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.
With the recent launch of hybrid tokens, Internet of Coins has moved one step closer to its vision of creating an environment that brings all the innovations and creative experiments in the blockchain and crypto space together.
Hybridd is the implementation of the groundwork for this system. It is an interconnectivity platform with a node-to-node system. It forms a web, featuring the ability to connect value systems and synchronize ingoing and outgoing data flows by way of a scalable data chain; an innovation that they call the weavechain.
Nothing akin to Hybrid has been attempted before in the blockchain space and will definitely be the harbinger of many new cross- blockchain ideas and experiments. Hybrid is a unique token as it interconnects value systems and blockchain across markets.
Moreover, Hybrid functions as a diversification portfolio of multiple blockchain technologies, and spreads risk of failure of any one of these systems. At the same time it facilitates decentralized trade on all the underlying platforms and has a focus on creating liquidity.
Hybrid does not require any update in the existing crypto source code for the transfer of value between ledger systems. Through Hybrid, Internet of Coins wants to let every cryptocurrency autonomously become part of a massive swarm of decentralized global financial interaction.
Joachim de Koning, Founder of Internet of Coins has been quoted saying, “Our goal is to create a coherent whole out of the decentralized economy initiatives we see today. There are more than a few decentralized exchange initiatives out there that we are bonding together to form a decentralized financial web.”
Internet of Coins is looking to push the envelope with this initiative. The not for profit organization wants to make the blockchain technology, crypto tokens and deterministic transactions accessible to everyone. They want the access to personal finance as easy and simple as sending an e- mail!
Internet of Coins Aims for Technological Advancement in Personal Finance
The team behind Internet of Coins does not consider it a financial venture. Even though with building a connection between different value systems for asset management they are facilitating the use of financial networks, it is the aspect of technological advancement in personal freedom that they are aiming for.
Internet of Coins is an environment for personal finance. As a decentralized platform it enables an optimally inclusive financial network, interlinking all digital forms of value. It allows you to trade digital assets and currencies peer to peer, with an easy to use interface and the opportunity to earn fees by participating as an allocator.
They are aiming to make the cryptosphere a decentralized, self-sustaining economy by implementing inter-blockchain connectivity.
The platform wants to provide the users the freedom to use any cryptocurrency or asset they like, the freedom to issue their own assets, and the freedom of not having to worry about a centralized third party holding their valuables.
Internet of Coins team calls this social tech. That is the reason why they are working with a Greenpeace hackathon winner, a Free Press Unlimited developer, a public administrator, open-source hardliners and a development worker on the team. Internet of Coins wants to keep their eyes fixed on the goal, which is in the line of ethics and not profits.
Hybridd is an interconnectivity platform with a node-to-node system, through which Internet of Coins plans to realize its vision. Hybridd forms a web, featuring the ability to connect value systems and synchronize ingoing and outgoing data flows by way of a scalable data chain; an innovation that they call the weavechain.
Internet of Coins has released hybrid assets, which interconnect value systems and blockchains across markets. The hybrid tokens are being given as a perk to invite people to start using the environment.
Moreover, the programming code to make this possible will be open source, available on a not-for-profit basis and freely accessible to all for the impartial implementation of the Internet of Coins.
Fingerprints and Keys
We’re all familiar with Sherlock Holmes as investigator, dusting off some object for fingerprints. Fingerprints are unique to every person and an expression of our individuality.
As early as the year 650 the Chinese historian Kia Kung-Yen had already remarked that fingerprints could be used as a means of authentication. In the nineteenth century, it was rediscovered that they could be used to uniquely identify any person on this planet and therefore this data was included in many identification documents, from the start of the twentieth century.
For the Internet of Coins project, we have also been developing innovative ways of securely establishing the identity of an account owner, inspired by the time-honoured practice of the fingerprint. Instead of a literal fingerprint, we use a digital encryption key unique to every user’s account, that is used to ‘sign’ any transaction datagrams, so that both their origin as wel as the authenticity of their original content can be verified by the receiver at all times.
In this way, users of the Internet of Coins have a way of knowing that transactions cannot be forged or modified by third parties. The contents of private contracts are also fully encrypted and untraceable on the network by any but those parties involved in the transaction. To everyone who is not given the secret keys to the transaction, the information in the contract is simply indistinguishable from random noise and this guarantees the confidentiality and immutability of the contracts on the Internet of Coins infrastructure.
For ordinary users, this means you can be sure every contract that you offer, in payment for your service or product, will be treated confidentially. This means there is an encrypted channel containing multiple encrypted tunnels between you and your seller, and every step of the transaction is mapped on the way. If the seller unexpectedly breaks out of the contract process, it will cost him credibility and he will not be considered for transaction handling any longer, as his reputation and earnings are on the line.
This process is automatic. All our regular transactions will be fingerprinted also, in such a way that anonymized generic comparisons are possible. This way that the system “knows” what a regular transaction looks like. If any transaction is irregular, the Internet of Coins will pick up on it and ask for extra verification. That way, you as user can decide for yourself what transaction limits you set for your stored value. Simple built in checks and services will help you to prevent overspending and it increases your security.
Using such methods Internet of Coins is designed to promote both a safe as well as decentralized architecture, with a focus to unify blockchains in a way that has not before been concieved, which is the basic Muir web of the cryptosphere. This means Internet of Coins is like a glue between various blockchain technologies, in how you administrate your energy, how you pay your bills, and how you participate in community decision making. That way the environment should offer people worldwide the tools to drive their organisations in a way that empowers their communities.