IONChain - Combining blockchain technology and Edge computing to drive an InternEt of ValuE for all
According to IDC forecast report, It is believed that by 2020, the number of of IoT devices available for use in commercial and industrial processes is expected to rise to an astronomical figure of around 30 Billion unique smart devices. With this exponential growth in the IoT industry comes increasing challenges for businesses, companies and individuals looking to deploy the different devices in rendering most of these industrial processes, commercial services or individual day-to-day activities in an automated fashion.
This is why tech giants like Google, microsoft, Amazon amongst others are working hard to re-invent new ways for numerous smart devices and intelligent system to communicate without clogging up the internet infrastructure due to bandwidth limitations that may arise from deploying numerous smart devices simultaneously.
One of these concept that is creating a buzz across different facet of the tech industry is edge computing. Although not many people know the meaning of this technical term but in a layman language; it is just the tendency of these devices having the ability to process most of their information locally while ensuring little information is being hosted on a cloud infrastructure. Take for instance, you are likely to know the version of the windows you are currently deploying to the chrome browser you are running because the former requires no or minimal cloud support.
However, in a centralised fashion, this new developments in IoT deployments and application pose numerous problems even though the compute work is distributed; enabled via the edge computing feature, data is still centrally controlled due to the centralised nature of these legacy applications.
Other Challenges in deploying an Internet of ValuE based on IoT devices
- Privacy And Security
Due to data being centrally controlled, there is every tendency that this data after being computed independently can still be manipulated by a central authority or if not susceptible to hack when they need to communicate with each other.
This means that users are pressed to leave personal informations at the mercy of a third party and since IoT cuts accross many fields of human endeavour, any security breach of such magnitude could lead to total breakdown of the system, loss of confidence or even loss of life (For example if the sensor of of a self driving car is manipulated).
Having many smart device connect to a cloud service at a time can lead to congestion of the network due to bandwidth limitations of the internet infrastructure. Therefore, the present system is not feasible enough in deploying a fast and reliable Internet of Value driven by the numerous IoT devices for real-time interactions.
- Lack of cross-device Interoperability
Due to no or less compatibility of these numerous IoT devices as a direct consequence of manufacturer's design; there is an obvious lack of interoperability between cross-industry, cross-platform, cross-device and cross-manufacturers which makes almost impossible to drive an Internet of ValuE
It is therefore impertinent to have an underlying technology that supports the deployment of IoTs in a secure, fast and autonomous environment. Therefore combining the rich features of security and privacy inherent in blockchain technology with the benefits of integrating a protocol that supports the edge computing feature of smart devices makes complete sense.
A front burner in this direction is IONChain!!
What is IONChain
IONChain is a protocol that supports the deployment, interaction and automation of IoT devices in a secure, fast and reliable environment by combining a stable blockchain architecture with minimalized edge computing technology embed in different smart devices.
Their vision : To create an ecosystem that unifies smart device technology and enable them to truly become part of our everyday lives via their concept of One Device, One Coin, One Code!
Therefore in a market that is expected to reach a global investment revenue of 1289.9 Billion dollars by the year 2020. IONChain is breeding a new culture that will see many businesses, industry, manufacturers and many players emulate this new change while improving our lives.
Understanding the IONChain Architecture
These comprises of :
- The IONChain blockchain network
- Edge Computing Protocol
- The IONC coin
First of all, the internet of things is a concept that goes beyond the interrelation of different computing device, mechanical or electronic device. It has evolved ever since it was first mentioned by Kevin Ashton in 1999 such that the a 'thing' could be a person with a heart monitor implant or a farm with a biochip transponder and the list is endless. In a similar fashion, the concept of One device, one coin, One code deployed by IONChain ensures that every devices connected to the IONChain will form a part of a Unified value based generation and transfer ecosystem such that they can all be programmed to execute actions dependent on the data received from all other IONChain connected devices.
Source : Whitepaper, Page 11
Apart from the computing and storage capabilities inherent from deploying these devices as nodes within the network, the use of edge technology will also enable every device on the IoT network to be utilized as a mining machine via its IONChain ionization algorithm. Consequently, the more useful the data ( the more the dApps using it) the more the IONC that can be mined.
Therefore the IONC coin, formerly an Erc 20 token will serve as an utility token within the IONChain platform namely :
- Serve as compensation for smart contract computation and DApp deployment
- Reward miners
- Enabling users to be elected as IONChain council members
- transaction fee settlements
- Rewards for connecting other ION nodes
While the use of edge computing technology address long-standing IoT industry issues of privacy protection, security and latency, the IONChain blockchain protocol complements these features by ensuring there is no single point of failure as inherent in traditional cloud computing architecture because the blockchain technology due to its decentralised nature offers no single point of control and ultimately no single point of failure .However, cloud services will serve a complementary need when large task are being computed. All these facilities are a given to enable users have complete control over how they compute, store and interact and exchange value between numerous smart devices.
The Major Proponents of the IONChain Value-based Ecosystem
Since the aim of the IONChain platform is to build an economy of value around IoT smart devices. It is important to know that big data analytic will also be a major player in the revolution of the Internet of value if smart devices are to be able to compute and process large data. With that being said, it is obvious that the requirement of a value based ecosystem cannot be met if present protocol which is a combination between value creation and value transfer is not replaced.
Hence, the Ionization algorithm developed for IONChain to seperate value creation and value transfer.
IONChain Value Generation Process
This can be divided into four (4) layers of system architecture namely value creation, value verification, value evaluation, value confirmation.
- Value Creation
All devices hosted on the IONChain protocol bore a unique identification code which contains the manufacturers information, device identification and other related information. This information are stored within the device and encrypted with zero proof algorithm. Consequently, all this devices interact via a customised smart contract called the IMQTT protocol; meaning that contract initiator can effectively choose the manner in which this informations are shared whether human-machine or machine-machine as the case may be.
While the edge computing technology helps to support the weak computing capability of IoT devices via the built in Edge computing centers which act as intermediary devices to boost their computing capabilities. However, to calculate the value generated, the IONChain protocol utilizes the Data Quality proof and Time Lapse proof via the mining machine to do so after being updated by the independent IoT devices.
Ultimately, value creation layer is a combination of IoT devices and Edge computing centers!
- Value Verification
Similar to consensus algorithm used in the conventional blockchain such that all participating nodes are required to unanimously agree to the value generated. Any incoherent response from any node means that the value will be returned as invalid. However, if successful, the value is passed down for evaluation.
- Value Evaluation
This layer serves to complement the verification process while offering a layer of protection to ensure the IONChain system is able to prevent malicious attacks such as double spending.Source : Whitepaper page20
- Value Confirmation
The function is simply to package the verified value and then pass the packaged information to the value transfer part. So that the value created by the IoT device is officially present in the IONChain ecosystem in the form of digital currency. Source : Whitepaper page 20
Value Transfer in IONChain
Image Credit : Bitcointalk IONChain
Divided into six layers in the system architecture which are summarised below
- Application layer ; This is the layer via which devices request access to the IONChain framework
- Service Layer; Is an abstraction of the internal modules inside IONChain
- Protocol Layer; Allows integration of different underlying protocol to create a unified access protocol
- Smart Contract Layer; Act as a bridge to connect the blockchain layer with the apllications. IONChain has many easy-to-use features to easily manage any contract deployed on the platform.
- Blockchain Layer; consensus mechanism is at the core of this layer. The IONChain utilises the IPOS algorithm as an improvement on the PoW and PoS algorithms.
- Data Storage Layer; utilising the IPFS and BigChainDB method of file storage
Highlighting the Full Features and Benefits of using the IONChain Platform
- Reliable Internet of value ecosystem
- Security and Privacy of users
- Scalable and decentralized
- Unique IoT device Identification code
- Cross-device compatibility
- Peer-to-peer communication
- IPFS (Inter Planetary File System) and BigChainDB file system to help data research requirements
- Customisable smart contracts
The IoT industry albeit young is fast growing which has increased the interest of many industry players in deploying the use of smart devices to better automate different processes and activities.
However, few of them are willing to replace it with their old system. Having a platform like IONChain with an underlying protocol to easily integrate multiple smart devices while curtailing the long-standing issues associated withe the IoT industry seems like a farce some years back. But with the rapid development of the blockchain within the last decade and the new edge computing technology; all hopes have being restored .
- Intelligent homes
As a way to ensure that security mode is activated once Mr chan steps in to a region in his bedroom, he made sure to use a sensor that monitor his movement accross every area if there is danger. However, he was told by the designer that the response time might be reduce if more of the same devices are incorporated.
Hence, a platform like IONChain can come to the rescue for Mr Chan by employing sensors that have access to more computing power, Mr chan could reduce the risk of slow response time and replicate the same security devices in different areas much to the dismay of people of the underworld.
Meet the Team
For more detailed information visit our website TEAM section
Check this Links for more Info
- IONChain Website
- IONChain Bitcointalk
- IONChain Whitepaper
- IONChain Steemit
- IONChain Medium
- IONChain Twitter
- IONChain Telegram
- IONChain Youtube
- IONChain Github