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) wants 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.
Today, the Internet of Coins consortium is proud to announce it has come to an agreement with service provider Bitalo for an initial funding investment and development collaboration. The Internet of Coins developers are constructing a cross-blockchain solution using hybrid assets without the need to update or adapt existing blockchains. Fully open source and fully decentralized.
Martin Albert, CEO of Bitalo believes the open source technology developed by the Internet of Coins team can benefit future cryptorelated initiatives for the community: "The Internet of Coins is the perfect project to ultimately establish the ideals for the exchange of value: decentralized technology, voluntarily, gives you the freedom of choice and is highly innovative."
In the past months, founders Joachim de Koning and Robert de Groot have been presenting the system throughout Europe. Joachim: "The Bitalo partnership will allow us to continue development of the decentralized prototype. With the initial risk of alpha development covered, we are now confident we can invite users to take part in the project while already working on its delivery. More information can be found on the website, in our whitepaper or ask us anything on Bitcointalk." Robert: "Since our first hybrid asset went online in June we have seen similar projects successfully emerge, each with their own advantages, interpretation and form of governance. We focus on the technology only and want to build an open source standard, to allow the cryptocommunity to become fully integrated, decrease fragmentation and most importantly: develop itself without dependence on third parties. Other initiatives may freely use it or fork it to advance this evolution."
THE NEXT STEP Joachim: "We have gradually expanded our devteam and will continue to do so. The golden rule is: only people we've previously met and know to trust. Aside from the Bitalo support from Finland, our own team now consists of developers in The Netherlands and Germany. Of course anyone will be able to contribute via GitHub." Robert: "As a pre-launch investor, Bitalo will be among the first companies to receive cross-blockchain trading implementation support. Participating companies receive a stake in the project’s future success. Individual users have the chance to take part in the public sale on January 3rd 2015, when we have made further progress in the development of the software."
The original document including contact information for both organisations can be downloaded here.
Today, we had our first presentation on the Internet of Coins at the Amsterdam Bitcoinference Summer 2014. The presentation sheet itself is now added to the home page, providing a short explanation of the concept of decentralized blockchain interconnectivity. If you have any questions or remarks, please let us know.
We had some great talks and have seen several interesting presentations, for instance about the history of centralized exchanges which eventually led to Draglet and the interest for miners in the use of block-hiding strategies. We would like to thank Nicolas Courtois in particular for providing a refreshing critical view on the vulnerabilities of current Bitcoin technology.
So what's next? The Bitcoinference will last a few more days, after which we plan on visiting several other meetups; most of them in the Netherlands to discuss the consortium and the required technology for the Internet of Coins. In the meantime we will continue to work on our hybrid assets whitepaper and keep you posted via this website - or you can fire questions at us any time via Twitter.