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 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.
Border Checks, Charity and Expats
She nervously boarded the flight. “Anything to declare?” the customs officer asked. If she showed the ten thousand dollars in her travel pouch, would the officer not make trouble? Daria needed to take the money into Mali, because the workers of the maternity ward in a remote country village needed to be paid and there is no banking infrastructure in the outback of Mali. She was a volunteer from a charity service that simply had no other way to support their workers and the mothers and babies in their care. How else could they buy much needed medicines andpractice their art, to bring the newly born safely into this world?
The officer glanced at the long line quickly with a bored expression, and waved at Daria’s queue that they should move quickly through the checkpoint. The people behind her thronged to pass through, and in the hustle Daria breathed a sigh of relief. This time the money would reach its destination unharmed. By chance. If only every transfer would go so well.
Daria’s example here is a story. But in reality this situation happens again and again around the world, with unpredictable outcome. People like Daria, who are physically taking money to Africa, take risk in order to support families and livelihoods. In expat communities around the world, the common voice is that tariffs imposed on sending money via electronic banking transactions are a growing problem, for those wishing to sustain their families while working abroad.
To send money to other countries, there are tariffs of between five to ten percent of the sum just for transferring it to another location on the globe. Much of this fee is hidden in unfavourable exchange rates. In times of internet, these amounts could be easily transferred via blockchain solutions.
In recent months India’s Prime Minister, in a pioneer move to reshape India’s financial economy, ordered all large denomination bills of currency to be exchanged for smaller coupures, causing long queues in front of bank offices. Queues of people to exchange their money. Slashdot reports that the mobile payment traffic in India has exploded since. Is India taking the lead in mobile finance? What will this mean for control over personal finance and privacy in this country?
Growing financial risk and everyday loss of control over personal finances is a looming threat to freedom and privacy in many places around the globe. Our team wants to tackle this problem head on. The team at Internet of Coins wants to enable people in all walks of life to arrange their personal finance in a safe and low risk manner. They want to make it easy to handle your portfolio, manage your finance or make a donation for a good cause when using our secure platform environment.
The Internet of Coins ties all cryptocurrency technologies together into a single cryptosphere to literally put the power of cryptofinance into everyone’s hands, wether it’s Bitcoin or any other blockchain technology. Having financial freedom, whether on computer or mobile, empowers communities and livelihoods to give them the personal control to organise their own finances.
What if you need to store data, with the security and consensus of a blockchain, but on a device that does not have the necessary storage requirements? Right now, many mobile phones don’t have enough space to store a blockchain, let alone multiple blockchains. The wallets on these devices thus have to be light versions of what can be run on a computer with more harddisk space.
For the Internet of Coins project this problem has been put on a priority list. The team wants to be able to store immutable data, but they know this cannot be done in the form of an ever growing blockchain when it is to be stored on a device with limited storage space. For this reason they have come op with a new kind of immutable storage that is temporal.
Enter the weavechain. A weavechain is the decentralized storage system for Internet of Coins containing a collection of interwoven block streams that can store different types of data. It is a priority-based data retention system which stores cryptographically secured blocks on a decentralized network of computers.
Like a blockchain, a weavechain can function as a public ledger of transactions that have been executed on a decentralized network. The first working example of a blockchain is Bitcoin, however, its constantly growing chain size has been perceived by some as a problem that grows more urgent over time.
Blocks can be added to the weavechain in parallel, instead of sequentially. Additionally, data can be disposed of when no longer needed, making it a prunable data store.
As a data storage construct the weavechain decentrally stores information for a period of time in temporal blockchains called strands. The main data collection of a weavechain consists of a high entropy genesis block with successive exodus blocks containing cryptographically hashed time data and consensus information.
Exodus and Genesis Blocks
Exodus blocks verify eachother back to the Genesis block, and can function as checkpoints or genesis blocks of new strands. They use very little storage space, as they contain no more data than the bare necessities to indicate block time and the final state of consensus for that block. The purpose of an exodus block is that it can be used to checkpoint other blocks that are part of their own individual chains.
The chains containing the exodus checkpoints are called strands. These can contain any kind of data, from multi-source balanced data to cross-blockchain transfer information, and their properties can differ from one strand to the other. Strands enable trustless data sharing with consensus, while at the same time this data can be discarded when no longer necessary.
As ‘completed’ blocks are added to a weavechain block strand, data is retained based on the capacity of the machine the weavechain is running on. Certain strands that have lower priority may be dropped to conserve storage space. When needed, this data can be pulled from machines that have more storage space for all priority strands.
Every strand records blocks in a linear, chronological order. At its end every strand has a predefined drop zone, where data is either reintroduced into the weavechain based on its state of immutability, or dropped to conserve storage space. In this way a weavechain can hold a large amount of data that is verified through consensus, while the actual growth of storage requirements is strictly limited.
The Internet of Coins weavechain can solve the problem of immutability and consensus on devices where storage space is a more tight. As a ‘forgetful’ blockchain, it can further decentralise the cryptocurrency ecosystem and let every device help along, even when resources are limited.