Introducing IONchain: An IoT Enhancement Blockchain For The Jet Age Society
What do you understand by the term Internet of Things?
The Internet of Things(IoT) is the network of physical devices, vehicles, home appliances and other items that have been made "smart" via the use of microchips, sensors, Unique Identifiers(UIDs) and have the ability to transfer data over a network(connectivity) without human-human or human-computer interaction.
The ideal or utopian application of IoT would be a smart city. This would Include Automated Transportation, Smart Surveillance, Mobile devices with medical sensors, automatic water distribution, all devices monitoring events and conditions(e.g. weather, temperature, humidity) around them and uploading to a universal cloud. IoT network is applied widely in the integration of network through IntelliSense, Security Systems, Identification technology and other perceptive telecommunication technologies.
Data is normally transmitted over the internet. This is mostly subject to ISP logging, government snooping, monitoring and even data throttling at the unjust whim of centralized regulatory bodies. With the emergence of the decentralized blockchain, it was only a matter of time before innovative minds found a way to decentralize the internet. The combination of smart device connectivity and the blockchain ushers us into the era of the Internet Of Value.
From a financial investment point of view, "in 2015 the overall investment in global IoT market was 736.9 Billion dollars and it is predicted that this number will increase up to 1289.9 Billion dollars by 2020. The number of IoT devices carrying IoT software and transmitting data reached 14.866 billion in 2015, and it is predicted to grow up to 30 billion by 2020." Source
PROBLEMS IoT FACES
NO ESTABLISHED BUSINESS MODEL
Every serious and successful industry has well defined business models that guide their operations. IoT is still yet to have a defined model. Only application of IoT with a seemingly working system is Radio Frequency Identification (RFID) network which uses electromagnetic fields to identify and track tags attached to objects
LACK OF DATA SECURITY AND PRIVACY PROTECTION
Personal devices such as mobile phones or PDAs contain user information and a lot of personal data. Connecting them to a global network and allowing them share data leaves the users vulnerable to their information being exposed to the wrong. IoT networks currently have physical Command Centers through which all data must pass. There is no guarantee the large corporations that own those Central points(e.g. servers) wont harvest user data and use it in an unwanted way.
LACK OF INTEROPERABILITY BETWEEN PLATFORMS
Most devices we come across today are built by different companies based on different standards and operate on different frequencies/languages. A good example of this is Apples Bluetooth which can only connect to Apple devices, whereas Bluetooth on android phones can connect to all other devices irrespective of product brand(Sony, Lenovo, Oppo, Infinix, etc).
CLOUD COMPUTING ARCHITECTURE HURDLES
As more data is being transmitted over the internet, the speed is becoming slower. This has affected cloud-computing based services such as Virtual Reality and autonomous driving as the delays in execution could lead to costly consequences.
INTRODUCING IONCHAIN
IONChain aims to facilitate an Internet of Things global economy. Imagine a world where everything is connected, everywhere and data is now much more than just media, it is also a unit of value!
Let's look at their introduction video
IONChain was designed to solve most of the problems that today's IoT implementation faces. These include problems of Data Sharing, Data Security and Data Transactions. IONChain has come up with the concept of “One Device, One Coin, One Code” which basically means the integration of IoT devices using one UNIVERSAL STANDARD for interoperability within the IONChain blockchain network and using the custom token IONC.
HOW IONChain WILL REVOLUTIONIZE IOT
EDGE COMPUTING
IONChain offers an innovative technology called Edge Computing. "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. Edge computing offers a solution to IoT sector problems in terms of fast connection, real-time operation, application intelligence, data optimization, security and privacy protection and so on." [ Source
With the use of Edge Computing technology, every device on the IoT network can function as a mining machine, making every IoT device that uses IONChain eligible for mining rewards. With IONChain it doesn't matter what company made the device as they will all work together by using a universal standard.
Since the network is based on blockchain technology, the data source will always be secured, reliable and verifiable on the IONChain network. Data transferred on the network will be easily quantified and the appropriate value ascribed and broadcasted on the blockchain.
All these will make it easier for IoT standards to emerge, allowing the emergence of new applications for IoT technology.
Medical Firm ABHealth is looking for subjects to study in their natural habitat. They are interested in studying the sleeping habits of people with a particular DNA trait.
One of the subjects, Fred is concerned about privacy and doesn't want to be monitored all day. By utilizing an IONChain IoT network, the monitoring device strapped on him connects to his phone and alarm clock.
When his phone becomes idle for over an hour after 9pm, it indicates Fred is asleep and his phone sends a signal to the device to start monitoring.
When his phone becomes active in the morning, or if he hits the snooze as his alarm rings in the morning, a signal is sent to the device indicating that he is awake and so it should stop recording/monitoring.
The device relays the information to the ABHealth data collection node in real time. Since IONChain uses blockchain technology this medical data is stored securely and cannot be modified or forged.
INTERPLANETARY FILE SYSTEM (IPFS)
As the name denotes, the blockchain stores data on its immutable ledger in "blocks". The time taken for this block formation depends on the particular blockchain ranging from a few seconds - minutes/hours. This of course means there will be a delay. To solve this, IONChain offers IPFS (Inter Planetary File System) to allow distributed, encrypted storage of IoT data. With IPFS, only the holder of the private key(e.g. the owner of the phone) will be able to access the information stored on it. The nodes on the network will simply function to process data(work) but not save any of the data locally. The combined computing power of all the mining devices in the system ensures security of the data and prevents stealing or modification.
The research team at University XYZ has developed an algorithm that generates data sets to depict abnormalities and train medical AI on the treatment of cancer.
This algorithm requires a large amount of computing power. The research team is worried that if they simply outsource the computing or use cloud computing, external parties may snoop on their work. Using IONChain, they are able to crowd source the computing without any security issues. While other devices (nodes) can process the data and contribute computational power, without the private key they are unable to decrypt the research material.
IONChain FOG Computing
With IONChain there is no need to depend on centralized cloud services that is subject to delays. Instead every device on the network(node) connects to each other in a mesh network and help each other process data to provide real-time speed response and earn rewards for work done on the system. This can be applied in things like Virtual Reality, News Streaming, etc.
SHARING ECONOMY
Apart from data exchange and processing, IONChain also supports the transaction of operation authority. IONChain allows users to customize smart contracts for certain scenarios with or without human interaction.
Felix is a Software Engineering student. Although he is an excellent programmer he is often forgetful and gets himself in trouble when his phone rings during lectures. Felix develops a smart contract using IoT in a manner that when his phone senses the Department's wifi, it automatically switches to silent mode. This means as soon as Felix steps into his school Faculty, his phone automatically goes silent, and returns to Loud Mode when he steps out of range of his Faculty.
IONChain AS A NETWORK OF VALUE
Value Generation
The IONChain blockchain has two core functions. Value creation and value transfer. They are both done using an "ionization algorithm". This algorithm makes it possible for every device on the network to be a mining machine and thus capable of creating value.
"The MQTT protocol was initially developed by IBM for communication between IoT devices. However, it does not include the value transfer layer. IONChain adds the function of value transfer on top of MQTT protocol, creating IMQTT protocol. With the use of IMQTT protocol, IoT devices can not only exchange data, but also realize value transfer". Source
Since most IoT devices have relatively weak computing abilities, IONChain will support the network with Edge Computing Centers. According to the IONChain whitepaper, IoT devices will upload relevant information to the mining machines, and the mining machines calculate the value of the information using the Data Quality Proof and Time Lapse Proof algorithms. After calculation, it is be passed to the next layer for verification.
Value Verification
IONChain uses a value verification method similar to the consensus algorithm in other blockchains. The data required is collectively verified by the interested nodes. After verification, the value is transferred to the next layer for evaluation. If the verification fails, the created value is returned as invalid.
Value Evaluation
In this stage, the authenticity of the value is established. This is done to counter malicious attacks and prevent double spending.
Value Confirmation
At this stage the value produced by the IoT device has been certified and is now projected on to the network in form of digital currency
Value Transfer
The value transfer part of the IONChain is divided into six layers in the system architecture. These are the application layer, Service Layer, IONChain Protocol Layer, Smart Contract Layer, Blockchain Layer and Data Storage Layer.
THE IONCHAIN TOKEN
The IONC is the custom token of the IONChain ecosystem. IONC uses the Proof of Stake algorithm to achieve consensus within its ecosystem. IONC is used to power activities and transactions on the IONCHAIN blockchain. Smart contracts lock the coins and activate staking after a certain number of blocks have been mined.
The total supply of IONC is set at 800 million. According to the IONChain whitepaper, OINC is going to be released gradually for 20 years and then there will be a review of the distribution process. Using the consensus mechanism, an administrative committee will be elected by IONChain users to decide whether to re-issue IONC tokens based on factors such as the amount of on-chain devices, amount of data being processed and the overall level of IONC abundance in the ecosystem. IONChain has indicated that although block time was set at 10 seconds, it may vary depending on the traffic/load on the network.
IONCHAIN TEAM
The IONChain team is spearheaded by Terry Liu. He is flanked by Chun Chieh Li, Danny Yü, Daniel Wu, Robert and Eric.
This compact team boasts over 50 years combined experience in various high specialist fields like IoT device design, blockchain engineering, encryption and security, system architecture, Media/Public relations and marketing.
Meet the IONChain team.
The IONChain team is committed to building new technical standards and improving the value of the Internet of Things. They have released a comprehensive roadmap
Latest News
IONChain announced they had successfully completed and launched their mainnet on August 31st 2018.
The development team of IONChain proudly became a member of China Cloud System Pioneer Strategic Alliance in October 2018. Source
IONChain was also listed on Coinmarketcap on October 26th 2018.
You can buy IONC on the following exchanges:
Final Thoughts
One thing I don't like about most projects I come across is the emphasis on selling a wonderful idea with no physical work done to achieve it. IONChain is different because we can already see the applications of IoT around us. The reward mechanism of the network will drive adoption as IoT devices can generate value in the owner's spare time therefore making them assets to the owner. Businesses on the other hand get a free market to crowd source their computational needs. This project will not only make our lives easier, but will help develop and push all of mankind to the next stage of civilization.
To learn more about this wonderful project, you can visit the IONChain website or read the IONChain whitepaper. Here's a link to the Chinese Whitepaper as well.
You can also reach IONChain team on their social media accounts
IONChain Telegram | IONChain BitcoinTalk | IONChain LinkedIn | IONChain Medium | IONChain Twitter | IONChain YouTube | IONChain GitHub | IONChain Steemit | Wechat: IONChain
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