This article presents you IOVO(Internet Of Value OmniLedger) a unique global open network
database for storing and exchanging information on any type of quantitative value asset. This article contains information on what IOVO is generally, how IOVO works, the economics and technology of IOVO, understanding some terms in IOVO and also how it relates to human value i.e how we can generate data ourselves and the benefits.
INTRODUCTION
Our lives are becoming more and more digital every day. The more Internet devices we have in our lives, the more data we generate for individuals, entities, researchers and commercial entities. A well-designed data collection process will have a significant impact on protecting participants; thus it is essential that your protocol demonstrates a data collection process that includes the best practice methodology for your discipline as well as procedures that protect the privacy and confidentiality of participants.
In the digital world today, data is being gathered and stored by large Internet entities like social media. Every moment, large amounts of data is being generated which is stored, transferred and shared most times without our knowledge. Iovo is based on the fundamental idea that we generate an enormous amount of data every passing moment of which the ownership of these quantitative values is an important element of our future freedom.
Firstly, let us know what IOVO is and all about; IOVO(Internet of Value OmniLedger) is a global open network database for storing and exchanging information based on any type of quantitative value assets
It is a tool to provide individuals and entities to claim the ownership of the data generated.
IOVO also is a directed acyclic graph (DAG), the next generation of blockchain, and serves as a data management and scoring ledger. It does this by creating a universal global decentralised ledger of all values and then publishing rating scores for individuals and institutions across a range of sectors.
HOW DOES IOVO WORK?
The main characteristics of IOVO is the collection and storage of user data that comes from various applications based on the IOVO DAG (decentralized network), without gives access to other users, as well as organizations, if the user has not approved it and has not given its consent. IOVO is used in areas such as finance, insurance, credit and non monetary payments for value and scoring data by the IOVO DAG which provides an infrastructure for decentralised apps. As a result of this, users won't use IOVO directly, instead they will use a user friendly app created by other network users. The IOVO platform serves as a personal data wallet. In addition to providing data protection, the IOVO network functions as a database, collecting data from all applications built or based upon it. The wide variety of possible applications and means the IOVO network has the potential to become the world’s largest database, aggregating data from various fields.
The diversity of data stored within the system will generate significant public and commercial research potential.
THE ECONOMICS AND TECHNOLOGY OF IOVO
When you think of technology there’s a good chance you think of physical things like big machines or fast computers. But when economists talk about technology, they’re thinking more broadly about new ways of doing things. In this sense, social, political things like language, money, banking, and democracy are considered technologies. Anything that helps us produce things faster, better or cheaper is technology for economist which IOVO is making possible.
Economics and technology together makes it easier to figure out where economic growth will come from. Iovo's earning connection is based on the concept; The proof of value(POV), PoV is an evolution of the proof of stake (PoS) approach, according to which each validator is paid for their work in proportion to their stake, IOVO also relies on validators; however, their expected reward is proportional to their combined value. This combined value consists of two components which are the stake and value score. The stake plays the same role as in PoS, while the value score reflects how valuable the user is within the IOVO network. Every user has a value score which represents how valuable their ratings and information are to the IOVO community as a whole.
The stake and value score influence the combined value via different weightings, which change over time. Initially, the combined value is based mostly on stake; however, as network usage increases, the value score will become increasingly important. Once IOVO reaches a mature stage with many IOVO dApp users, the stake will be completely replaced by the value score.
The market and social applications of IOVO DAG, the decentralized network is endless and covers all business areas. Some of them which includes;
1.ONLINE INFLUENCE-BASED DYNAMIC PRICING
2 INSURANCE SCORING SYSTEMS
3.NEWS DAPP: DROPP - a decentralized app for news.
4.BANKING AND FINANCE SCORING
5.HR: PROFESSIONAL AND COOPERATION DATA AND RATING
6.KNOWLEDGE EXCHANGE SCORING
7.FOOD QUALITY AND DISTRIBUTION SCORING
IOVO’s high-level value management features are implemented using a highly effective distributed system of accounts and the transactions carried out between them. Such features includes; accounts, transactions, blockchain, wallet, decentralized apps, gas, proof of value and others. The figure below shows how IOVO can aggregate data from every field;
HUMAN VALUE AND IOVO
Human data integrates personal data from multiple sources, around the customer not the organisation. This way we are able to get a better understanding of what people say, do, think and feel, Human Data is also more than just personal data. We all exist in a connected world; so there is other data that relates to us but wouldn’t necessarily be considered as personal data. Technology, the application of scientific knowledge to the practical aims of human life or, as it is sometimes phrased, to the change and manipulation of the human environment. It is methods, systems, and devices which are the result of scientific knowledge being used for practical purposes. The skills and equipment used to organize, secure, store and retrieve information is known as Data management technology. Data management technology can refer to a wide range of techniques and database systems used for managing information use and allocating access both within a business and between entities.
The IOVO platform solves and corrects existing problems in a growing data market, ensuring recognition and respect for the true value of human data and also Provides each IOVO user with the ability to manage all their assets using a special personal wallet that will allow you to track all your available funds. The wallet can also be used to control your own accounts, depending on the application.
IOVO serves as a database. It stores all the data gathered from all the IOVO apps. Primary access to this data is maintained through the low-level mechanism of scorings; however, dApp developers can create arbitrary user-friendly features to enable convenient access to this data, as with a regular database. Cryptocurrencies like Bitcoin and Ethereum are based on blockchain technology. In a blockchain, all transactions are arranged in a chain structure. Every block of transactions extends the chain after being approved
by the miners in the case of Bitcoin, each block appears approximately every 10 minutes. Miners traditionally secure the chain by performing proof of work (PoW)they use their computing power to verify the transactions and perform some calculations. The miners are rewarded proportionally to the computing power spent on the computation. IOVO uses multi-blockchain DAG, leveraging well-investigated blockchain technology while improving its performance and scalability using sharding.
CONCLUSION
Understanding people, customers and citizens has never been more important. Our hyper-connected lives bring us closer to politics, entertainment, celebrity culture and businesses like never before. Since our lives have become more digitized, traditional processes are being replaced by digitized version. How we are influenced and who we trust is highly fragmented and distributed across our social networks and the digital platforms connecting us to one another. So how do we understand the customer in this digitally immersed and data rich world? IOVO is ready to solve that. IOVO will help anyone who generates data to claim ownership, management and exchange of their data.
We need to use methods that put the people we’re looking to understand at the heart of data collection and analysis; a process that humanises data. Since Human data plays an important role in this digital world along with the ability to monetize data, IOVO gives users ownership and full control over their digital value and privacy, together with shifting data monetization processes from large data collecting organizations to the final user. Take advantage of IOVO and gain knowledge from this information. More information can be found in the links below:
Important Links
Website: http://www.iovo.io/
ANN thread: https://bitcointalk.org/index.php?topic=4509519.0
Bounty thread: https://bitcointalk.org/index.php?topic=5057281.0
Telegram chat: https://t.me/iovoledger
Author: https://bitcointalk.org/index.php?action=profile;u=1307245
Bitcointalk Username: Xtinah
ETH: 0x699cd19b47C1dd51Da37C5c001136D65af008e91