Introducing IONchain technology
An Ionchain is an innovative blockchain which meets the global standard and provides secure, scalable and decentralized technology built on ethereum blockchain.
IonChain originates from a Swedish physicist, Arrhenius who proposed his theory of Ionization. He states that Ionization is any process by which electrically neutral atoms or molecules are converted to electrically charged atoms or molecules (ions)
IONChain is so named because the IONChain possess a linking behaviour between several devices. .Making IoT devices able to exchange value between each other automatically with the use of smart contracts is going to create innumerable application scenarios for the whole industry, pushing it into a new era.
OVERVIEW OF IoT
IOT which means Internet of things is a key component of the new era information technology.
The Internet of Things is fast becoming a fixture in some industries, and the technologies for transformative business applications are at hand.
Yet many organizations have been slow to recognize and act on these new opportunities.
IoT involves extending Internet connectivity beyond standard devices, such as desktops, laptops, smartphones and tablets, to any range of traditionally dumb or non-internet-enabled physical devices and everyday objects. Embedded with technology, these devices can communicate and interact over the Internet, and they can be remotely monitored and controlled.wikipedia
Vision and mission
Objective and aim of the IONchain is nothing different from solving the wide problem of the IOT network.
The problems ranging from data security, data circulation, data sharing and data transaction has posted several threats on the internet of things and has to be addressed by IONchain.
The facilitation of the integration of IOT devices is made possible by the introduction of concept of "one device " "one code" "one coin". The device refers to the IOT device being used in the network. Code refers to the unique identification code this device will receive that will stamp the data created by the device. One coin refer to the coin used in the IONCHAIN ecosystem namely IONC. Image source
HOW IONCHAIN WORKS AND ITS BENEFITS
The IonChain network deals with super full nodes problem by implementing multiple honest nodes in cluster form which runs like a cluster of super full nodes.
Each node can only validate a subset of the chain, with the union of subsets covering the base chain. This also means if one node crashes the rest will still run and validate blocks by being able to have any two form a cluster.
Using the IonChain design, cross-chain transactions are manageable through token conversion then transaction performance, through cross-shard transactions. There is also an option of offering a subchain to the other chain which would make the cross-chain a cross-shard.
The IonChain network is mobile oriented with DApps supported infrastructure. On-site developer tools will also be offered on IonChain for creation of environments that are Android enabled. Developers will have an ability to create and run viable online (minimal) projects.
The IonChain network also enables small to medium business owners to increase their authentication efficiencies by using the blockchain for their anti-counterfeiting business demands and high-volume transactions.
In comparison with ethereum, l it possess high speed to process high-volume transaction. Though the IONCHAIN is built on the ethereum blochain.
THE IONCHAIN ECOSYSTEM
The rapid decrease in demand for smart devices in both industrial and consumer market is the major factor for the creation of a decentralized platform that will permit total users to be in total control of their own data and create interaction between their IOT devices. Decentralization … confers onto local communities the power… to manage their affairs in order to promote their own development. -Bakary Thaore, Action Collective, (A Burkina Faso Publication on decentralization), October 2001.Bakery Thaore
Abundance of dAPPs can be possibly built to aid in the facilitation and optimisation of IOT devices by laying the IONchain protocol in diverse devices from different industries and manufacturer.
The formation of global standard where dAPPs diverse industries will be embedded on the ionchain implemented devices will be the best and advisable step to achieving this Project. With this, all ionchain connected devices from different manufacturer can be programmed to execute actions dependent on the data received from other IONChain connected devices.
Think of the exchange of data between the air conditioning and the door. In this case when the door is opened the air conditioning turns on. What of a case of the light turning off while leaving the apartment.
Truly, the adoption of IONchain is one of the brilliant initiative. It serves time and energy.
The introduction of edge computing will boost the IONchain technology.
Edge computing is an open platform that integrates network, computation, storage and applications at the edge of the network near the source of the data white list
Edge computing technology is quite important and useful in IOT sector problems as it provides solution to limitation facing the internet of things.
The solutions include;
- fast connection
- real time operation
- application intelligence
- data optimization
- security and privacy protection.
Allowing the network to scale as needed without compromising on time or efficiency. Creating a higher level of decentralization than a normal blockchain.
Security is created by maintaining 50% of the hash power in the base chain.
An important core feature of the IonChain network is that it has been designed from the
outset with scalability in mind.
Horizontal Scalability – The network runs each node as a super full node which allows the
same level of security against malicious attacks as traditional blockchains.
The network is easy to use, safe, and allows for public participation with the ability to link weak miners together.
The application of IONchain
- Data circulation and exchange; The exchange and circulation of data via IONchaindata trading platform has reduced lots of cost amongst companies. Company who have IoT devices can find solutions to their problem with ease via smart contract. Smart contract in this case, is the compensation for using a company's data provided on the blockchain. This compensation is paid using the IONC token.
Case; A monipulo oil company in Nigeria noticed a rapid decline in their production rate, the problem was unsolved after all indigenous expert have tried finding solutions. The company (monipu) sign-up to IONchain data trading platform and finds out that an American multinational energy cooperation company called Chevron has released solution video and data that can solve their issues. Monipulo gets the video with a smart contract agreement. You can see how IONchain has solved a difficult problem with ease and less cost.
Other scenarios are available but the sake of brevity i can leave it at only one.
The IONchain team
Every project is defined by the expertise, competency and experience of a team. The IONchain team is made up developers who have proven themselves to be super capable.
With their proven ability and skills the certainty of IONchain Integrating the internet of things with the blockchain technology is visible.
- White paper
This an entry for the @originalworks contest