IONCHAIN - The way forward for the IoT industry

INTRODUCTION
The world is evolving and moving on a fast pace. Most traditional devices lack security and data privacy, cross compatibility and global standardization. In 2015, about 736.9 billion dollars was invested in the Internet of Things (IoT) market and it is predicted that 1289.9 billion dollars would be invested by 2020. This means that the number of devices with IoT software is expected to grow by 30 billion dollars in 2020. As the technological world is on fast track, there is the need to create devices with cutting edge technologies.

Imagine the world where you lay on your bed and the dishwasher turns off indicating that you need silence. Imagine a world when you are watching TV or listening to radio, a call comes through and the TV or radio volume turns off automatically, indicating that you have a call. Imagine a world where you are few steps closer to your car and the engine turns on and the door opens, indicating that you want to go out with your car. IONChain seeks to build a world where all devices can be connected together through the IoT network, where data can be shared regardless of the devices used and allow to work together by using a universal standard. This would create a phlethora of new IoT scenarios and drive the blockchain era to a new level.

WHAT IS IONCHAIN?

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The name "IONChain" is derived from a Swedish physicist theory called the Arrhenius theory of ionization. As we might have known in our chemistry class that the building block of an atom is an ion. IONChain will be an integral element of IoT devices. It will act as an underlying link to support the decentralized P2P communication among devices, that will enable them to exchange value with each other automatically through smart contract.

BENEFITS OF IONCHAIN

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IONChain would be of immense benefits to the IoT industry and Big Data technology industry and also would create a wide IoT application scenarios to better our everyday life but for the seek of this article, it is categorized into the following:

DATA PROTECTION AND PRIVACY: IONChain will put data control in the hands of the users as they will be able to decide and control the private data they send to the system.
DATA EXECUTION: IONChain will help save time and ensure faster execution of data in cloud computing operations such as Visual Reality, industrial IoT and autonomous driving etc.
DATA SHARING: Irrespective of the IoT devices used, IONChain will ensure that data is shared between devices through a global standard.
DATA CIRCULATION: By ensuring the decentralization of IoT data, IONChain will give opportunities to both big and small companies to effectively utilize and circulate data so that their full potential can be achieved.

HOW IONCHAIN ECOSYSTEM WILL IMPROVE COMMUNICATION BETWEEN SMART DEVICES
In the blockchain industry, large block of data is slower and takes longer transaction speed. Inter Planetary File System (IPFS) will be integrated into IONChain to allow the distribution of encrypted data storage of IoT data. Access to data will be restricted to only bonafide users with relevant private keys and by doing so, stealing or tampering of data will be difficult as security of IONChain will be ensured by the joint computing powers of all mining devices in the system.

COMBINING EDGE COMPUTING AND BLOCKCHAIN TECHNOLOGY

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Edge computing is the practice where data generated is processed near the edge of the network and not a centralized data-processing unit. IONChain's ionization algorithm which separates two core functions - value creation and value transfer, will enable data to be created and processed locally by smart devices and then transferred onto the blockchain network that comprises of connected devices working together. This will greatly improve fast connection of data, real-time operation, application intelligence, data optimization, data protection and privacy etc and will help overcome the shortcomings that have plagued the IoT sector.

IMPACT OF ONE DEVICE, ONE COIN AND ONE CODE
"One Device, One Coin, One Code" is innovative concept that will have enormous impact in the IoT industry. Every IoT devices in the IONChain network will be embedded with an ionization algorithm (code), so that it will be able to mine and receive renumeration (IONC token). This amazing concept will bring IONChain to the spotlight as the IONC will incentivize individuals, small and big enterprises to join IoT projects and develope IoT facilities.

DAPPS AND GLOBAL STANDARD
As clearly pointed out in IONChain business model, 20% of the token supply will be used to support IONChain-based DAPPs. 25% percent will be used to incentivize IoT manufacturers to cover for device authentication, connection, access, data provision, transaction etc. 10% of the token supply will be used to incentivize the nodes to provide computing power and storage guarantee to make it up to global standard. All this is to provide the best possible service for its customers, to experience a better, faster and safer data processing and transfer.

USE CASE

An internet start up company, Alpha Solutions wants to collect personal information of owners of smart watches, to analyse and monetize the data. Before now it was a real challenge for small businesses to collect data because data collection is very expensive, takes longer time and the space has already been dominated by top software companies. With the help of IONChain incentive model, owners of smart watches gladly exchanged their data and were rewarded via IONChain smart contract. Phoenix Watch Makers made a request for the smart watch data collected by Alpha Solutions. The data is sold to Phoenix Watch Makers using the IONChain exchange system.

CONCLUSION
The IoT industry is characterized with a lot of setbacks that have hampered the growth of the sector. IONChain brings solution as it will leverage blockchain and edge cutting technology to ensure data security and privacy, faster and efficient sharing of data, interoperability of devices, attainability of global standard etc. With IONChain incentive system, IoT devices will be rewarded based on the value of data collected and shared on the IONChain network. This will promote both small and large businesses and also foster the growth of the IoT industry.