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.
Trading support in preparation
A third party has shown interest to launch the hybrid tokens used in Internet of Coins on an exchange. Their technicians have started research into supporting the different chains that intercommunicate. We cannot give any guarantees on their timing, but donators who will want to start trading will have one more choice on where they can exchange, next to the decentralized exchanges. We will also unveil the logo for the interconnected hybrid token when the exchange has their implementations ready. In the meantime we are laying foundations for the weavechain implementation and starting cooperation with other programmers, for example in the UI/UX area to take the wallet further.
Next to token support, we are also preparing bare metal options for our supporters. Development of a hardware node is underway that will enable everyone to support the Internet of Coins infrastructure. We are very excited about this development, and will communicate further information once the nodes are production ready.
Preparations for exchange underway
This week we made progress in arranging for options to trade hybrid tokens via exchanges. We are in talks with a third party exchange which is adapting their exchange to the technologically new hybrid token concept; where value is held on multiple blockchains simultaneously. We will keep you updated as these plans unfold. Next to a centralised exchange, the tokens can be traded on decentralised platforms in the course of August. We are enabling trade with the tokens so that our Internet of Coins donators can already exchange value on existing platforms, as well as to further the development of the integrated app, to be realised in the course of 2018 (see our roadmap for details).
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!
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.
Centralized exchanges can and will be hacked. The most recent example of this was BTER, with its loss of millions of NXT coins, and before that Vircurex, with a large loss of Litecoins. Even though the thief that stole from BTER has returned the greater portion of stolen value, yet another example of such a hack does not comfort the users of these exchanges.
For the project I run, this poses a problem. The hybrid asset STORMWIND was initially designed to counter pump-and-dump schemes in the market. Where do these mostly occur? On the centralized exchanges. It is becoming clear that to change this situation, we must decentralize an important aspect of the growing cryptosphere: inter-blockchain value exchange.
Even though the STORMWIND portfolio is spread over 7 different exchanges, and value is diversified between many different cryptocurrencies, the losses incurred by each exchange hack make the project more risky, and less prone to be sustainable. Every unanticipated bite out of the trading capital increases the risk for asset holders. The hack at BTER, if left unresolved, could have resulted in a 5% loss of STORMWIND capital. This means at least several months of dividends in value - an unacceptable risk.
This brings me to the inevitable conclusion that with such untrustworthy security among the exchanges STORMWIND in its current form cannot sustain itself. It must evolve, and the very notion of a hybrid asset should be decentralized to avoid these risks in the future. Technologies such as CounterParty, NXT, Ethereum, Codius, Open Transactions, etcetera, present us with a large toolchain to integrate cryptocurrency technologies and create a coherent network by connecting them all together.
To me it seems we need to take this one step further to make a completely interconnected crypto-economy a reality. In the past weeks I have been in talks with several programmers and cryptographers about the possibility to decentralize the concept of a hybrid asset. Cryptocurrencies, Blockchain based assets, Multigateways, Smart Contracts, and Sandboxed Oracles need to evolve to become a decentralized meta-network.
Evolving all these technologies to become integrated would make it possible to actually turn the idea of an network of coins into reality. For now, however, let's start closer to home, and make sure hybrid assets can traverse blockchains. This can bootstrap an Internet of Coins, and is a worthwhile first step.