The third wave of global information technology is Internet of Things (IoT). The internet of things is the new Era of information technology and it involves extending internet connection smart devices to our everyday objects like house,appliances and the likes. The range of applications that will be connected using IoT is widely increasing and according to statistics, it is one of the biggest investment in Information technology sector with overall investment of 736.9 Billion Dollars as at 2015. These figures have been predicted to show tremendous increase by the year 2020. The concept of IoT has been on for 20 years and since its inception, it seen encouraging development and adoption but some issues are still unresolved:
Data Protection and User Privacy: Since the invention of technology particularly cell phones, data privacy and security has been a major threat to development of technology. IoT devices gather information from individuals and majority of the data are stored by companies in the IoT ecosystem. Mismanagement or carelessness on the part of these companies can lead to a major hack, making individuals vulnerable to data loss or invasion of privacy.
Lack of Interoperability between Platforms:
Centralization brings certain barriers in different platforms and ecosystem and in IoT, it limits data sharing and circulation. Many companies are in competition with each other and data sharing seems like an empty propaganda.
IONChain is a project that aims to solve the aforementioned problems poised by IoT. IoT will be an underlying link between all the IoT devices to support decentralized Peer to Peer communication among the devices. The idea behind IONChain is much like an ion in elements, "ions are integral part of elements necessary for the formation of substances". Just like ions, IONChain are the backbone for a better IoT. IoT is a project founded in Singapore in 2018 and one of the many benefits of the project is consolidate a smooth exchange of value between IoT devices automatically with the use of smart contracts. The Origin of IONChain is from the famous Swedish physicist Arrhenius who proposed the theory of Ionization.
IONChain aims to create numerous use cases for the IoT ecosystem for wider adoption of the industry. IONChain hopes to disrupt traditional IoT industry using Edge Computing.
What is Edge Computing
Edge Computing is an open platform that integrates network, storage, computation and applications at the edge of the network. The edge of network is part of the network that is close to the source of the data. Using edge computing, IONChain will solve the issue of slow connection, data or security breach and the likes. Edge Computing is preferred to cloud computing because edge computing technology comes with intelligent terminals but however , cloud computing is used as complementary to edge computing because under preferable conditions, the Edge can become an important part of the cloud.
IONChain will solve the issue of security breaching because using Edge Computing, users are given control over their data and giving them power to set limits to who can access their data. Simultaneously, Edge Computing can seamlessly integrate with cloud computing to foster a flexible design of the system.
Use Case to Show Data Security using IONChain
Timo loves the internet but after one of his social media accounts got hacked, he lost faith in data security online. Timo loves the idea of a smart house but is scared of getting one of the fear of been vulnerable to hack. Timo heard about XYZ IoT Provider Company that implements IONChain in their system. With IONChain, Timo has the power to give data access to whoever he wants.
IONChain Fog Computing
Every stakeholder in IoT sector can take whatever they need within IONChain to form a complete loop of IoT business. The network nodes used in IONChain meet connecting requirements for computation and storage of IoT devices. IONChain introduces the concept that "every device is a mining machine" , meaning every smart device connected to IONChain will be able to mine and receive renumeration through IONIZATION ALGORITHM.
IONIZATION ALGORITHM separates the core layers of IONChain blockchain - value creation and value transfer. The algorithms are designed to making every device a mining machine
"One Device, One Coin, One Code"
The vision of IONChain is to end the barrier of IoT devices and allowing them to constantly create value but the value created by each device differs according to the device type and function.
Another interesting concept of the IONChain is the " One Device, One Coin, One Code" , which was developed for the purpose of integrating IoT hardware and infrastructure. "Device" stands for the IoT devices , "Coin" stands for IONC and "Code" is the unique I.D code for devices in the IONChain network. The Imapact of "One Device, One Coin, One Code" concept is to make all data on IONChain blockchain unique, reliable and effectively traceable.
Value Generation
After the separation of the core functions of IONChain - which is value creation and value transfer using Ionization Algorithm. Value creation or generation layer is solely responsible for creating value depending on the type of smart device. Value generation encompasses IoT devices ( all device connected to IONChain) and Edge Computing centers near the device. Each IoT device can be used as a mining machine and the information can produce IONC Coins after certain algorithm verifications. Different IoT devices have limited computing capabilities and due to this reason, it is difficult to accurately account for value created by IoT devices. Therefore, IoT devices upload relevant data to mining machine, using Data Quality Proof and Time Lapse Proof algorithms, mining machines can accurately account for amount of value created. The next step is Value Verification
After Value Verification, we have Value Evaluation. Value Evaluation is considered the second tier of Value Verification. Finally, under value generation, the last layer is value confirmation.
Value Transfer
The second core function of IONChain is Value transfer and it is divided into 6 layers in the system architecture;
- Application Layer
- Service Layer
- Protocol Layer
- Smart Contract Layer
- Blockchain Layer
- Data Storage Layer
Conclusion:
The IONChain Project is the backbone of IoT and it has only one called IONCwith a maximum supply of 800 Million. The project hopes to minimize the flaws of IoT by providing data and user security most importantly. The project will be beneficial to individuals and business entities with a well designed rewards system that will benefit individuals, business entities and still keep the ecosystem up and running.
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