What is IONChain?IONChain is a project based in Singapore and Shanghai that was started by a team of developers who have worked on projects such as Hyperledger and diverse Blockchain-as-a-Service (BaaS) companies. Our project did not need to hold an ICO due to a stunning interest of private investment funds, including well-known blockchain investment fund LD Capital (了得资本), Node Capital, 回向基金, 拓扑资本, Hashlink capital, 中金汇理, 犇睿资本 and IBC Blockchain Capital. One of our biggest partners is Blockchain Brother, one of the first forums dedicated to blockchain programming in China.
The coin was initially launched as an ERC20 token, however, there was a consensus by our team that the mainnet should be launched as soon as possible. On August 28th the mainnet development was completed, which was announced during an event held in Shanghai together with the IONChain investors and industry partners. In the next few months after this event, we will be testing our mainnet with our industry partners in a closed environment. When these tests are carried out successfully IONChain will swap the IONC tokens into IONC mainnet coins.
IONChain is a Proof of Stake based Internet of Things (IoT) ecosystem that will allow for the creation of dAPPs, smart contracts and facilitate data transference. All of this will happen within the IONChain ecosystem and will help enhance the IoT network. Blockchain technology and Internet of Things applications will inevitably come together in the future due to the vast amount of data that needs to be circulated, transferred and secured. We believe IONChain will be able to create this desperately needed ecosystem in a way that the data is not centrally controlled but in a rather decentralized manner. The coin IONC will be used to facilitate this trade in data and other applications within the network.
The IONChain EcosystemDue to an incredible increase in demand for Smart Devices in both the industrial as well as the consumer market, we believe it is the perfect time to create a decentralized platform that will allow users to control their own data and create interaction between their IoT devices. By deploying a unified IONChain protocol in these devices, they will be able to share data and interact based on the data of other IONChain connected devices.
By embedding the IONChain protocol in diverse IoT devices from different manufacturers and industries a plethora of dAPPs can be built to help facilitate the optimization of these devices. Think of the exchange of data between your air-conditioning and a smart lock. Allowing the air-conditioning to turn on automatically when you enter your building. All IONChain Connected devices can be programmed to execute actions dependant on the data received from other IONChain Connected devices. This can be applied with multiple devices. The more manufacturers implement the IONChain protocol in their devices, the more possibilities there are for automatizing their operation in relation to each other through dAPPs. IONChain has already partnered with several large IoT producers and aims to unify these manufacturers by incentivizing them to use the protocol by creating revenue in the IONChain ecosystem. Correspondingly, IONChain users are also incentivized to use IONChain Connected devices over traditional smart devices by the reward distributed to them in exchange for data mining. The more useful the data is (the more dAPPs are using it) the more IONC can be mined.
Upon the request sent by the dAPP, IONC Connected devices upload the data to the closest processing node. The uploaded data is then processed by the Data Verification and Time Lapse Algorithms. Upon verification, IONC is sent to the wallet of the owner of the device (devices have their unique ID by which we can identify the owner’s wallet) as a reward for uploaded data. The data that passes verification is stored by IPFS and BigChainDB and is then used by the dAPP(s).
The concept IONChain will use is called " 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 refers to the coin used in the IONChain ecosystem namely IONC. With the use of smart contracts and dAPPS users will be able to create digital agreements on data transactions and data ownership. By storing and distributing this data in a decentralized manner, the IoT device owners can decide exactly which devices they want to interact with and which data they want to distribute to which party.
Technical Architecture
To manage this data-based ecosystem a new method of value creation and value transference was created called: IONIZATION. The current situation only allows for value transference and value creation within the blockchain, as is the case with Bitcoin or Ethereum. IONIZATION aims to pull apart these two processes to better suit the IoT industry. This concept aims to change this mechanism into two separate processes with multiple layers within those processes.
Value creation will be split into four different layers: Generation, Verification, Evaluation and Confirmation.
Value generation encompasses IONChain Connected IoT devices and Edge Computing centers near the device. All devices will have a standardized IONChain protocol and a unique IONChain identification code, in which the device manufacturer information, device identification, and other related information are included. The information is stored in the device and encrypted with zero knowledge proof algorithm. The IoT devices can be used as a mining machine, and the information from it can produce IONC coins after certain algorithm verification. All the IoT devices embedded in IONChain communicate via a customized IMQTT protocol by IONChain. The MQTT protocol was initially developed by IBM for communication between IoT devices; However, it does not include the value transfer layer. IONChain adds the function of value transfer on top of MQTT protocol, creating the IMQTT protocol. With the use of IMQTT protocol, IoT devices can not only exchange data but also realize value transference.
Value transference will be split up into six different layers: Application, Service, IONChain protocol, Smart Contracts, Blockchain and Data Storage.
The application layer refers to the user interface layer of the IONChain, and will use a Representational State Transfer (REST) API interface based on the Hypertext Transfer Protocol (HTTP). The service layer refers to the layer that will be used to communicate between the internal modules. In general, this layer will not be open to end-users or node owners, although this could be an option in the future. The IONChain protocol layer is the term used to address all the core protocols IONChain has implemented in their ecosystem such as their consensus protocol, network protocol, currency swap protocol and so on.
One of the most important layers is the smart contract layer, which forms the bridge between the blockchain and the application. This ensures that users can legally and safely use the data stored on the blockchain. The blockchain layer speaks for itself, it is the core of the IONChain ecosystem. The final layer is the data storage layer. It uses the Interplanetary File System (IPFS) in combination with BigChainDB to facilitate the decentralized storage of data.
IONC Specifications
IONC uses the Proof of Stake algorithm to achieve consensus within its ecosystem. The Proof of Stake algorithm is chain-based and has been adapted to serve the needs of IONChain. Staking is done in the form of different levels of masternodes for either investors, IoT producers or other relevant parties. To make sure there are no forks, the staking of coins is carried out within a smart contract that makes sure there are no undesirable actors in the ecosystem. The smart contract locks the coins and activates staking after a certain number of blocks have been mined. Furthermore, penalties will be given to people who are purposefully staking on the wrong chain.
The total supply of IONC is set at 800 million. Block time is set at 10 seconds on average but will be elastic based on the demand on the network. There will be difficult readjustments, however, these will be implemented only with community consensus. Masternodes start at 5 million IONC and will receive a higher return for staking more coins. Details on this will be released after the mainnet has been sufficiently tested with our industry partners.
Roadmap
At IONChain, we have established the following roadmap, and updates on our progress will be announced in our ANN thread.
The Team
For more detailed information visit our website TEAM section
Whitepaper
English Whitepaper
Chinese Whitepaper ExchangesYou can buy IONC on the following exchanges:FCoin
HOTBIT
BiSale
AT3
CommunityOfficial Website: http://ionchain.org/
Github: https://github.com/ionchain
Medium: https://medium.com/@IONChain
Telegram: @ionchainen
Wechat: IONChain
Twitter: @IONChain
