The advent of computers and the Internet brought about a new age of information distribution across different borders and systems. Now in the era of big data "IoT [Internet of things]" (the third global wave after the invention of computers and the Internet) will reconstruct data processing and capabilities of how smart devices can achieve high network inter-connectivity, data sharing and quality value transfer.
As an industry touted to worth over 1 trillion dollars by 2020, with over 30 billion connected device at this same time in the future, it is imperative that IoT could serve as a catalyst for the next industrial revolution and so demands for more human resource and talents that would bring about actual realization of its potentials.
• Lack of interoperability between platforms.
• Challenges of cloud computing architecture.
• Absence of established business model.
Lack of data security and privacy protection
The massive adoption of the Internet saw the flow of gigantic user data movement across the net, this saw many business model being formed around these many user data, which access is capitalized on due to the reliance of user with these organization to store and provide readily available means to access services. Since these organizations who mostly are private-profit-oriented cooperation are saddle with the responsibility of governing and storing users data, unquestionable access to the jewel under their care have provided a lucrative ground without the need to seek the consent of the rightful owners. These organizations are also prone to hacking attack or breaches from people/parties who also want a share from the wealth of the value kept under their watch.
Lack of interoperability between platforms
It is almost impossible to let go of a gold even to a friend for free without asking for an equivalent measure of value. This could be liken to how different organizations constructed their data processing and storage platforms in a unique and almost isolated way. These is intended to prevent outside parties from gaining unmerited access, as they will lack the know-how to easily communicate and extract informations with the systems of the original owner.
Challenges of cloud computing architecture
Due to the massive increase in bandwidth usage, which is on an exponential growth. Cloud computing is seeing more strain that would render real-time applications like VR, autonomous driving and industrial IoT infeasible to run as delay of up to several hundred of miliseconds would render the perception to the execution stage too slow to propagate which will mar the response of result to the control end.
Absence of established business model
The inception of IoT may have been staged from about 20 years ago, slow adoption which arise from the current limitations and barriers has made many business pioneers to take on the act of spectators who are kept on the wait for that well recognized solutions, as many experiments and applications scenario continue to be tested out.
Established business models are great catalyst to any new innovations as they will bring about massive adoption and continued improvement on the technology due to the need to satisfy consumer's wants and expectations or gain an edge over their competing businesses. A truly clarified business model is still found wanting in the IoT space currently.
IoT has a great number of potential usage that will improve our life in many ways, and so there is need to find quick but lasting solutions to address it's shortcomings.
A project in "IONChain" is proposing and working towards achieving viable solutions that will address many challenges faced by the IoT space.
IONChain is a non-profit, open-source foundation, founded in Singapore in early 2018.
Just as the name suggest, IONChain idea was formulated from the concept of the ionic theory postulated by Arrhenius which posits that similar to molecules and atoms, ions are also a fundamental particle in the formation of substances. Source
Taking the role of ion in the formation of substances, IONChain will act as the underlying link connecting all the IoT devices to support effective communication and value transfer in a decentralised fashion achieved by the adopted technologies such as the Blockchain, IPFS, Edge Computing, Smart Contracts and the IMQTT protocol.
Edge Computing
Edge computing technology is an open platform that integrates network, computation, storage and applications at the edge of the network, near the source of the data. Edge computing allows for fast connection, real-time operation, application intelligence, data optimization, security and privacy protection and so on and may be the idea solution for IoT. Source
As an emerging computing method, edge computing is seen as an immediate replacement for cloud computing, but rather as a complete overhaul, it can be integrated to work along cloud computing for more greater optimization.
The ability for real time application and greater optimization to be realized through edge computing makes it an ideal solution for IoT applications as it will bring about enhanced user experience, decrease network feedback latency and significantly bring about many usecase scenarios.
IPFS (Inter-planetary file system) and The Blockchain.
IPFS allows distributed, encrypted storage of data with a unique identification which is generally the name of a file. As an Industry that is designed to handle exclusive massive amount of data, data storage and transaction processing cannot be achieved with the use of the Blockchain only. IPFS will serve as the data storage layer, where every data uploaded to this layer with take on a unique identification hash on the blockchain. The blockchain in this case provides maximum security, ensure data cannot be tampered with or edited so as to enable high trust level with the authenticity of data being processed, produced and shared. This method ensure the current limitations of blockchain technology do not interfere with transaction processing speed and allow for more optimised processing efficiency and adequate network usage.
Smart Contracts
Smart contracts provide a means to initiate and settle an agreement without the need of a third party through a trustless medium such as the blockchain. The Ethereum blockchain was the first to introduce and implement a trustless contract on its blockchain.
After this concept gain much traction within the human community base on the notable success it saw with ICOs (initial coin offerings), many organizations adopted the idea and we are seeing many improvements and adjustment being made on how contract are deployed and designed to functions. IONChain as a decentralised value sharing ecosystem designed to allow maximum dictation of data usage to be determined by users, will onboard the use of smart contracts to allow users to design agreements base on the use of certain data and propagate more effective data trading.
The use of the IMQTT protocol
MQTT protocol was initially developed by IBM for communication between IoT devices. However, it does not include the value transfer layer.
As a project boasted for its value transfer feature, IONChain adds the function of value transfer on top of MQTT protocol, creating IMQTT protocol. With the use of IMQTT protocol, IoT devices can not only exchange data, but also realize real-time value transfer. Source
The need to separate value creation and value transfer unlike how they are combined in existing applications like the bitcoin and ethereum blockchains arise due to how different device with different compatibilities will form the network of the system mining machines and be saddle with the responsibility of continually creating value. This method is developed to ensure the future ecosystem vision is met, and this is only achievable if value creation and value transfer is separated.
One Device, One Coin, One Code
Each type of IoT device will have a specifically tailored algorithm designed. Just like the ions after ionization, the value created by different IoT devices in the IONChain network can be combined into new types of consensus algorithms that will ‘translate’ the value generated in different scenarios into the unified standard expressed in IONC coins. Source
The value generation process of IONChain can be divided into four layers of system architecture. These are:
• value creation
• value verification
• value evaluation and
• value confirmation.
Value creation: every IoT device connected to the system will have a unique identification code, follow the default consensus protocol and serve as a mining machine which will be capable of producing value represented in IONC coins.
Value verification: just like how nodes verifies input of data in existing blockchain systems, relevant parties interested in the data provided by an IoT device are required to cooperatively complete the value verification, which may be accepted or rejected after it has been evaluated by the value evaluation layer.
Value evaluation: unlike how some existing systems have a single verification layer, this layer serve as a second verification tier and as a precaution to prevent double spending and other malicious attack.
Value confirmation: new block mined after it's content is confirmed is broadcasted to the whole network in a bitcoin system, but in this case will be passed on to the value transfer layer in the form of IONC coin upon final confirmation.
The value transfer layer comprises of different layers which will be briefly explained except for the last named layer "the blockchain layer" which will be more explained:
Application layer: is the user interface layer of the IONChain. It provides REST API interfaces based on the HTTP protocol. The devices can request access to IONChain through this layer. Source
Service layer: comprise of internal modules. The interface used by this layer is generally a program rather than the end user. Source
Protocol layer: includes all functioning protocols such as the consensus protocol, network protocol, currency swap protocol, and so on.
Smart Contract layer: smart contracts are an integral part of the system, serving as the bridge connecting blockchain layer with the applications.
Blockchain layer
This is the core part of the IONChain chain as it allows for decentralized computing, storage and access of data.
For any blockchain to function it requires the need for an adopted consensus rule/mechanism. After much evaluation IONChain is implementing a new kind of PoS consensus which is termed IPOS similar to the generally know DPoS (delegated proof of stake) which is dim the best fit by the foundation to allow for a working efficient and secured IoT network.
IPOS according to IONChain is the combination of PoW and PoS, which is divided into two parts; election of a group of block producer and production scheduling.
This consensus model is very similar to the adopted DPoS by the Steem and EOS blockchains, which to date is the only viable consensus type that could work in a social sharing network despite the challenges of human unpredictable behaviors and manipulations of all kinds.
The success of this consensus type comes from the way it is able to effectively arrange and structure a working community, where each participant influence is almost directly proportion to the level of interest of the network.
IONChain as a decentralised data sharing IoT ecosystem fit perfectly to utilize and adopt this consensus type in other to adequately realize the vision of an autonomous data sharing IoT network.
Block producers will be elected base of the preference of the majority stakeholder of the system. This exercise ensure that every person in possession of the native measure of value (coin) acquired either through value creation by his/her connected device or through direct purchasing on the open market, is able to determine the future direction of the network.
By the common notion, the lesser the nodes the quicker it is to achieve consensus, just like the steem Blockchain, 21 block producers will form the network of Validators, who will be check upon to maintain utmost faithfulness by the presence of other aspiring capable producers.
IPOS just like DPoS allows for faster transaction confirmation, high end security, high efficiency and system performance as every new block is produced every 3s which is also capable of achieving 1.5s per block production on the average if the need arose.
IONChain is bringing on a different approach and technology solutions that has not been implemented in the IoT space before, taking us to the future where every device will serve as a unit of value creation, which can be a source of motivation that will readily allow individuals and businesses to easily connect into this IoT ecosystem and be an integral part of it.
People like free rewards, and every connected device owner can be incentivize for partaking in the network through the IONC coin. This will go a long way to encourage quick adoption as word of mouth (the best marketing means) will spread across friends, family and colleague and business will waste no time to form many models around a working system..
Edge computing is the latest method of computing with a lot of advantage over the widely used cloud computing which in itself is admirable. Blockchain with the use of smart contracts is regarded as the hope and the future of a decentralized world. IPFS brought about an entirely amazing way of storing, sharing and naming data. Each of these technology is a major breakthrough on its own, now let imagined a single system incorporating all of these technology in a whole operating network. The advantages, benefits, and applications is infinite, as each can achieve high security and privacy, provide an easy means to identify and acquire data and the combination of such like IPFS and Blockchain will provide a more secured and enhanced way of storing data that has not been realised before.
The coin will serve as the primary means of measuring value in the system, it will aid how input and network contribution is being rewarded and distributed, ensure the continue motivation to partake in the system and allow for a decentralized data sharing economy.
Each device connected to the network will be able to generated the IONC coin which will be equal to the measure of participation and contributions made to the network determined by the adopted system protocols and algorithm.
Distributions
There will be no more than 800 million IONC coins that may exist which will be gradually released over a period of 20 years.
25% will be initially released to the circulation
25% will be mining rewards
20% will be directed to community construction and incentives
20% will be allocated to the Research and development team
10% will serve as node incentives.
Here is the project Roadmap
Applications and usecase.
In Data Censorship
As a privilege to small businesses.
IONChain Team
The project core members and developers comprises of experienced blockchain enthusiasts who have already launched an highly successful blockchain project "Hyperledger" and have major backing from many notable private investment fund such as LD Capital, Node Capital, Hashlink Capital and IBC Blockchain Capital.
Advisors / Consultants
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Want to know about the fundamentals and real life use cases of IoT? Here is a youtube video from edureka explaining IoT and some it's applications
Conclusion
After the massive success seen with The Internet, Internet of things (IoT) is the next big wave. The internet brought about the magic communication medium such as social media, mails and many use case. Despite the internet achieving major success due to its decentralized nature, majority of the information passed across it are censored one way or the other. This should not be allowed in the next wave of "Information Technology". There is a call for more decentralized approach both in communication and the way information is passed around.
Luckily, right in time when mother nature harken to the cry of her being, a new technology specifically designed to bring about decentralization in "Blockchain" is now gradually being implemented in many sectors, a good example can be seen with the focus of this post "IONChain" which is combining technology such as the blockchain itself with other advance technologies to bring about a decentralized IoT system.
IONChain with the use of the IONC coin to reward participants of all kind, will bring about a true decentralized ecosystem, which in turn will encourage the quick wide-spread use and adoption of The Internet of Things.
Images Credits
Copyright free images from pixabay.com with images taken from the IONchain project materials such the Whitepaper and the Official Website.
Want to know more about IONchain, here is some resources you could use.
• IONChain Website
• IONChain Bitcointalk Explanation
• IONChain Whitepaper
• IONChain Youtube Channel
• IONChain Twitter
• IONChain Medium
• IONChain LinkedIn
• IONChain GitHub
• IONChain Steemit
• IONChain Telegram
The post is an entry to the 
IONChain 2018