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The 21st century witnessed great technologies like Blockchain Technology, Internet of Things etc and these technologies are evolving in a better way to provide real solutions to the problem interface. However, the application of this technology is still at its adolescence and we are still in an era of transition stage from centralized to decentralized protocol. Our life, day to day application is still confined partly in centralized protocol and partly in the decentralized protocol.
As per statistical data, the overall investment in the global IoT market was worth of 736.9 billion dollars in 2015 and the projection of this figure by 2020 is likely to be 1289.9 billion dollars. So we can say that the Average Annual Growth of the IoT industry is 15%. Further, the number of connected devices was 5 billion in 2010 and in 2015 it was 15 million and by the year 2020, the projected figure is likely to be 30 billion. This figure itself is portraying the potential of IoT market and the 3rd wave connectivity will be definitely Blockchain+IoT and its application will take the interface to machine-machine interaction and comprehensive automation in every sphere of life can become a reality.
If we talk about IoT, then it's not that new, it has been around here for quite some time, but its existence is either in a dormant stage or if at all it is active, then its application is not that optimized, owing to the following reasons:-
- Privacy
- Security
- Latency
- Centralized Protocol
- Resource constraint of IoT network
- Interoperability
When it comes to security and privacy, then the centralized protocol of security and privacy cannot be implemented in IoT, because IoT is distributed.
As the existing functioning of IoT is centralized computing based, it exposes the risks of cyber attacks to the centralized servers. Once it gets attacked in such a way, then there will be a trust deficit of the users as a result of loss/theft of personal data. So security is an upfront parameter for next-generation IoT.
When it comes to privacy issues, there is always a risk of surveillance and tracking by the govt agencies, detective agencies or commercial companies etc. So unless the data is encrypted and fully authorized to the owner of the data without any third party, the IoT industry may not see the mass adoption happening around it.
Interoperability is another issue of existing IoT industry and as the market domain is having so many types of devices whose functions vary from each other, the vast IoT network should be able to exchange data from one type of device to the other and the existing IoT industry has not been able to deliver cross-device exchange of data.
Blockchain is distributed, so as IoT. Therefore there exist a coherent relation between Blockchain and IoT. So Blockchain+IoT can provide that solution to the problem interface and it can help to expand the ecosystem. Mass adoption can also become a reality and it can open the window of infinite possibility.
We can achieve a true IoT only when the connectivity goes beyond the internet based devices(laptops, smartphones etc) to non-internet based things(like cars, homes, wearable, healthcare etc). So it aims to connect the physical domain of life as well. So when the physical domain and digital domain are connected then our life, societies, industries will become more qualitative, more productive, more organized.
We have been hearing about smart cars, smart homes, smart wearables, smart healthcare and all of these are the application of IoT. But this application is not happening at the desired pace and not happening in all spheres of our life. At one hand, the number of devices is quite large in number and that number is increasing very rapidly, but the application of these devices to IoT network is still limited and hence it is still a gray area.
The future and the next decade, in particular, is certainly going to be "smart" and IoT will make it possible for device to become "smart' and together with a blockchain technology it will ensure security and privacy and further when the things will be forged with IONChain, then it will ensure data security, data circulation, real-time data sharing and data transaction.
IoT as on date is an already existing concept and smart cars, driver-less vehicle, automation etc are the examples of the application of IoT. But this application is very limited or dormant. There are no such standardized parameters for the devices to communicate in the IoT network, there is a lack of security and privacy, there is a lack of low latency, making the response delayed and that is where IONChain aims to provide a solution to these issues and aims to make the application of IoT in real physical domain a reality in large scale.
In IONChain, IoT devices connected to the chain are like ions and the different IoT devices can serve the different application and the connection portal between these IoT devices is the IONChain itself. Therefore the decentralized peer to peer interaction between the IoT devices can be a possibility now with IONChain.
Traditional IoT network is based on centralized cloud computing and the response speed is dependent upon the many-one traffic flow and circulation to the cloud server, which makes considerable delay in the entire IoT network. Apart from that, it also creates a burden to the network.
IONChain aims to resolve this issue by a concept called "Edge Computing". Edge Computing is fundamentally decentralized and multi-centered. Therefore the task of processing the data happens in both IoT devices and cloud. So it ensures optimal use of IoT devices in the network. So unlike centralized cloud computing, IONChain processes the data at or near the edge of the network. So the burden of the network is greatly reduced and the resources are optimized with Edge Computing and the lighter data are processed locally or nearby whereas critical data are processed on the cloud.
In IONChain the integration of data transfer and storage happens in such a way that, all the IoT devices are put into the task of processing the data near the edge of the network and hence the nodes work in an efficient and distributed way in IONChain.
The concept of "Edge Computing" of IONChain can prove to be a key feature in making the industrial digitization, real-time business interaction, data optimization, advanced digitalized construction & automation, security etc a reality in the 21st century. This will not only enable reliable and fast responsive user-experience but also can optimize the application of IoT devices.
In many-one data transfer, not only the two adjacent IoT devices remain isolated to each other but also the routing of data happens in a concentrated way making it overburden and ineffective. With edge computing, the network will be converted into many-many data transfer mode which will have multi-centres and the two adjacent IoT devices will also interact with each other. Therefore here the speed and efficiency will be greatly improved.
Automation of IoT is basically comprised of:-
- self connection
- self discovery
- self learning
- self execution
- independent decision making
With existing centralized cloud computing protocol, automation of IoT can never be a reality and hence edge computing can fulfil the requirement of the new generation smart industry.
Edge Computing can also improve the protection of data in a sense that "it reduces the time and length of data transfer", therefore it can greatly reduce the risk of interception by the irrelevant player to the network.
Device refers to IoT Device
Coin refers to IONC coin
Code refers to Unique Identification Code of the IoT device connected to the IONChain
The concept of "One Device, One Coin and One Code" aims to make the entire communication/interaction standardized. The code is embedded into the IoT devices which along with an immutable record of data on IONChain distributed ledger makes it unique and reliable. Here all the IoT devices within the network can be a miner and rewards are precisely calculated based on data, volume, time-space etc. Along with the security of data, IONChain aims at compatibility, so that when it comes to industrial level implementation, the application will be seamless.
Generally when it comes to application, the data block volume and speed are contradictory to each other and that is where IONChain introduces IPFS(Inter Planetary File System) which ensures distributed storage of data. Those having relevant private keys can be able to access those data. The unique feature of separation of storage and transaction processing solves the contradictory issue of data block volume and speed.
Further, as the computing power of IONChain is based on the combined computing power of all the mining devices within the network, it is extremely difficult to compromise or tamper with the data.
With IONChain, industries can customize their agreements digitally and automate the settlement of data trading and that is where IONChain finds itself most feasible for application in industrial digitalization.
IONChain has a native coin called as IONC and the incentives/rewards are paid with IONC coins. As it has an economy within the network, more individuals and enterprises will be willing to join the network and ecosystem will improve further.
IONC protocol ID in IONChain.org will endow the IoT nodes with a unique identity to make the data authentic and reliable. This will again help in securing and standardizing the chain and making it effective for the IoT industry for mass adoption.
IONChain enables all the IoT devices to connect to its network and all these IoT devices are eligible to be a mining device and can get mining rewards by "Ionization Algorithm". The owner of an IoT device can be an individual or an enterprise. Reward calculations are generally done by taking in to account various aspects of IoT devices such as terminal control duration, the area covered by the terminals, data collection duration etc. Incentives will be paid with IONC coin and it further attracts more people to join the mining pool.
Three things which constitute the main technical architecture of IONChain are :- Ionization Algorithm, Value Generation and Value Transfer.
The technical architecture of IoT network is greatly enhanced by "Ionization Algorithm" of IONChain. The inspiration for the IONIZATION algorithm comes from the formation of ions.
Ionization is the process by which an atom or a molecule acquires a negative or positive charge by gaining or losing electrons to form ions, often in conjunction with other chemical changes.
In traditional technical architecture, value creation and value transfer are generally combined. But in actual practice, we have so many types of IoT devices whose functions may not be the same to each other and therefore the value created, depends upon the types of devices and its functions. Therefore it is essential to separate value creation and value transfer so that the model of the chain will become more diverse, vast which can include all device types and hence can be applied in all types of industries. So it is imperative to note that the industry, the society in practice needs a model where it is possible to implement different consensus algorithms for different devices. This is where IONChain provides a solution to it, by separating value creation and value transfer with Ionization Algorithm.
Value creation in IONChain is divided into four layers:-
Creation
With the help of Edge Computing and IoT devices value is generated in IONChain.
Verification
The information is stored and encrypted with zero knowledge proof algorithm.
Evaluation
After verification, the data is authenticated and protected from double spending.
Confirmation
After verification and confirmation, IONC tokens are produced.
All the IoT devices in IONChain communicate via IMQTT protocol. IMQTT protocol enables IoT devices to communicate, exchange and transfer of value.
Value transfer in IONChain is divided in to six layers:-
Application layer
Application layer uses Representational State Transfer (REST) API interface based on the Hypertext Transfer Protocol (HTTP).
Service layer
Service layer used to communicate between the internal modules.
Protocol layer
Protocol layer used to address all the core protocols IONChain.
Smart contract layer
Smart Contract layer forms the bridge between the blockchain and the application.
Blockchain layer
Blockchain layer is the core of IONChain.
Data storage layer
Data storage layer uses the Interplanetary File System(IPFS) in combination with BigChainDB to facilitate the decentralized storage of data.
Here the value creation is realized through edge computing and IoT devices and the transfer of value then happens through the transfer layer within the IONChain.
The advantages of IONChain into IoT industry will be vast and diversified as it aims to resolve the existing issues of IoT.
(1) IONChain can resolve the problem of m2m(machine to machine) transaction.
(2) It can provide a solution to the data trading market and both supply side and demand side will get benefited by real-time response and can earn IONC incentives.
(3) The leasing and renting market can also be benefited greatly by IONChain in a sense that there will be no third party nor there will be any service charges.
(4) IONChain stores the encrypted data in a distributed manner and hence it provides a secure environment for the user in IoT network, where the authorized users can only convert the data into value.
(5) Edge computing concept will definitely improve the response speed.
In the industry the type of devices and its functions both are diverse and IONChain protocol can be embedded to the these diverse IoT devices so that network will also become diverse. So the devices within the network can be programmed in such a way that the action can be executed as per the data received from the devices within the IONChain. So the manufactures of the IoT devices need to implement the IONChain protocol in their devices so that automation of various operations through DApps can happen smoothly.
IONChain has already partnered with several large manufacturers of IoT devices to implement IONChain protocol by incentivizing IONC token for implementing the protocol. So the manufacturers, as well as the users both, are benefited by the IONC ecosystem.
IONC is the native token of IONChain.org and it incentivizes the ecosystem and based on this, the participants take part in value creation process within the ecosystem. As more devices will be connected to the network there will be more flow of value and the devices can also get mining rewards too. So for the entire ecosystem, it is a win-win situation along with value addition & ubiquitous transfer of value from peer to peer. Here both individuals and business entities will be benefited.
The total supply of IONC is 800 million and it will be released gradually for 20 years, after 20 years, the administrative committee will decide on re-issue of the token(based on the available resources at that point of time). Block time is 10 seconds on an average(however can be adjusted as per the demand in the network). The master node starts at 5 million IONC.
The consensus mechanism is based on PoS which is chain based. Stacking of coins is done at different levels of master nodes for either investors or IoT producers or any relevant party. The stacking of coins is carried out within a smart contract to negate the risk of undesirable actors in the ecosystem. Stacking gets activated after a certain number of blocks have been mined.
The people are now really concerned about this especially after it is brought to their notice that the service provider itself is selling their data without their consent and the various issues/threats related to this case are:-
(1) Here both important, as well as sensitive data, are exposed to third parties because the smart devices/phones of the people are being served through centralized nodes.
(2) Commercialized companies may sell the data of people and earn huge money, they may not have any criminal intention but they certainly have a commercial intention, whatever the case is, the user is the victim here.
(3) The leaked data, if in hand with criminal minded people, they may blackmail someone and it further raises the risk of safety of a user also.
(4) Someone may try to defame someone with the help of leaked data.
Because of this demand, suddenly so many large manufacturers/producers have started embedding IONChain protocol and the demand is also growing, because here not only the users are feeling safe and secure in terms of their data privacy but also the manufacturers have also become responsible and willing to make the business happen in an ethical way and from both sides, IONChain can fulfil the requirement.
The requirement for manufacturer/service providers, in this case, is - Embedding IONChain protocol at the manufacturing stage
The requirement for user, in this case, is - Buy those smartphones/devices which is IONChain protocol enabled.
That solves the issues of security and/or privacy of user's data.
Similarly, they also found the data trading enterprise from two other regions who are willing to share the ready-made survey data of the same product of the different brand and in this way the CEO of Sobex Ltd got the data and utilized those data to enhance their design of the new product.
This use case is a classic example of B2B(Business to Business) data exchange.
In this case, the consumer survey is required to be executed by keeping in mind the following parameters:-
(1) Speed of data transfer.
(2) Real time response of the consumer to the survey.
(3) Transfer though distributed nodes.
(4) Incentives to the participant in the consumer survey.
(5) Secured Environment
Facci Ltd as an enterprise and the individuals joined the IONChain network and they acted as nodes within the network and though IONChain protocol the consumer survey was carried out in this use case.
So Facci Ltd successfully conducted the consumer survey through IONChain and got an overwhelming response in terms of the number of participants taking part in the survey and equally the participants earn IONC token for sharing their information and data. So in this case, IONChain creates an ecosystem where not only Facci Ltd got the data it wanted but also the participants earn the incentive and it creates an ecosystem where everyone gets benefited.
This use case is a perfect example of C2B(Consumer to Business) Data exchange in an incentivized economy.
The IONChain team has got very rich expertise in Blockchain technology and they have got proven experience in this field. The IONChain team has already provided solution to 20+ Blockchain projects in recent times. Having such a sound background, it is natural that high-quality investors have been attracted towards IONChain.org
IONChain is here to stay to make the IoT industry a reality in every domain of life. It is already in the cooperation of agreement with leading IoT manufacturers in China. At the moment it is a tiny wave but it will likely to grow further and the growth will be exponential and just imagine a position where ten billions of IoT devices will be connected in the network of IONChain to realize value creation and value transfer.
The concept of Edge Computing, Ionization Algorithm, Stratification is definitely a solution to the problem interface of existing IoT industry and IONChain protocol allow IoT nodes of any size and any type to be connected to the network and this feature will make it possible for mass adoption, industrial digitalization and automation etc.
Thank you for your contribution. The post is chock-full of useful information about the IONChain project. I am surprised by the vast amount of information you provided in this post. Kudos!
On the content side, you did great, but I would have loved to read more of your personal experiences with the project. The information you shared is useful, but your views are even more valuable. I hope you balance this in your next publication. Also, the writing could have a rework. There are many grammar issues which you could have made better. Nonetheless, I appreciate the effort.
Thank you!
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Thank you for your review, @tykee! Keep up the good work!
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