Internet of Coins to Create a Trustless Environment
The basic idea underlying the entire venture called Internet of Coins is to eliminate blind trusts on third parties for the security of your value transfer. The idea is to get rid of any centralized exchange, federated partnership, or multi-gateway that makes transactions expensive.
Internet of Coins aims to create a decentralized, self-sustaining economy by implementing inter-blockchain connectivity which is sustained by a hybrid P2P meta-network to leverage each of its participant’s strength in numbers.
The idea which was conceived during the summer of 2014 was basically to create a trustless environment in which the security of your value transfer is not dependent on the assumption that you are to trust the person on the other side of the network willing to trade.
Further, it is the platform’s dream to integrate all coins into an interconnected and financially liquid nervous system. Existing wallets will not require any tinkering or adaptations to have their blockchains and value systems hooked into this decentralized network.
It is not their intention to impose any limits on the creativity which is overflowing in the current developments in cryptocurrencies. Rather, they would like to see it continue in parallel without any restrictions. And they would definitely like to save countless innovations with valuable technology from abandonment.
Internet of Coins plans to bring all of this into action by enabling every cryptocurrency user to create hybrid assets that interconnect value systems and blockchains.
Internet of Coins, though, looking to create a trustless environment, is trustworthy itself. They are currently under assessment by rating agencies Smith & Crown and ICOrating. Internet of Coins is already listed at Cyber Fund. Through their cooperation with established escrow partner NLnet, they aim to provide a solid basis for long-term continuity.
If this is your first e-mail update, you can always read the previous ones at our weblog. And remember: the fundraiser starts March 21st. We send these updates once per week.
Topic of this week: trust
With Internet of Coins (IoC) we aim to create a trustless environment in which the security of your value transfer is not dependent on the assumption that you are to trust the person on the other side of the network willing to trade. However, the fundraiser, which we are organizing to scale this project, does require trust. And for that, you sometimes may like a third party to review your options. Which is why we are currently under assessment by rating agencies Smith & Crown and ICOrating. Internet of Coins is are already listed at Cyber Fund. Through our cooperation with established escrow partner NLnet, we aim to provide a solid basis for long-term continuity. Their 20-year experience as an organisation supporting open-source initiatives has been a great help. But of course don´t believe just us; perform your own critical assessment. Especially before participating in any crowdfund.
Our alphatest is almost ready for deployment. Amadeus has worked hard to build the interface for the hardware wallets we are providing to the testers; mainstream users who have asked for a pilot to use cryptocurrencies as a replacement for fiat currency within their community. We have had some requests for a Slack channel, and will set up one to keep in touch with the development community. We usually steer clear of proprietary software, but in this case we´ll make an exception ;-)
We are multilingual! A team of community translators joined us from Bitcointalk.org who are now translating all our announcements to Chinese, Dutch, German, French, Greek, Indonesian, Italian, Japanese, Polish, Portuguese, Russian and Spanish. Including these e-mail updates, so you can always find one in a language of your choice on the boards. Site translations are in the works, expect to see new language options next week. We will also start recruiting some social media ambassadors.
Tatiana Moroz from CryptoMediaHub interviewed Joachim on her show about Internet of Coins. It is a very good introduction to what the network has to offer and what technologies we are using. You can view the interview here.
Currently we are also working on the Funding Terms, to make sure they are available for everyone before the fundraiser starts.
Ways to support
Love the project? You can help out by giving it a *Star* through your Twitter account on Cyber Fund. If you have a suggestion for a blockchain event where we really should be, drop us an email and we´ll try to come by.
Thank you for taking the time to read our updates,
we´ll be in touch again next week!
The team behind Internet of Coins - Amadeus, George, Jelle, Joachim, Marjon, Matthias, Pim, Robert, Sergey and Steffen