Grandmothers set the standard
Many initiatives in the cryptocurrency world are strongly focused on the latest and greatest features, and making sure to be ahead of other projects in leaps and bounds. This leaves out a huge amount of potential users who are very interested, but do not know how to use cryptocurrency, or even exactly what it is, and thus need a set of tools that give them a simple and comprehensive experience.
That is why our first focus is making sure our wallet is built to accomodate those who have less tech experience. Basic functionality has priority, in order to leave no one behind. This starts with careful design of how to log in, seeing an overview of and access to funds. Following that is simplifying the sending and receiving of transactions. We will be testing how people respond to the user experience of the wallet, and how we can make it easier to use.
Choosing our libraries
In the field of developments, we worked last week on formalising the different libraries that will form the underpinning for the Internet of Coins network infrastructure. Not a simple task, since there are many different factors to take into account, such as security, quality and readability of the code, whether it is being actively maintained or abandoned, as well as the licenses under which it is available. Much code relies on extensive third party frameworks or libraries that are subject to change and can be difficult to maintain or simply too large and bulky for a lightweight approach. We try to keep technical dependencies as small as possible.
Human readable hashstrings
One of the things we integrated this week are functions to convert hexadecimal strings (12a0d99ff) to a more friendly form. We chose for the RFC4648 standard, to convert hexadecimal strings to Base32 notation in a bit-safe manner (so that no bits are shifted to a different position). Since we could not find a library without extensive dependencies or that could convert with the simple and direct approach required for our project, we implemented these functions ourselves. In Base32 notation, the numbers 0, 1, 8 and 9, that can be confused with letters like O, I, B and P, are left out. Keep in mind that many people do not primarily use the latin alphabet. The shorter strings, like PBD 7XW ZF2 are easier to communicate, remember and write down, so that non-technical people can also use IoC technology without hurdles.
Over the weekend our signup form was subjected to a hacking spree and received free penetration testing. Around nine hundred attempts were made to compromise the signup form, by injecting scripting commands and URL-crafting. However, ultimately it did not appear to have impacted our systems at all, thanks to best practices in handling user input. As always with the Internet of Coins project, we strive for a robust infrastructure that precludes the possibility to take advantage of it in mischievous ways.
Developments under way
Since passing the minimum viable goal for our project last week, code development has been starting up. Momentarily several of our developers are busy documenting standards and sorting out the various connectivity options for network transports, as well as making sense of the convoluted bitcoin and altcoin protocols, in order to implement deterministic transactions. As you may know, threats continue to arise for the fragile cryptocurrency sector. In all our developments, we strive to create future-proof architecture that will safeguard and respect the fundamental liberties of our supporters.
The release of the tokens
There have been questions regarding where the HYBRID tokens are 'visible' and how donators can know where their tokens are stored. Since Internet of Coins represents a completely novel kind of cryptocurrency development, although we will build on earlier achievements, the infrastructure to carry our tokens will be developed using the (crypto)currency that our supporters donate. At the present moment, this means your registration information is your ticket for our Fundraiser. This means your PIN, the TXID of your donation, screenshots of transactions and confirmation, or the confirmation email. When enough of the network infrastructure is ready, each donor will then be given an account on the newly developed system, that will hold the amount of HYBRID tokens reserved according to the USD value of the donation at the time of participating. In the course of development, the network will be connected to different coins and token systems, starting with those included in the fundraiser.
Transparency of our fundraiser
You can check any of the blockchains listed on our terms page, to verify that the donated cryptocurrency will only be spent on project development, starting after the fundraiser period. We are proud to be part of an alliance with the Commons Conservancy under the reputable NLnet foundation, an official charity under Dutch rule of law, which guarantees that we cannot use these funds except for the purpose of developing the Internet of Coins.
HYBRID pricing schedule
The next price per unit increase for HYBRID is scheduled to happen on the 19th of May. Until that time the PPU value will be 1.45 USD, and after that it will increase to 1.65 USD when issued. Check our terms page for the authoritative schedule.
We've reached our first project viability milestone!
Thanks to YOU, our dear community, we passed the 300,000 HYBRIDs issued this week! This means development can start and the project will be supported for the coming years, allowing us to deliver the basic infrastructure and innovation that we have planned in our roadmap. Of course, we hope that donations will keep on going until the close of our crowdfund period, so we can deliver with more speed and set out additional bounties for other talented people to help out.
Campaign & Code development
After a more quiet period on the PR front, in the past week, we have been involved in intense negotiations with various firms in the field of fintech publicity and marketing, to increase the reach of our campaign in its second half. Some of our developers have started cleaning and reviewing the current code base and formalising protocols to extend the functionality of the system in the decentralised direction.
The next price per unit increase for HYBRID is scheduled to happen on the 9th of May. Until that time the PPU value will be 1.25, and after that it will increase to 1.45
Internet of Coins to Ensure Robust Safety Arrangements
Internet of Coins (IoC) is a platform which allows you to trade digital assets and currencies peer to peer, with an easy to use interface and the opportunity to earn fees from each other by participating in the network.
Most important concern for the platform is how to provide the best service possible in the most secure and safe way. A proper security model is the need of the hour as security concerns are one of the major issues hounding the modern internet.
No traffic is safe from being snooped upon today and simply using HTTPS is a halfway measure, which provides insufficient security for users, due to its top-down certificate model. High profile breaches like the Diginotar hack have already made their case against only employing HTTPS security.
Internet of Coins employs a robust, best of breed security technology in the form of something they call upsilon channels. Specifically, the NACL encryption libraries implemented in IoC use multiple tunnels of public and private key cryptography to encrypt and to protect the financial data of the users of the Internet of Coins.
So the cryptography of the Internet of Coins project already provides multiple layers of security. However, this is in addition to the distribution of datastreams over alternative decentralized networks such as TOR and I2P. These systems enable the usage of data packets that will flow through the network completely encrypted and sealed in multiple layers until they arrive at their intended destination.
The code of Internet of Coins runs only in a few hundred kilobytes of libraries. The footprint of this design is small, compressed and is able to run inside the web browser.
A light footprint also allows for the users to use cryptocurrencies, smart contracts and hybrid assets with more flexibility. In this way they get the freedom to use them in any way they want to from one coherent environment.
The Internet of Coins team is dedicated to provide a platform that not just acts as ‘a coherent whole out of the decentralized economy initiatives’, but is also extremely secure. Internet of Coins has employed the best safety measures in order to make the environment trustworthy and secure for everybody.
Internet of Coins to Create a Trustless Environment
The basic idea underlying the entire venture called Internet of Coins is to eliminate blind trusts on third parties for the security of your value transfer. The idea is to get rid of any centralized exchange, federated partnership, or multi-gateway that makes transactions expensive.
Internet of Coins aims to create a decentralized, self-sustaining economy by implementing inter-blockchain connectivity which is sustained by a hybrid P2P meta-network to leverage each of its participant’s strength in numbers.
The idea which was conceived during the summer of 2014 was basically to create a trustless environment in which the security of your value transfer is not dependent on the assumption that you are to trust the person on the other side of the network willing to trade.
Further, it is the platform’s dream to integrate all coins into an interconnected and financially liquid nervous system. Existing wallets will not require any tinkering or adaptations to have their blockchains and value systems hooked into this decentralized network.
It is not their intention to impose any limits on the creativity which is overflowing in the current developments in cryptocurrencies. Rather, they would like to see it continue in parallel without any restrictions. And they would definitely like to save countless innovations with valuable technology from abandonment.
Internet of Coins plans to bring all of this into action by enabling every cryptocurrency user to create hybrid assets that interconnect value systems and blockchains.
Internet of Coins, though, looking to create a trustless environment, is trustworthy itself. They are currently under assessment by rating agencies Smith & Crown and ICOrating. Internet of Coins is already listed at Cyber Fund. Through their cooperation with established escrow partner NLnet, they aim to provide a solid basis for long-term continuity.