubt the central and most used technology tool, and although it still is, blockchain shows good promise. Unlike the internet, which until recently could only afford the opportunity to transfer information one to another before mobile banking came to play, blockchain is useful for a host of other things like safe, secured value exchange, immutable data storage, and co.

In all honesty, these technologies put together make life more fun and enjoyable but to detriment of what?

Every time we use the Internet, we leave trail of bootprints. Whether it be for online shopping, or medical services or the most common; social networking, some amount of the user's personal data is left behind. More often than not, these data are appropriated and distributed to interested bodies without the consent and knowledge of the user.

Considering the fact that machines are gradually replacing humans already, this back-end activity further diminishes human value. Again, the monopolistic behaviour of the bespoke hidden figures deprives the original data owners from reaping off multiple data exchanges. And, many social network communities are guilty of this. In fact, personally, there are the major culprit in this regard.
For decades, this occurrence was excusable especially as only few people knew that they were being exploited but more users are coming into the knowledge. As we're fast approaching the popularly discussed digital age, wherewith the future of man hangs in the balance, there could not be a better time to lay down plans to mitigate it.

Here is a concise review of a promising frontier, IOVO, who is set to restore balance to the Internet of Values.

What is IOVO ?

Internet of value omniledger is a multi-blockchain DAG that is really focused on restoring absolute data access and control to the original data owners. It is a platform that collects, stores and with the consent of the owners, exchange data in a safe, secured manner. IOVO provides cutting-edge infrastructure for application owners to deploy applications which are designed to help meet a variety of users' needs whether social or commercial, while the actual data is stored and resides in the core. So it is intrinsically, a global network data bank that affords decentralised governance of stored data rather than oligopoly, through adoption of the Proof of Value consensus algorithm.

A Multi-Blockchain DAG

Of recent, directed-acyclic graph technology otherwise known as DAG has managed to raise quite the eyebrow in the world of technology. There has been a lot of hearsays concerning how DAG may replace blockchain technology in no time but the drawbacks of single transaction-DAG are inexcusable, some of which include:

1. Minimal data storage capacity
2. Risk of potential attacks
3. Lack of computing power for smart contracts.

Minimal Data Storage Capacity

The typical DAG cannot store large amounts of data as it was built to manage only small, simple transactions. As a result, it is prone to occasional system shutdown or failure arising from limited scalability capacity.

Risk of Potential Attacks

As DAG is yet a new technological concept, it is safe to avoid total reliance on it for cryptocurrency application. For instance, current DAG technology is vulnerable to conventional attacks that certain blockchain can easily nullify.
But in all fairness, DAG provides a faster, simplified and more interesting approach for transaction resolutions. And, IOVO is aware of this, so in a bid to revamp things, the platform now adopts a 'multi-blockchain DAG'. This is no longer prone to scalability issues as the blocks are splitted in a parallel chain thereby creating individual DAGs. Again, it is very secured and owing to the DAG-feature, is fully auditable.

Proof of Value Consensus Algorithm

Since the PoV consensus protocol is based on scored value of the users, which is accrued based on conduct and frequency of usage, IOVO cannot instantly kickoff following such manner. The plan is to set the ball rolling with the economic proof of stake in which the validators verifying transactions are rewarded based on the size of their deposits rather than the amount of computing power dissipated.

As the platform develops, the proof of value system would be introduced. Here, the rewards are distributed according to the compound value of each user.

IOVO Wallet

Again, IOVO can function as a personal wallet for users. It enables users to do the following: Peer-to-Peer data sharing and transfer, aggregation of all user data, and to perform transactions using the IOVO coins.

IOVO As A Marketplace

So long as humans continue to exist, the market for human data will continue to grow. Pharmaceutical companies, research institutes, financial corporations, advertising firms, global intervention bodies, amongst others, need an extensive volume of data for a host of inexhaustible reasons.
By storing all of one's personal data on a global decentralised 'trustless' network like IOVO, these data consumers are forced to meet with the actual owners on the same platform. Thankfully, IOVO provides pseudonymous identity, so on joining the platform, these data finders can establish contact with their intended counterparty based on the displayed information and if the user agrees, he or she can freely choose the denomination and amount to be paid. Interestingly, the original data owners are able to peg levels of access to their data as they deem fit.

In actual sense, it is glad tiding for data consumers too because with IOVO, they do not have to secretly deal for data, which is truly cheaper and good because of disclosure, but is likewise very risky.
While their true identity is not explicitly revealed on IOVO, these bodies can be sure of who and what they are dealing with, I.e it provides security and because of IOVO's aggregated data feature, they can have a extensive pool of background data, including medical records, bank statements and so on.

Safety and Security

IOVO's proof of stake protocol incentivizes the block validators to uphold the system's integrity and be honest. This mitigates the incidence of doubly-spent transactions and data alteration greatly.

Notably too, data is encrypted using public key, hence only the private key owner can access the data, but then, the recipient and sender's address are publicly displayed.

The platform is also based on post-quantum lattice-based encryption which is remarkably immune to quantum computer attacks.

Use Case

Peter's father is a kidney failure survivor. After nine months of sourcing and pooling funds from families, friends and those who preferred to remain anonymous, he was able to travel to India, where he had a kidney transplant that eventually proved to be successful.

Peter studied computer science and he's secretly been keeping tabs on the blockchain technology and the host of applications that it offers. Recently, he learnt about how its shaping China and Japan's healthcare system, especially in the area of medical records filing and storage.

As with most organ transplants, the survivor is obligated to do regular checkups and Peter knows this. Each time his dad goes for checkup, he spends a minimum of $300. Meanwhile, Peter has been struggling to ensure that his father never misses the monthly ritual, as he is only a low-income earner.

One day, Peter stopped to reflect on his life and the future. With this cost of medical checkup persistently hovering over his shoulders, it is obvious that he'll never get married anytime soon excepts he finds a third alternative. In the course of his quest, he stumbles on IOVO, a platform where he can truly monetize his father's medical data. After careful study, he moves the bespoke data to IOVO. In the span of two months, about two pharmaceutical companies made contact with Peter as regards his father's medical data.
From the money Peter realises here, he is able to cater for his father's bills whilst moving on to marriage.

Possible Drawbacks With IOVO's Architecture In The Future

From the ensuing, it is clear that IOVO is a revolutionary project but there are certain aspects that may constitute worries along the line.

1. Being a global network that serves as base layer for many applications, its data requirement is very huge. And as things stand now, it appears that the architecture will suffice for future scalability but, who knows what the future holds? As more users are added to the network and the communities grow, the current architecture may not be able to capacitate it.

1. Another likely concern has to do with the designed security measures- if they will stand the test of time, considering the fact that technology is persistently advancing. And like it or not, it would seem that good is always one step behind of bad when talking of advancements. As a perfect example, computer viruses are always developed first before a matching antivirus can ever be created.

Conclusion

The Internet of Value Omniledger is the first of it's kind, no doubt. And to be frank, it has an overwhelming flock of benefits which has been extensively discussed above.
But as earlier mentioned, it may have some bottlenecks along the line except attention is paid to effectively manage change as they proceed by quickly adapting to their environment.

Personally, the platform will certainly pave way for many things in our world today and even help complement for the inadequacies of the internet today.

For more information:
IOVO Website
IOVO Whitepaper
IOVO Telegram
IOVO Medium
IOVO Reddit

IOVO Bitcointalk Announcement Thread

Author: Michael Adesanya
Bitcointalk username: michades97
Bitcointalk profile URL:https://bitcointalk.org/index.php?action=profile;u=2321458;sa=summary
ANN Thread:https://bitcointalk.org/index.php?topic=4509519.0