IoN Chain the perfect platform for revamping the modernization of data
Several decades ago, before visionaries could invent an airplane, most people might have thought "This is such a mind-numbing task". But those inventors had this hanker to create something illustrious to modernize a concept whereby humans had to travel by air.
This got me lingering and plumbing for so long that I can only discern that the creation of other mind-blowing designs or techniques are yet to hit the radar. It is no happenstance that bitcoin and other cryptocurrencies were created. This is due to the major influx of digital activities evolving around the globe. The swift advent of the system brings piquancy with the implementation of rising a strategic growth amongst ventures.
Presently, the world have seen what I would say isn't enough in terms of bringing fussy logic, technological systems retrofitted for improved efficiency etc. Without much of a digression, I will succinctly explain the terms listed below.
- Ion Chain
- Blockchain Technology
- IoT Technology
- Edge computing technology
- Smart contracts.
Crypto-exchange platforms match buyers with sellers. Like a traditional stock exchange, traders can opt to buy and sell any coin by inputting either a market order or a limit order. When a market order is selected, the trader is authorizing the exchange to trade his coins for the best available price in the online marketplace. With a limit order set, the trader directs the exchange to trade coins for a price below the current ask or above the current bid, depending on whether s/he is buying or selling.
Cryptocurrency exchanges are online platforms where you can exchange one cryptocurrency for another cryptocurrency (or for fiat currency). In other words, depending on the exchange,
The idea of decentralization. By design, the blockchain is a decentralized technology. A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.
What is the Value of Blockchain?
And Why Should You Give a Bit?
The world is experiencing a huge technological revolution; as innovative technologies are created and adopted, some of them are able to affect change – to a considerable extent – within our society. They include virtual reality (VR), artificial intelligence (AI), big data, Internet of Things (IoT) technology and other equally-impressive technologies.
Take one look at a tech news site and you’ll realize that much attention lately is focused on a disruptive technology called blockchain.
As a distributed ledger technology, blockchain can also be successfully applied to various fields. One that is uniquely suited to the technology: a marketplace for the sale of Internet of Things (IoT) data. There is a strong and growing momentum to bring this blockchain-enabled data marketplace into production.
Thanks to blockchain, by 2030, established marketplaces will effectively create a “data gold rush” for IoT adopters that will determine, in a free market, the value of the IoT data assets generated. The powerful capabilities of blockchain will unlock the potential of the multi-billion dollar data marketplace and more in the coming years and decades. To learn about
blockchain use with loyalty programs , visit Data Makes Possible. Or, to explore what these marketplaces could look like and how blockchain will allow stakeholders (both buyers and sellers) to unlock the value from data, please visit Western Digital and Accenture’s new research on the Value of Data, including The Dawn of the Data Marketplace.
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.
The Internet of things is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these things to connect, collect and exchange data. IoT primarily exploits standard protocols and networking technologies.
Businesses can leverage IoT applications to automate safety tasks (for example, notify authorities when a fire extinguisher in the building is blocked) to performing real-world A/B testing using networked cameras and sensors to detect how customers engage with products.
The Future of IoT
As far as the reach of the Internet of Things, there are more than 12 billion devices that can currently connect to the Internet, and researchers at IDC estimate that by 2020 there will be 26 times more connected things than people.
According to Gartner, consumer applications will drive the number of connected things, while enterprise will account for most of the revenue. IoT adoption is growing, with manufacturing and utilities estimated to have the largest installed base of Things by 2020.
IoT device life cycle contract
The device contract is specifically set up to manage the maintenance of a device life cycle. It includes uploading device information onto the chain, information circulation, activation, deletion and other related actions.
Edge computing technology
Some of the IoT applications could not materialize as they required very fast response time which could not be achieved with the cloud server la tency. Thanks to the edge computing technology used by the IoN Chain, efficiency of the whole systems improves significantly and as a result new business ideas can flourish.
Edge computing technology is an open platform that integrates network, computation, storage and applications at the edge of the network, near the source of the data. It can be a solution to IoT sector problems in terms of fast connection, real-time operation, application intelligence, data optimization, security&privacy protection and so on. Edge computing is a bridge between the physical entities and industrial connections. Cloud computing layer is still able to access the historical data of the Edge layer.
What is IoN Chain?
IoN Chain meets the architecture requirements of the Edge computing technology perfectly and can m ake full use of the computing power of the network nodes themselves. These nodes will meet the nearby connecting requirements for computation and storage of IoT devices. This will lead to increases in the time efficiency of the IoT perceptioncomputingre sponse process. There are a large number of application scenarios which require low feedback latency within the IoT network. The edge computing solution could be the creative platform for these scenarios These fields will have a negligible effect on cloud computing. Dependent on the features of edge computing, IoN Chain introduces the concept that “every device is a mining machine”, which means that each of the IoT devices connected to IoN Chain will be able to mine and receive remuneration through the Ioni zation algorithim”. The system will accurately calculate the precise rewards from the functions, data volume, time (e.g.: time length of terminal controlled, time length of data collection, etc.) 、space (areas covered by terminal or terminal cluster) and many other dimensions. IONC will incentivize self interested small or medium enterprises or even individuals to join IoT projects and push forward the development of IoT facilities.
IoN Chain] provides intelligent contract engine with highly customized abilities, and all kinds of operations can be completed via smart contracts. The contract mana gement depends on IPOS consensus algorithm, and the system is governed by machines other than man. There is a built-in system contract based on IPOS algorithm, and it has higher authority than normal user contract. The system contract needs multi-authorization before it is done.