On our chat channels there was some confusion over a message that did not come from us, and instructed people to make a wallet. Be sure only to respond to instructions that come from Internet of Coins directly. As per our terms (https://internetofcoins.org/terms) we will release a public wallet to receive the tokens in the first quarter of 2018. See 'The release of the tokens' below for details. If you have any suspicions about emails claiming to be from Internet of Coins, or using the IoC name, please forward the contents to firstname.lastname@example.org so we can take appropriate measures. Internet of Coins is an independent initiative and has NOT instructed any other organisation to speak on our behalf.
Alpha wallet updated
Our ALPHA wallet (only for testing purposes) was updated and now integrates many improvements. We invite people to try it out and give us feedback per email about their experience. Please keep in mind this is experimental code, so please do not store large amounts of value until the testing phase has been completed. The alpha wallet can now be reached at https://wallet.coinstorm.net We'd love to hear some feedback on your experience with the wallet.
Tell me more, tell me more...
We now have a working implementation of deterministic Ethereum functions, so the ETH blockchain can be connected to our ecosystem. We have integrated the REST API into the command line wallet for testing purposes. Processes in the code have been segregated, or split up into separate streams, for more security. Account credentials are checked at login using a validation algorithm to prevent typing mistakes. Also our connectors to other RPC (remote procedure call) interfaces have been improved.
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).
First of all, we wish you all a wonderful 2016. 2015 has treated us well. Thanks to advice from Startup Bootcamp and Holland Fintech we have slowly been growing. We welcome new team members Sergey Kazenyuk and Steffen Hoffmann and thank them for their contributions to the client! The SIDN foundation has been very supportive as a partner as well, in addition to their support via the grant we were awarded in August.
As a decentral open source collective, it is good to have a stable foundation where upon each of our contributors can build freely. For development, these are the internal Git and testnodes, which provide means to an end. Regarding other areas a solid basis is required as well. For this, we got in touch with the Dutch NLnet Foundation.
Michiel Leenaars, Director of Strategy at NLnet:
“Digital payment systems and the internet are a great match, but we are at an early stage. There is a lot of experimenting that needs to be done before we can ultimately converge and find the solutions that will scale to the whole Internet. The Internet of Coins is an ambitious open source project, and full of promising ideas. We are looking forward to working with the team to mature their technology.”
The NLnet Foundation used to be the first Internet provider of the Netherlands and has supported numerous projects with advice, contacts or funding. Among them you may recognize the Tor project, NoScript extension or WebODF library. Yes, they’re cool. And from now on, they will be advising us on shaping and developing the Internet of Coins project further.
In other news: the recent Cryptsy hack again underlines the need for a stable, non-commercial decentralized exchange system. You can find a good read here about how the hack took place.
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.