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.
The Weavechain: Temporal Immutable Storage and Consensus
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 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.
Internet of Coins Announces the Launch of Hybrid Asset on Multiple Blockchains
Internet of Coins has announced the launch of “Hybrid Asset”, an inter-systemic, cross blockchain token. The crowdfund for the project goes live on March 21, 2017.
Internet of Coins is a not for profit initiative created to maintain decentralization of cryptocurrency infrastructure by allowing cross-compatibility of digital assets between blockchains. The organization aims to enable the free and unlimited exchange of value among blockchain-based systems and other financial systems.
The asset, which is currently under development, enables transfer of value between ledger systems without needing any update or adaptation of the existing cryptocurrency source code.
Since the launch of their whitepaper in 2014, the development team has been consistently at work on the project code. Coinstorm, the project’s launch campaign was recently announced by the team. Through Coinstorm, Internet of Coins is encouraging a revolutionary collaboration among cryptocurrency enthusiasts to further decentralize the alternative economy scene.
Internet of Coins has also announced an upcoming Internet of Coins crowdfund round on March 21, 2017. The platform has early bird options in place for donators stepping in early during the crowdfund. More details about it can be availed by contacting the organization via the website.
Joachim de Koning, the founder of Internet of Coins said about the project’s aim, “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.”
The hybrid asset functions as a dynamic portfolio, spreading the risk from holding value on a single blockchain to storing it on multiple chains. Designed with a strong meta-level approach, the hybrid asset offers safety from cryptocurrency volatility and blockchain failures by providing a new vehicle for value storage.
The founders of Internet of Coins expect the hybrid asset distribution to lead to an increase in liquidity on decentralized exchanges while ensuring interconnectivity between different cryptocurrency systems with their own values and beliefs about what decentralized value is and how it should work.
Regarding the aim of Internet of Coins, the co-founder Robert de Groot adds, “With this system, we aim to make everyone an exchange, to take away the risks of trusting a centralized third party and to connect alternative economies across geographical borders. Exchanging value should become as easy as swapping files; we aim for Internet of Coins to become the Bittorrent of cryptocurrencies and asset systems.”
Combining Technologies the Hybrid Way
Internet of Coins is geared to being such an environment, and its development has been underway for some time now.
The blockchain and cryptocurrency scene is hot right now. It looks like everyone wants a piece of it, and there are a plethora of new experiments and technologies popping up all over the scene.
Some people have only just discovered Bitcoin, its possibilities and potential applications. Other people have gone further to explore technologies like Bitshares, CounterParty or Waves and have been playing with the various token systems and smart contracts that are available on these platforms.
There are initiatives to make blockchain technology easier to use. These take the form of online wallets and block explorers, while going deeper one finds entire contract compilation systems implemented into easy-to-use websites. Enthousiastic users of cryptocurrency are also trying out decentralized exchanges like EtherDelta, the NXT Asset Exchange, or playing around with Mosaics on the New Economy Movement platform.
However, in all the activity and clamour, users are still pining for an environment that brings all these initiatives together in an understandable and secure way. Internet of Coins (IoC) want to create this place without a for-profit motive, guaranteeing objectivity, equality and freedom of development and use of all the novel peer-to-peer financial technologies. They also want it to be an environment that people with no technological experience can use, and feel comfortable with.
Internet of Coins is geared to being such an environment, and its development has been underway for some time now. The foundations for a decentralized financial web have been set down at its core, and its mission and objective is to make sure all the different platforms, ecosystems and technologies that are out there become accessible to anyone and everyone.
To boost development of its easy-to-use hybrid asset technology, and make it available sooner, Internet of Coins is organizing a crowdfund to ensure further integration of blockchain finance technologies. As a perk to invite people to start using the environment they are giving out hybrid tokens that run on multiple blockchains simultaneously, merging their innovations and technological power.
Hybrid is a unique token, as it 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. This kind of experiment has not been done before in the blockchain arena, and is sure to bring about new cross-blockchain ideas and experiments.
So where is this all going? They are sailing for a new horizon, where anyone can use blockchain technology, crypto tokens and deterministic transactions, without having to explicitly think about how to do it. Using advanced distributed ledger technology should be available for everyone, whether it’s you, me, your parents or grandparents. It should be as easy as sending an e-mail. And seeing the developments at Internet of Coins, that’s where it looks to be going.
If this is your first e-mail update, you can always read the previous ones at our weblog. And remember: the fundraiser starts March 21st. We send these updates once per week.
Topic of this week: Early Birds
As you may have read before, we started this project to just build tech. With all our code being open sourced by the Commons Conservancy and our fundraiser expenditures managed by escrow NLnet, we made sure we would be able to do just that. So in terms of governance, we are held accountable for the milestones we set, and what our actions are.
Bearing this in mind and with the Funding Terms being released next week, we would like to announce a one-time offer for the fundraiser first to our subscribers. We recommend to first always read the terms themselves upon release. They will describe, among other things:
As subscribers, we want to extend to you the offer of becoming an Early Bird participant. Early Birds are eligible to receive the hybrid tokens at a 5% discount, or $0.95 per token. Your tokens will be reserved and allocated before the fundraiser starts. The minimum entry to become an Early Bird is a value equivalent to 10 BTC. The funds are allocated at our escrow, and will be fully refunded if the minimum threshold for the crowdfund is not reached.
Interested? Send an email to email@example.com and we will provide instructions on how to participate. The Early Bird offer ends March 21st 00.01 UTC; the day the fundraiser starts at 10.00 UTC.
BIG UPDATE: our hybrid asset now supports NEM, Waves and Bitshares as well!
This makes the total amount of supported asset chains for the fundraiser now 7. This week we gave our first live demo at Bitcoin Wednesday Amsterdam, explaining how we use combinations of blockchains, setting up currency recipes, and providing a first look at our GUI which the alpha group is currently testing. We´ll send the link once the presentation is up. In the meantime, Amadeus wrote an article on how we deal under the hood with our client security, which got published here.
The banner campaigns have caused quite a stir and we´re very happy with the signups going through the roof! The Spanish, Russian and Chinese site translations are coming along nicely. This week we got some great feedback on our presentation at Bitcoin Wednesday Amsterdam.
After recently adding Marietje Kardaun as an adviser on Ethics, we now also welcome Bas Wisselink, boardmember of the NXT Foundation, as our latest member of the Committee of Recommendation. Being involved in blockchain projects for many years, he will reflect with us on the integration of the NXT platform and the cooperation with academia.
We see an increase of our articles on the developer blog being picked up. Our latest pieces are on the objectivity and security of the platform, how we implemented fingerprinting and keys and our views on personal finance for expats. Bitcoin has proven how easy and cheap it can be to transfer value worldwide, so let´s make that happen for all blockchain value systems.
Ways to support
Like the project? You can help us out by giving it a Star with your Twitter account on Cyber Fund. You can also follow us at @internetofcoins to spread the word further :)
If you have a suggestion for a blockchain event where we really should be, drop us an email and we´ll try to come by. Our next presentation will be at the Blockchain UA conference in Kiev, March 17th.
Thank you for taking the time to read our updates,
we´ll be in touch again next week!
The team behind Internet of Coins - Amadeus, George, Jelle, Joachim, Marjon, Matthias, Pim, Robert, Sergey and Steffen