Making it easier
Our last wallet release had support for a large variety of tokens. This number has since increased, and support for new cryptocurrencies is now an ongoing process. Next to that we have two new features that will make asset and token management a bit easier.
Put a star on it
The wallet now supports the option to give a star to your favourite cryptocurrencies so they will appear on your dashboard. This way you can keep track of these assets outside of the asset view. Selecting a few cryptocurrencies to display on the dashboard, instead of all of them, loads the dashboard faster and gives a more responsive feel.
Decentralized storage: phase one
User settings - like for example which cryptocurrencies are shown on the dashboard - are now stored in a decentralized way, and synchronized between your browser and network node. This means the first phase of our decentralized storage system is now working. On the road ahead we will be developing our consensus mechanism to share this encrypted data end-to-end directly between nodes. The goal is to make a state machine that safely stores user data, without needing to use a blockchain.
The Christmas holidays
The coming two weeks several members of our team will be on Christmas holiday. This means it may take a bit longer for your questions to be answered by e-mail or on the chat channels. We hope you also will have the possibility to take some time out to spend with friends and/or family for holidays and new year reflections. Starting January we will be back in full force to continue on our roadmap for 2018.
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.
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.
The power struggle of centralisation versus decentralisation in the world of finance has a long history. The pendulum of power swings between the poles of one central institution to rule them all and the dispersive network, in a movement spanning over centuries. The rise of the mammals of crypto is the inevitable next step in the evolution of the global economy.
Knights Templar and Knights Hospitaller
In the thirteenth century, the knights Templar and Hospitaller set up one of the first modern decentralised banking systems in Europe. Anyone who had deposited a sum with a member of this banking community, say in Cologne, could retrieve the money at another office, for example in Constantinople. The pope viewed the power of the knights Templar with growing unrest. In liege with the French king, who was in urgent need of money to pay for his wartime exploits, the pope organised the arrest of over two hundred knight-bankers, had dozens executed and their wealth confiscated, thus centralising financial power in the Vatican, with France as the new military defender of the Holy Roman Empire. One example of the swing of power from decentralised to centralised rule.
In the 1770's, American patriots wanted to bring into circulation their own coin, the dollar, to replace the centralised loans from the British Crown. This way, the wealth of the colonies would remain in the regional economy, instead of disappearing into a black hole of interest and tax payments to the centralised Empire. The British refusal to allow this decentralised currency sparked the American war of independence. This time the pendulum swung from centralised power to a more independent form of economy.
The Gold Standard
However, freedom won must be defended or face reversal. During the 1930's, Roosevelt uncoupled the dollar from the gold standard, replacing the physical standard with a central bank, that could control the money supply as the economy expanded or contracted. Leveraging the power of inflation, loans made in dollars would gradually lose value, and savings earned worth only a fraction once retirement age is reached. Under the Central Bank system, saving is punished, while lending is stimulated. These measures were taken to give the central bank the power to solve the large problems of debt in the early American consumer society.
Centralisation in modern times
In the decades after the first global economic crisis, subsequent crises were mitigated by injecting huge sums of created money into the economy. Smaller banks were rapidly bought up with every wave of crisis, leading to a small number of mega-banks deemed 'too big to fail'. The resulting worldwide system of loans between national governments and central banks further centralised the global economy, by indebting all citizens collectively to the central banks, the IMF and the World Bank. National governments are forced to implement policies spelled out by the institutions that provide these loans, thus undermining their autonomy. We can see the pendulum has come full-swing at this point in time.
Current national and international banks are huge conglomerations of intransparent loan constructs, where a bank can have up to forty times as many debts outstanding as in-house assets. In the end, the biggest banks join hands with the central bank and dictate the bottom line of all economic policy. Democracy is shackled by the demands of the financial institutions.
Reptilism in the world economy
Current mega-banks have come to resemble huge dinosaurs, ferociously feeding on available resources only to maintain body temperature. When some phenomenon reaches an extreme, like the huge reptiles that populated our world in ages past, nature often finds a way to correct extremities and the waste of resources. In the prehistoric playing field, it was the rise of mammals in a cooling world that hastened the extinction of the great wyrms. Because the forebears of rat, deer and monkey were much more nimble, agile and efficient than the lizards of yesteryear.
Decentralisation will be the new standard
In the current financial world, a mass extinction is about to take place. Due to the cooling of the world economy, the large lumbering leviathans that once ruled the financial system have become overly expensive to maintain, and slow to respond to change. The large centralised institutions will find their central amassing of resources is no longer the most effective way for the global economy to move forward. Instead, decentralised crypto-technologies, public ledgers and blockchains will form the transactional model of the future. Rather than a centralised monetary system, peer-to-peer wealth distribution will form the cornerstone for economic prosperity in the near future. Banks that adapt and adopt the decentral cryptosphere will survive, like crocodiles and iguanas survive in our world. Those banks and governments that try to cannibalise the new species will be remembered as the tyrannosaurs and kronosaurs of the late plutocratic era. The scene is set for the mammals of crypto to burst into the limelight and take the initiative.
Why centralised initiatives fail
The acceptance of alternative coins as a valid means of payment is an evolution, of which the implications have not yet become fully visible. The decentral crypto-economy has grown spectacularly in the last decade. But also within the cryptosphere we see the competition between centralising forces and fully decentralised and autonomous models of exchange. These new centralised crypto-institutions are again vulnerable to hacks, corrupt management and inefficient use of resources, much in the way centralised banks are.
The future, in the hands of the tiny
The future of finance falls to the small mammals of crypto, cooperating in novel trickle flow cooperative economies of rapid exchange, innovation and wealth distribution. The adaptive capacity and collective intelligence of this grass-roots, decentralised network is far greater than any single institution can ever hope to mobilise. This is why the dinosaurs of the old economy will die out, while the mammals of crypto will take posession of the brave new world that dawns upon us in this new age of digital finance.
Exciting new developments like Distributed Autonomous Corporations and the Internet of Coins seek to strengthen the autonomy of citizens worldwide to freely invest and maintain their hard-earned wealth, by delivering the infrastructure for an economically healthy cryptosphere. Protected from the control and disturbances by the old order, that seeks mainly to protect the interests of those privileged members at the top of their pyramid schemes. But also shielded from predatory mammals that would seek to hamster or control more than their fair share of resources.
The Internet of Coins development team is proud to help further these innovations.
In many a conversation, I have come across the argument that Bitcoin, or other cryptocurrencies for that matter, would never be regularly used by merchants because of the inherent price instability in the markets. There are those who contradict this opinion by pointing out that when Bitcoin is beyond its adoption phase its price will stabilize enough to enable it to be used just like fiat currencies. This discussion doesn't matter much to me. The day my fridge or pantry is capable of stocking up on food automatically, it may well do so by using dedicated assets to buy different types of groceries. Price instability will not be much of an issue. A more stable price in cryptocurrencies would be good in my opinion, and yet there is another way to work around the insecurity of price fluctuations (besides NuBits). By using dedicated assets tied to representative real-world units of value, fluctuations in the price of cryptocurrencies matter less in the daily life of a consumer. Actually, using assets in this way could make life a whole lot easier. Let me give an example.
Tom is a baker, and wants to sell loaves of whole grain bread. He picks his favorite asset-supporting blockchain (NXT-AE, CounterParty, Ethereum, Mastercoin, or other) and creates an asset on it called TOMSWHOLEGRAIN. In its description, Tom promises that one asset of TOMSWHOLEGRAIN is always going to be worth one loaf of his tasty wholegrain bread. When someone buys this asset from Tom, it can later be exchanged for one loaf of Toms bread at any supporting point of sale, one-on-one. Tom makes sure he has enough ingredients and capacity to make enough bread to live up to the demand. The statistics on his asset give him a lot of helpful information. He knows how many assets have been bought, and thus how much bread he owes the buyers. He can also anticipate on future orders by extrapolating the data. He may be able to stock up on local and fair ingredients, and thus make local trade realistically competitive against global trade, which is better for the environment. Tom will not be entirely free of price fluctuation. At least for the cryptosphere, we can agree with the Greek Heraclitus that "everything is in flux". Still, the effect of flux will be a lot less for Tom when he uses his dedicated asset, than when he would offer his bread for sale denominated in Bitcoins. Besides this, Tom needs to worry a lot less about speculators, as his small asset will not be very attractive to traders who would rather take part in highly liquid and volatile markets. It is relatively easy for him to automatically calculate the price of his TOMSWHOLEGRAIN asset, using variables like the current cost of flour, or energy as inputs into an automatic pricing API. To make all this user friendly, he only needs a front-end onto his digital, asset-based sales system to make it usable for anyone. Even without front-end, however, my fridge orders TOMSWHOLEGRAIN and other assets as soon as my Volatilecoin paycheck comes in, making sure I can eat until next month. For each product Tom has, he can issue an asset. Some products that cost a similar amount of ingredients and energy to make, could be grouped under a dedicated asset. Assets could be named, or use codes translated back to a product table. In any case, Tom has enough flexible options to jump-start his business on the blockchain. Possibilities are endless. And if he wanted to, Tom could start today.