IONChain: A Blockchain Backbone for the IoT (Internet of Things)
IoT is everywhere right now, creating new opportunities and providing a competitive advantage for businesses in current and new markets. It touches everything—not just the data, but how, when, where and why you collect it. At front-of-mind for many businesses and government leaders lies the same, nagging question: What do we need to do to secure the IoT?” If people are going to continue purchasing IoT devices and if enterprise IoT is going to redefine our infrastructure, then this fundamental flaw has to be fixed.
In many ways, the blockchain and IoT are a perfect pair. The blockchain's embedded smart contracts and decentralized network are significant solutions for IoT’s security concerns. Moreover, this same feature ensures continual connectivity because an outage in one area does not impact another. The blockchain can ensure that IoT devices maintain the connectivity that they need to provide the services that they offer. That's why group of developers and enthusiasts from Singapore and Shanghai decided to create non-profit foundation IONChain which should be a breakthrough in the field of IoT.
The implication of combining edge computing with blockchain is that this solves the issues of lack of security from false IoT which is centralized servers. Also, regarding slow transaction speed IPFS (Interplanetary File System) has been integrated. Identity protections and verifications, also an incentivized market place based on their two new algorithms Data Quality Verification Consensus Algorithm (DQVCA) and Proof of Time Consensus Algorithm (PTCA).
What is IONChain?
It is a core blockchain network, for the IoT (Internet of Things), it was founded in Singapore at the beginning of this year, IONChain is a Pos (Proof of Stake) platform that makes provision for the necessary tools and utilities for the creation of Dapps (Internet of Things applications for smart devices), smart contracts as well as execute the free flow of data within the entire ecosystem(dapps, smart devices etc.) of IONChain.
This platform should solve problems of data security, data sharing, data transactions, data circulation, connection between different devices. The purpose is to make an IoT network biome which can be used to connect any intelligent device independently, no matter what it may be a telephone or an air conditioner. Everyone must have IoT technology implemented in their software so that IONChain can work in all of them.
The IONChain has its own ecosystem! So users will be able to create their own network which will allow to control all devices, create interaction between different gadgets. And all is need for it is just deploy a unified protocol of IONChain! And than more gadgets will be united in then more possibilities will get users! Also as so as IONChain has its own coin which called IONC than thore coins can be mained then more wide network will be developed.
Why is it important to have a global standard where dAPPs can be developed once to work with all the devices implemented by IONChain?
The DAPP applications are implemented automatically. Devices that use IONChain may have greater compatibility, giving greater comfort to the user. Investors and developers use the different dAPP for the operation of all devices through IONChain.
Concetpt of IONChain is "One gadget, One code, One coin" Using this arrangement individuals will have the capacity to make advanced concurrences on information exchanges and information possession. By putting away and disseminating this information in a decentralized way, the IoT gadget proprietors can choose precisely which gadgets they need to cooperate with and which information they need to appropriate to which party.
The Technical Architecture Of IONChain
Below is pictorial representation of the technical architecture of the IONChain Project.
IONChain's Tokens
IonChain will use the IONC token, which is digitally cryptographically secured and designed as the primary token for the network. IONC will issue in the beginning as ERC-20 standard compliant digital tokens on Ethereum, which will then be migrated to the IonChain blockchain. IONC tokens are the unit of exchange between IonChain participants, providing a secure payment method.
Each device will help to process the same system depending on its capacity, this will be rewarded with IONC tokens which will be distributed depending on the function of the devices, the quality of the data and the amount in the calculation of their contribution. Each device will have a personal code which will serve to store the tokens of each one, something like a wallet.
Game and financial tech industries will be a key focus with the IONC token providing a solid and trustworthy exchange medium. IONC will therefore be a value carrier and transactional currency, with the ability to continuously grow as positive word of mouth spreads.
IONChain's Exchanges
Here is a list of exchanges that are currently trading the IONC Tokens
FCoin
HOTBIT
BiSale
AT3
IONChain's Roadmap
Below is the roadmap of IONChain which consists of the future plans and progress beign made on the IONChain project. According to WhitePaper now this project is near to launch the second stage. And it has long term plans!
More Information & Resources:
IONChain Website
IONChain WhitePaper
IONChain Bitcointalk Explanation
IONChain YouTube
IONChain Twitter
IONChain Medium
IONChain LinkedIn
IONChain GitHub
IONChain Steemit
IONChain Telegram
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