IONCHAIN IN FEW WORDS: ENHANCING THE IOT ECONOMY, AUTOMATING TRANSACTIONS BETWEEN SMART DEVICES

plexus (25)in #originalwirks • 6 years ago (edited)

Preface

In my article today I will be introducing and discussing IONChain and its aim in very few words. IONChain is a Singapore and Shanghai based project, it is a proof of stake based internet of things infrastructure that will enhance creation of dAPPs, smart contracts as well as facilitate data transfers. IONChain aims at providing the desperately needed ecosystem which will ensure that data control is decentralized, since it is inevitable that block chain and internet of things IoT will merge in the future as a result of the continuously growing amount of data that needs to be transferred, circulated and efficiently secured

The IONChain Ecosystem

The IONChain Ecosystem at the moment is the perfect solution for the entire industry, this is as a result of the tremendous increase in smart device demand industrially and cormmecially. This Ecosystem allows its users to be in total control of their data and also create independent interactions between connected IoT devices. IONChain deploys a unique protocol that allows devices it is embedded in to be capable of independent sharing and circulation of data. This will enhance the development of numerous dAPPs, this will facilitate device optimization. An example of how this will work is the transfer of data between a car lock and its heater or AC. All IONChain devices will be designed to respond in certain ways dependant on the data that is shared from the other connected IoT device. The concept of IONChain is the "one device, one code, one coin". The device refers to the IoT device, the coin refers to IONC. The code refers to the unique ID embedded in individual devices. With use of smart contracts, dAPPs will allow users to establish digital agreements which will automate their data transactions and settle each party fairky.

Technical architecture

In order for IONChain to achieve its set goals a new algorithm called the IONIZATION algorithm was creared. This ensures that the two major aspects of the network are separated and made to work indepndently. For more detailed explanation of the technicalities of this platform visit the white paper