What is IONChain
IONChain is a double-layered blockchain. The IonChain consists of lastic sharding at layer one and a base blockchain to confirm the blocks from the first layer. IonChain fully supports cross-shard transactions. The principles of IONChain’s design including increasing scalability but at the same time making sure that decentralization and security are paramount. Creating cross shared transactions seamlessly to give user quality of experience (QoE) within an ecosystem that is incentive driven is key to IONChain, being able to support different platforms and providing users with an easy to use account. Our design will allow for scalability to be in line across the requirements of maintaining high security with a good level of decentralization.
How will IONChain impact the IoT industry
The IoT industry is in continuous growth and expansion. Uniting new users interested in this technology.
One of the weaknesses in the IoT is the incompatibility between devices, this is an obstacle that will be solved with the arrival of IONChain. Impacting the industry in a beneficial way IONChain aims to solve this problem by standardizing data. This will generate greater acceptance and adoption of the IoT in the market, since the user will have greater comfort and reliability.
How does it work
IONChain's design principles include improving scalability but at the same time ensuring that decentralization and security are paramount. Creating a seamlessly cross-linking to provide a quality user experience (QoE) in an incentive-driven ecosystem is key to IONChain, capable of supporting multiple platforms and providing users with easy-to-use accounts. Our design will enable scalability to align with high security requirements with a decent decentralization level.
The essential core feature of the IonChain network is that it has been designed from scratch with scalability in mind.
Horizontal Scalability
The network runs each node as a super complete node that allows the same level of security against malicious attacks as traditional blockchain.
Networks are easy to use, secure, and enable public participation with the ability to connect weak miners together.
IONChain has created a divide and conquer concept that separates functions into two distinct layers, which act to improve scalability while maintaining an appropriate level of security. Utilizing the elastic sharding layer in the blockchain, smaller fractions will be listed in the layer and as the number of shards increases the ability to process them simultaneously, increasing the system capacity. This network contains a base chain that will confirm all blocked blockchain blocks but will not process any transactions. It will also have a level of difficulty that will deter anyone from returning the transaction because it will not be economically efficient to do. The platform is designed to support additional fractions that will be able to independently process subsets of transactions.
Because the IONChain network is more decentralized than other blockchain systems, the security level is also much higher, with 50% of the hash power allocation held on the base chain. Sharding technology allows the ability to increase capacity depending on how many transactions need to be processed, optimizing time easily. This is useful for:
Allowing the network to scale as needed without sacrificing time or efficiency.
Create a higher level of decentralization than normal blockchain.
Security is made by maintaining 50% of the hash power in the base chain.
Ionchain System
Smart Contracts
Smart contracts will be facilitated through Ethereum Virtual Machine as it is currently the most widely used.
On and off Chain Transactions
Off chain transactions are accommodated for times when transactions must access information that is not on the blockchain. Smart contract specific data can be sharded as required.
Account management is made simple by allowing one account to be able to access all shards. Users can operate a primary account, which contains the user address in a default shard, or through a secondary account which manages all other addresses of the user in a shard. The primary account option will be mainly used, then only temporarily moved to an address in a second account if required, with any remaining balance in the secondary account being moved back to the primary account.
More Information
IONChain Website
IONChain Bitcointalk Explanation
IONChain WhitePaper
IONChain YouTube
IONChain Twitter
IONChain Medium
IONChain LinkedIn
IONChain GitHub
IONChain Steemit
IONChain Telegram
https://steemit.com/crypto/@originalworks/1300-steem-sponsored-writing-contest-ionchain-org
ionchain2018
Here is the link to my twitter post
https://t.co/CupLvxUgVF
ionchaintwitter