MEET IONCHAIN : REVOLUTIONIZING THE IOT INDUSTRY THROUGH THE EDGE COMPUTING SYSTEM TECHNOLOGY
The blockchain technology became the answer to a lot of unanswered questions of the technological world. When it was first developed in 2009, it did not really take years before it started making waves all around. Basically, stars do not struggle to shine, for shinning is an inherent property that it exudes effortlessly.
The blockchain needed no time to make its impact, as the features were too good to ignore. Though there were challenges all around, but it didn’t prevent it from breaking forth and establishing a firm foothold cum strong influence on the global scale. The truth of the issue is that whatever that does not kill you, makes you stronger.
Cryptocurrency in recent times have become the language of the world. I visited school few weeks ago and I was amazed to stumble on lecturer introducing exchange sites to the students, I had to steal some time off my busy schedules to involve in the discussions.
The students were already into crypto and believe me when I say that the generation of young minds coming forth would be all for the crypto and blockchain technology. What fascinates me most is that no matter what area of life you are involved it, be it education, finance, aviation, business or academics, there is a relative blockchain that solves the problems encountered by the centralized aspect of the sector.
The world has advanced in virtually every sector of human endeavor. The health sector, agricultural sector has experienced growth in all ways of which it owes to the internet.
Most sectors utilize smart devices that are used to fast track works and productivity, this gives rise to the internet of things (IoT)
Internet of Things is a network constituted by uniquely identifiable commodity objects or devices equipped with some sensing system. Internet of Things paradigm enables the objects, also called things, for sensing, which subsequently interoperate and communicates with other objects for data exchange through an existing physical network infrastructure. at are equipped with sensing systems.
Some of the examples of Internet of Things-enabled commodity devices or things include heart monitoring implants, automobiles with embedded sensors, firefighter’ devices, smart thermostat systems, and Wi-Fi enabled washer/dryers.
As the arena of Internet of Things is expanding, the number of Internet of Things-enabled applications is also rapidly growing, which results in massive growth of smart devices in multiple order comparatively. This swift increase in the number of sensing things is responsible for generating and storage of a plethora amount of diversified data Source
The internet of things experiences some challenges that over time have prevented it from achieving an even distribution of value and adoption. Here are some of the challenges of the IoT
Lack of data security and privacy protection
Securities in recent times have become very challenging issue to the internet as various devices and websites have been infiltrated by hackers. Highly classified data is been shared constantly on the IOT industry and it becomes expedient that they should be protected.
Few years ago, there was a hack on the database of American Facebook users that were eligible for votes and the outcome of the by-election was a function of the manipulation done by the hackers.
An example of the security challenges can be seen in a mobile device containing valuable information of a company’s finances, what will be said if this device is being hacked by notorious hackers, this could be detrimental to the organization.
I believe the security challenges seen in most IoT is as a result of the centralization of data and the technology therein. Centralized means of data storage and management is very unreliable and can be easily be tampered on by hackers. Hence there is need for decentralization.
Business model for the IoT industry still not established
The business model of any information company or organization should be well established and clearly simplified for maximization of data, value creation and circulation. But there is a disparity in the business model of IoT as it is not clarified yet.
IoT was initially developed from the underlying success of various electronic devices and the corresponding huge data generated therein have not been judiciously applied to any big scale business
This continues to be a big problem for the IoT environment.
The shackles of cloud computing architecture
The ever increasing and developing technology has evolved to the extent that automated machines could be deployed to act in place of humans. This action require a computing setup that is effortlessly reliable and powerful in action.
The IoT industry pitched their tent on the cloud computing technology but there has been some issues that have militated against its advancement as there are delays from perception to execution of actions and judging from the value needed to be achieved, the whole process is too slow to be validated.
Lack of interoperability between platforms
Data does not achieve value if it is not exchanged properly, local networks offering heterogeneous data should be able to achieve an even distribution of data for value creation.
Many companies monopolize this value due to the fact that they possess financial strength and power. Data is being hoarded and a huge setback is being witnessed in the real data sharing.
There is a rush in the staking of claims on the market frontier of IoT and this creates an unhealthy competition amongst companies and hence there is just no headway in data sharing
WHY COMBINE BLOCKCHAIN AND IOT?
There has been a tremendous success for programs that have been pitched on the blockchain. The features of blockchain technologies are suitable for the development of most business ventures.
Here are reasons why there is need for a combination of the blockchain and the internet of things.
Immutable data transactions
There are various data transactions being done on the internet of things between multiple networks. Sometimes there are confusions of the ownership of these transactions, or denial of transferred data. The blockchain is highly immutable and records data transactions, such that if anything goes wrong, one can easily reference back to the source (blockchain) for confirmation.
Blockchain technology uses encrypted and distributed storage means which secures stored data and brings about user trust and participation.
Keys are used to give authorizations for transactions that get approved on the blockchain and only the individuals with this key run these transactions. No human can be able to decipher the keys of encrypted blockchains.
Smart contracts execution
Smart contracts allow for the execution of tasks when already stipulated conditions are met and this would benefit the internet of things.
It can be useful when making payments as one can easily be paid upon confirmation of service delivery and other already set conditions are met.
Finally, the blockchain and IoT will become a success in the near future if it is combined well. Now as many users and devices come on board and get connected on a centralized cloud storage on the IoT industry, there may be bloating due to an increased usage.
The blockchain will solve this as it is highly distributed in nature. Combination of these two industries will minimize the security and business risks that go hand in hand with the technological world
IONChain is a blockchain technology that seeks to solve the problems encountered in the IoT industry. In science, ions are known to link up in the formation of atoms and are chains of contact in the atomic theory. Invariably, one can say that, IONChain is the ion, while, the IoT is the atom.
This blockchain technology will create a platform where several IoT devices will be able to interact seamlessly, share data, transfer data and communicate effectively.
It utilizes the edge network and other technological concepts to solve the interoperability issues witness in the IoT industry. IoT devices before now cannot exchange secured data, but IONChain affords Iot devices the ability to automatically exchange value within a highly secured and private network.
IONChain uses the blockchain’s smart contract protocol to ensure that all IoT devices connected to the IoT network are highly secured, and communicate in a privately secured P2P manner.
Like I mentioned earlier, IONChain basically utilizes Edge computing. Edge computing is very promising as it affords users control over their own data and also to regulate who gets access to it or not.
The edge computing also allows for the seamless integration of storage and computation of the network near source of data. It also solves the problems of data privacy and security of assets and data over the internet of Things
Vision of IONChain
The global vision of IONChain is to help break down the communication barriers between the different types of smart IoT devices and link them using a universal standard, through the synergy between the decentralized Blockchain architecture and the Edge Computing applications.
IONChain has also integrated Inter Planetary File System (IPFS), this will facilitate fast data transfers across the network, ensuring that devices on the network can have swift access to store or retrieve.
IONChain has a mission of developing a very compatyible and beneficial ecosystem IoT such that any smart device connected to the IoT network can be able to act as a mining machine contributing its processing power through the ionization algorithm of IONChain.
The Vision - “One Device, One Coin, One Code”
The concept of One Device, One code, One coin was developed after the thorough research on IoT networks and the slogan is a perfect explanation to IONChain;s goal, which is the integration of IoT hardware and infrastructure trhat would allow communication of devices over even parameters.
The ‘DEVICE’ represented in the slogan means IoT devices and it is by development connected to the IONChain network. An algorithm model known as zero knowledge proof algorithm is used to encrypt the devices containing IONChain consensus protocols and IONChain identification codes.
The identification codes is used to identify and trace these devices. The ‘COIN’ stands for IONChain Coin (IONC) where as the ‘CODE’ stands for identification code for IoT devices within the IONChain network. The identification code is rendered secured by the IONChain’s distributed ledger.
The effective connection of the various devices to the IONChain network will bring an increase in the speed of value that can be shared between IoT devices and also bring abput global adoption.
IONChain integrates the Inter Planetary File System (IPFS) to ensure the distributed and encrypted storage of IoT data, thereby ensuring security.
There is also a business model on the premise of the smart contract technology that allows for data trading
Edge Computing and Decentralized BlockChain Technology- Prospects
The IONChain network utilizes edge computing system; the system is basically a data processing architecture that ensures that the data generated by users are processed at the edge of the network, which is very close to the source of the generated data.
Data is processed with a smart device which represents the edge of the network as opposed to processing data in data silos and remote cloud storage centers.
In Edge Computing technology, there is automation of transactions between smart devices, and the edge computing technology creates a compatible ecosystem that is powerful, fast, reliable, secure, backed by a cryptocurrency.
Users are in charge of their data, since their data is processed very close to them. They also decide who they reveal it to.
The idealogy of IONChain together with the edge computing technology is one that every IoT device connected in the IONChain network can serve as a mining station and intermittently receive rewards via IONChain’s ‘Ionization algorithm’
Benefits of the Edge computing technology includes:
- Enhanced privacy
- Secured data
- Automated transactions
- Faster transactions
IONChain system architecture
The IONChain team did their research and discovered that the protocols that presently combine value creation and value transfer were not effective, and they had numerous loopholes. They then brought about Ionization algorithm, which separated the two processes.
The protocol being operated by IONChain system is known as Ionization algorithm, which was derived from theory of ionization as proposed by Svante Arrhenius
Ionization is the process by which an atom or a molecule acquires a negative or positive charge by gaining or loosin electrons to form ions, in conjunction with other chemical changes
The ionization theory was developed because the team came to a realization that the existing protocol of combining value transfer with value creation is not effective and had numerous loopholes. This prompted the development of the algorithm.
“The Ionization algorithm allows devices on the IONChain platform to do computations or create value utilizing Edge Computing This algorithm is superior to what is on ground currently and enhances speed, data security, transparency and real-time data management”
IONChain and Value Creation Process
The value generation of the IONChain ecosystem is the first layer of system and it involves the generation of user data at the IoT device of the user. In this layer, IoT devices work together with Edge Computing centers set up by the IONChain to create and measure value which translates to IONChain
IONChain network communicates through a customized protocol called IMQTT which enables IoT devices to exchange and carry out value transfer
Each IoT device is a potential mining machine on the IONChain Network and its information can produce IONC tokens. The nearby Edge Computing centers are set up to assist IoT devices do the mining for high volume processing which may be beyond the scope of IoT device.Once value generated is calculated, it is passed on for verification.
Value is always from the user controlled IoT device. Basically, the blockchain is usually designed to verify data and transactions, value transfer in the IONChain is verified by parties interested in the data.
Evaluation is done to ensure that malicious attacks are avoided, the value usually undergoes both verification and confirmation.
Malicious attacks could be in the form of double spending and the parties are aware of the details of the transaction before it goes to the next stage
The successfully verified data is then packaged and moved to the value transfer section for proper coversion into coin of the ecosystem.
The IONChain Value Transfer Process
This section has 6 divisions as follows: the application layer, Service Layer, IONChain Protocol Layer, Smart Contract Layer, Blockchain Layer and Data Storage Layer.
This is the interactive layer of the ecosystem, it enables users to interact with their system and it serves as the user interface. Users get access to the IONChain ecosystem on their devices
The IoT devices can also create an access to the platform through secured HTTPs request alongside plugins. The initial stage will comprise of built-in-services like Data validation, Data Query and Wallet Query.
The service layer contains components of the IONChain ecosystem and therefore has the control modules that perform various tasks.
There is a part of the layer that is accessible through a program. However, the team is considering making the service layer available for end users in the future
The protocol layer provides a unified access protocol and integrates other protocols to extend external services to other devices.
This goes in line with the dream of achieving a unified value creation and transfer by all the devices.
Smart contract layer
Smart contracts are valuable tools in any blockchain technology. With smart contract, transactions are safely done and the two parties involved are satisfied. The IONChian smart contracts are important to the ecosystem, they link user provisions with the consensus algorithm on IONChain.
The IONChain smart contract protects users and also for legal usage of data on the blockchain. In cases where contract is not satisfied, value returns back to the source.
This is the main thrust and distinguishing feature from other natural platforms. IONChain uses a refined and reinvented POW/POS algorithm that effectively functions well. This refined algorithm gave rise to the IPOS which is far more robust than POS or POW.
This upgrade has made it a robust and hard protocol to break. With, IPOS, the process for selecting block producers is more secure. Hence, the possibility of foul play in the selection process is reduced to a minimal
Data storage layer
Data is stored on the ecosystem through two means: IPFS and BigChainDB. The inter planetary file system (IPFS) enables IONChain to fast track transactions without interfering with the data on the blockchain.
IPFS also provides a peer to peer (P2P) network layer that allows computers to discover and share files based on their deterministic names. However, this P2P network layer does not provide or guarantee storage, hosting, or bandwidth. As it is currently structured, the IPFS network expects users to provide their own servers and related infrastructureSource: Whitepaper, page 27
BigChainDB will provide a secure storage of Business data generated by the IoT devices on the network.
IONChain Token (IONC)
THE IONC token is the token system of the IONChain network and has a maximum supply of 800 million. The IONChain team slated a time frame of 20years for the period of gradually releasing the IONC token. A time frame as this is further proof of the longevity of the project.
All IoT devices which are present in the network and which participate in mining by engaging in trading of value are to be rewarded with IONC tokens.
AMAZING FEATURES OF IONChain platform
Some of the amazing features of the IONChain blockchain includes:
Edge computing technology advantage
Combining Edge computing with blockchain technology within the IONChain ecosystem, gives the infrastructure the qualities of speed, security and privacy, tremendously improving user experience on the platform.
Data trading market
IONChain creates a trading platform where cash can be made by particicpants through the exchange of generated data
Companies get data from users willing to exchange their assets on the exchange site. The value system is prominent on the exchange platform as it is a win-win situation for everyone.
This is due to the smart contract protocol, which ensures that anyone can buy and/or sell data, and also ensures that the data are used in a safe and legal manner.
Privacy protection and security of data
IONChain utilizes a decentralized storage method for data storage. Decentralization has been an interesting and important feature of the blockchain, and data on the blockchain is encrypted which makes it hard for hackers to access it. Every transaction that is done is usually through keys, these keys are only accessible by the owner of the account.
Unlike other traditional means that are prone to hackers attack
Enhanced User Experience
The interface is a very simple and accessible one, users get an improved and awesome experience toggling between the platform. The user experience gotten from the ecosystem includes speed, ease and security.
Implementation of central concept as a wallet
One device which has to do with IoT smart devices and one coin (IONChain cryptocurrency) and one code (Identification code) can be used as a wallet system.
IONChain also provides us with a practical, transparent, secure and efficient wallet called IONCWallet, fast, reliable and easy to use; to maintain and safeguard the IONC tokens and perform exchange operations.
IoT in the medical sector.
Mr Henshaw is the chief medical director of Dynamic Hospital and laboratory services, a company that offers quality medical services to people with various diseases. The hospital makes use of various kits like Glucose meter kit, pregnancy kits and many others. These devices save the result of the patients data and have always been easily leaked out. Mr Henshaw desires a way to regulate this problem.
More so, the devices are produced by different manufacturers and there is no correlation in their results and results often times vary from each other. There is need for uniformity of results and data.
The problem now lies in the solving of data disparity and security of patient’s data. Mr Henshaw stumbles on the IONChain technology and partners with them to solve his underlying problems.
The hospital thereafter becomes highly valued and appreciated because of the breakthrough of the blockchain technology on the internet of things (IoT).
IONChain smart device city.
Alagbaka is the capital city of Ondo state, a city with various technologies and businesses booming and thriving. The city requires a very constant supply of light to cater for the ever increasing population and businesses. The traffic lights, household lights should all be powered every minute of the day for effective productivity.
The city president pitches collaborates with electricity Distribution Company who allows him to utilize a smart device that sends data to every sector of the city for electricity generation and they were also rewarded for their use of the blockchain.
IONChain and The Agricultural sector
The agricultural sector has really improved from the use of basic tools to sophisticated devices that help farmers to keep track of their farmlands and business.
Mr Maxwell gets exposed to the blockchain powered internet of things and he is able to keep track of the various data proceeds from his farm land and also earn real value from the use of the IONChain blockchain.
Mr Maxwell introduces his fellow farmers to the blockchain and value is generated from all angles, thereby achieving value and productivity
The IoT became promising due to the collaboration of the blockchain. The reality of the issue is that smart devices have become the language of many sectors and it is important that they are utilized in the best possible condition- Blockchain.
IONchain has bridged the gap hindering the success of IoT. The idea that smart devices would become mining machines makes it an awesome technology to explore. The edge computing system also affords users the ability if securing their data and also legally trading them.
With security, privacy and transparency as watchwords, the vision of "One Device, One Coin, One Code" become a reality.
The biggest beneficiaries of this are the blockchain technology because this will increase the mass adoption of the blockchain technology.
I strongly believe that IONChain is the future of all IoT.
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