IPS
A scalable and regulatable decentralized platform based on DHT
Nicolas Brock, Chevron Hon, Edison, MAK, EDC
March 2018
IPS is a scalable and regulatable decentralized platform based on DHT. It is both a decentralized computing platform and a decentralized data storage platform. By changing the consensus procedure, the performance of the system is greatly improved without sacrificing decentralization. At the same time, the IPS system has designed a unique dual token system, which can be used separately as a payment instrument (BUT) and value storage tool (IPST). Great breakthroughs have been made in performance, security, privacy protection, scalability, and economic system rationality.
Features of the IPS Project are as follows:
A. Based on DHT (Distributed Hash Table), IPS is not only a blockchain, but also is likely to be an alternative choice of blockchain like DAG. By storing the block data and the service data in the DHT, and merely broadcasting the hash value of the block, the infinite expansion of the block is realized. For the first time, a performance improvement solution is designed without sacrificing decentralization.
B. Multiple data security storage mechanism. Outside the DHT network, a secure storage network is formed by many secure nodes. The security nodes can achieve data from the DHT network in real time. When there is a problem in the DHT network, data synchronization and recovery are performed in time.
C. Front anonymous network. Cryptography guarantees certain anonymity of the digital currency. Front anonymous network ensures that user data can be under higher anonymity at the network level by setting a certain number of relay nodes. At the same time, it has surpassed Tor and I2P regarding usability.
D. The protection of legal user rights. We have designed a dual key (operation_key & review_key) mechanism, mainly for two reasons:
1. compliance is optional. One of the keys (review_key) only has the function of querying the transaction record and account status. If the user chooses to accept the compliance, the review_key and personal information will be submitted to the compliance organization. Accepting the compliance means that the user's digital assets are under legal protection. Users can certainly choose to be completely anonymous. The right of choice is entirely controlled by the user instead of the compliance institution.
2. user rights can be better protected. When a user needs to trade non-digital assets with a stranger with the digital currency as their payment instrument, he or she may request the credit guarantee deposits from a credit guarantee institution and deliver one’s own review_key and personal information to the credit guarantee institution. In the event of a dispute, the guarantee institution can easily determine the attribution of responsibility and protect rights of the observant to the largest extent.
E. The user privacy protection. We choose the zero-knowledge proof to ensure that the user's transaction data is verifiable but not public. This mechanism protects user privacy to the largest extent but does not affect the efficiency of consensus achievement.
F. The dual currency mechanism. IPS has designed two currencies, the stable currency BUT as a payment instrument and the digital asset IPST as a value storage tool. BUT achieves the stability of the currency value through dynamic adjustment. IPST has a total amount of 10 billion and will never be issued in a larger number. We believe that it is difficult to have both currency's trading media function and value storage function at the same time. As a result, two different tokens are designed to act as a trading medium and value storage tool respectively.
