Pizza Day Development Update

22 May 2015 / Dotrego

Pizza day is upon us! It has been a while since our last update. In this time we have seen a strong decline of the Bitcoin price, mining organisations going bust, and other initiatives consolidating their efforts to stay relevant in the cryptosphere. Also there is good news when looking at the adoption of Bitcoin and cryptocurrency concepts by businesses in general.

Meanwhile, we have been working on building hybridd, the client/server node for IoC. The skeleton of the node has been written and is now in alpha-testing. It is a modular construction that makes it possible to tie in any kind of value-related functionality. We have created some proof-of-concept modules to start filling in the blanks. [Read more...]

Preparing for takeoff: via Arnhem Bitcoin City to Gent

16 Dec 2014 / Dotrego

Heads up! Since our last post we have worked hard on our whitepaper and the decentralized alpha. We will make sure to upload samples to our GitHub before and during the launchperiod to provide everyone further insight into the project. In the meantime we have been introducing Internet of Coins to the world.


01 Nov 2014 / Dotrego

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.

Taking the Internet of Coins into Europe

16 Oct 2014 / Dotrego

Time for an update! First of all, say hello to some new faces on our Team page. Systems architect Amadeus and mathematician Jelle have joined our cause for integrating digital value systems. Now that we are growing, it is time to give the cryptosphere a peek at what we're doing. So we are taking the Internet of Coins to new places.

Bitcoinference Summer 2014 - the Internet of Coins in pictures

03 Sep 2014 / Sander

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.

Internet of Coins (or: On the Current Decline of Altcoins)

21 Aug 2014 / CodaSiren

The current decline of alt-coins has recently been on my mind a lot. As has been the marginalization of many of these coins. Some of them have great concepts, for example Datacoin. So what is going on with these coins, and what to do about them? (also featured on CoinTelegraph)

For the past eight months I have been running my own trading bot called Project Stormwind. It is a bot that performs arbitrage across the board of seven exchanges and many different types of cryptocurrencies. It is supposed to identify pumps-and-dumps in the market and tries to invest capital to stop these from destabilizing the currency by returning the price action to average levels. While the trading engine makes a profit, the overall value of the alt-coins it trades has measurably and steadily been declining.

It can also be seen on the charts that the collective value of most of the coins has been dwindling. Would this leave Bitcoin as the only cryptocurrency to become successful? Some avid Bitcoin fans would have us believe this. It reminds me of a history I once read of the development of bank notes in the United States.

An essay in the spirit of the Friesian School on says: National Bank Notes were established by the National Banking Act of 1863. This was done to raise money for the federal government, since it required that National Banks that wished to issue banknotes deposit United States Securities with the Treasury as backing for the notes. This effectively multiplied the money with which such securities were purchased, turning the money itself over to the Treasury, for its purposes, but then enabling the banks to issue currency against it. The desire of the federal government to monopolize banknotes is evident in the tax that was subsequently levied on all banknotes issued by State banks.

Although this development much differs from what we see happening in cryptocurrencies today, there is a similarity in the way value flows from 'independent' initiatives in digital cash back to the cryptocurrency-to-rule-them-all: Bitcoin. There may be many reasons for this, beside Bitcoin being perceived by a lot of traders as the reserve cryptocurrency, and I do not pretend to know each and every one of them. Still, I want to explore some directions I think this can take us, and contemplate on the concept of creating an Internet of Coins.

Bitcoin is being tempered with legislative action as of late in the United States and other parts of the world. Regulating Bitcoin is impossible according to some, however, the fact that Bitcoins are pseudonymous makes a good case for government to have power over it nonetheless. Spending from non-identified addresses could made illegal for businesses wanting to accept cryptocurrency, and this would severly hamper the adoption of Bitcoin. An immutable public ledger can be abused by governing powers and used to start a campaign for identifying its users.

What we need to stay free from this is further decentralization of the cryptosphere, but this also causes fragmentation and isolation. And that is what we see happening right now. Cryptocurrencies that become marginalized lose value because they cater only to speculators. A cryptocurrency cannot live on speculation alone. It needs a market of diverse elements to thrive.

During the development of the world-wide-web we saw many different ideas and technologies taking shape and making a niche for themselves. However, what made the Internet so powerful was the way in which all these technologies became integrated, empowering eachother its users. Up to today this has never stopped. Some concepts like Gopher, for example, have become marginalized, but are still in use by many across the globe today. My hope is for many marginalized alt-coins to be as resilient in the years to come.

We mustn't forget the diversity of the Internet is often threatened by large companies trying to take a large slice of its market by enticing netizens to use their centralized services. So the same will most likely happen in the world of cryptocurrencies. We must already be thinking right now about how to protect the cryptosphere from becoming just a plateau of monoliths.

So how can we further decentralize the cryptosphere without spreading its benefits too thin and destroying its potential? My take on it is integration of technologies. In the past years we have seen a lot of innovation, and a multitude of blockchains spring forth from this. We have seen the implementation of innovative concepts from being your own bank, to distributed assets, and running decentralized applications.

To make sure we can benefit from all this in the future, now is the time to tie it all together and shape it into a coherent, useful and decentralized philosophy. Now is the time to integrate the greater and smaller technologies. To look beyond your own blockchain, and look towards The Internet of Coins.



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