Logo
Textual description of firstImageUrl

IONChain.org Aims at Becoming the IOTA in China


IONChain.org Aims at Becoming the IOTA in China
Snip from IONChain.org

IONChain.org is a new type of infrastructure for the Internet of Things or connected devices based on the Blockchain and edge computing, aiming at achieving the unification of the security, flow, trading and criterion of IoT data and the access to IoT nodes of arbitrary type and scale.

Internet of Things (IoT) is one of the disruptions taking place right now. The first major cryptocurrency or project comes to our mind when we combine with IoT along with Blockchain is IOTA. Though IOTA crypto refers to the smallest form factor, most of the people still think it is as the Internet of Things. The reason could be that it has a huge potential for the Internet of Things and connected devices.

In fact, we can say that IOTA is a cryptocurrency designed for the Internet of Things. IOTA is a type of digital cryptocurrency that focuses on solving the problems caused by M2M(Machine to Machine) transaction and builds the blueprint of the future machine economic by realizing a method of payment without transaction fee between machines.

From the design perspective, IOTA has 4 HUGE advantages over Blockchain cryptocurrencies in that it is Scalable, Decentralized, Modular, Fee Less

How IONChain is different Thant IOTA?

The announcement has listed few differences between IOTA and IONChain.

First, IONChain and IOTA differ in terms of architecture and algorithms.

IOTA is a technology for achieving transmission of distributed and irreversible information. IOTA uses the DAG (directed acyclic graph, which is called Tangle in IOTA) to take the place of Blockchain. The function of cryptocurrency is integrated based on IOTA to serve the IoT. While the Tangle technology cannot be referred to as real Blockchain but it solves the problem of the extension of Blockchain.

Therefore, as a technology, IOTA can be used in the Internet of things, but it could not be used as a kind of digital currency. This is also the reason why IOTA has no mining mechanism, nor miners, and why some people think that the Blockchain is just a cover for IOTA.

The first difference is IONChain.org advocates the concept of "one device, one coin, one code". Where "device" refers to IoT device, "coin" refers to IONC, and "code" refers to the unique identification code of the IoT device connected to the IONChain.org network.

The IONChain depends on the characteristics of edge computing. IONChain takes IPFS (Interplanetary file system) as a medium of data storage. It uses distributed architecture to effectively evade the potential safety hazards of centralized storage on the cloud. This creates a favorable protection mechanism for privacy and also enormously enhance the involvement of individual IoT nodes.

IONC protocol ID in the IONChain.org will assign the IoT nodes with a unique identity to make the data authentic and reliable, and the source traceable. At the same time, it will contribute to the accelerated formation of standards of the IoT industry. The vision of IONChain is "A Mining Machine for All Things" - all the IoT devices which have access to the IONChain.org can get mining rewards by the algorithm, and the owner of this device can be a big enterprise, small or medium-sized enterprises, and even a personal user.

The second difference the announcement said about the application scenarios between IOTA and IONChain.

IOTA is designed for the future machine economic by realizing a method of payment without transaction fee between machines.

Sending transactions over the IOTA network is a kind of pre-paid system. Once your transactions have been adequately validated from other people's transactions, your transactions will be considered fully validated. The client of IOTA must perform minimal computation on two prior transactions in the network, and the work validation algorithm of IOTA optimizes the GPU. Therefore, in theory, the more transactions that occur on the network, the faster the transactions are confirmed, which has "unlimited scalability".

IONChain.org is more than just a cryptocurrency designed to solve the problem of M2M transactions on IoT but aims at resolving various problems about the security, flow, trading, and shares of IoT data to promote the common prosperity of the IoT ecological chain as well.

The premise of cloud computing is about centralization and might not work with the Internet of Things in future. This demands edge computing. By understanding the characteristics of edge computing, IONChain brings the concept of "A Mining Machine for All Things". This method incentivizes all IoT devices which have access to the IONChain.org.

IPSF, a decentralized storage, addresses prime concerns of IoT, security as well as the privacy of IoT data.

"A Mining Machine for All Things" of IONChain.org brings in infinite possibilities, IONChain said in a briefing and few of these are,

1) Traditional manufacturing enterprises can monitor the business status through the IONChain.org to see the upstream and downstream partners and terminal sales.

For instance, an African enterprise A set up a production line and found that the efficiency was not high, and it needed to be optimized after running for a period. And through the data transaction platform of IONChain, enterprise A found that an East Asian enterprise B issued some sensor data and videos of a similar production line, and then obtained the configuration data and operating videos through IONChain.org to adjust the production line and improve the production efficiency greatly. At the same time, the cost of cross-regional and breaching the technical bulwark was largely reduced.

2) Companies and shopping malls can purchase personal data of IoT through the IONChain.org, analyzing the personal preferences of consumers, shooting the arrow at the target to accomplish accurate marketing.

An Internet start-up, for example, wants access to personal information and routes of some car users for data analysis to do business. Through the ion-coin incentive mechanism, some car users voluntarily share their personal data through transactions. The company can quickly obtain the desired data scale and materials through the data transaction of IONChain.org.

3) Individual users can use the IONChain.org for the sharing management of equipment using, earn ionic currency, and obtain further benefits.

For example, there is a business uptown owning large parking demand, some residents can install the intelligent lock, sign an intelligence contract of IONChain.org network with people who want to park and park by automatically controlling the lock. After the transaction, the earnings will be automatically calculated and transfer to the account as the management incentive.

The announcement said, Fusion of "Blockchain + IoT", IONChain is also regarded as IOTA in China.  The reason why investors and experts are so confident is that professional and reliable core team in addition to the concept and technology of IONChain.

IONChain.org recently received the strategic investment from leading Chinese Blockchain investment organizations including LD Capital, Node Capital & Transference Fund. It plans to complete and launch the parent blockchain in August 2018.

This post is subject to the original announcement.


Don't be left Behind!
Sign up for daily updates delivered directly to your inbox.

Mandar Pise Opinions expressed by techsutram contributors are their own.

Mandar is a seasoned software professional & Fintech, Cloud, IoT, and Blockchain enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about Fintech, Cloud, IoT, AI and Blockchain, and the effects they will have economically and socially in the future.

No comments:

Post a Comment

    Your valuable comments are welcome. (Moderated)


Instagram