Jan, 19th Miami. Since 2014 The I/O Coin (IOC) Development team has been working on their Proof of Stake model blockchain, pushing decentralized boundaries with on chain robust solutions in the fields of identity handling, data management and encrypted communications in order of making a complete one stop ecosystem.
In 2017, after years of research and development they introduced DIONS ( decentralized input output name server). This enabling a fully decentralized alias system (name server) Identity storage, AES256 encrypted tunnel messaging system (For single and Group Use) and data document storage and transfer, all within its confined I/O blockchain. In 2018 the team enabled optimal stealth payments providing another layer of privacy to its already secure blockchain use cases. Soon after an API was released for third party Dapps creation opening the door for companies as Switching Brains based out of Netherland which is currently in development of a game called Uzagi Panzer, which integrates IOC as currency whiting its game and gamer-tag storage in the IOC Blockchain. The team also released a Unity3D Package which today is available for download in order for game developers to use the I/O Coin blockchain. IOC is being traded on Bittrex since 2014.
A solution for global scalability As part of their original roadmap proposal back in 2015 the team was calling for sidechains which would enable new paths in scalability, interoperability and payments. In Miami at the North American Bitcoin conference their much anticipated whitepaper Chameleon was announced and released.
Chameleon is a completely new take on decentralized peer to peer electronic cash systems that has the aim of solving the scalability issues that are being observed in several cryptocurrencies.
Existing blockchain cryptocurrencies if they remain truly decentralized require by design that every peer in the network holds a complete copy of the blockchain in question. As transaction levels scale up to very high volumes this places an enormous and inefficient burden on all of the network nodes.
One hears then of methods of pruning the ledger which in some way is like having the complete ledger on only designated central nodes. This is of course is not a solution because the currency then becomes inherently centralized making use of designated central data oracles. The only way then for these currencies to remain true to their original aims of being truly decentralized within the built in limits of their network designs, is to continue to replicate the ledger for every participating node.
The efficiency of doing things in this way becomes an un-viable proposition. Add to this the way in which transactions are entered into the blockchain by mining blocks (as for example) in the case of proof of work based currencies with reliance on a select group of miners or mining pools coupled with the correspondingly increasing block difficulty that would tend to arise from very transaction volumes and it is clear that the current widely used blockchain decentralized cryptocurrencies are inefficient and unsuited to the needs of a truly global very high transaction throughput cryptocurrency that aims at the same time to be truly decentralized and in the hands of the participants.
Chameleon aims to solve both of the above design limitations. Instead of replication of the complete ledger for all network peers, in large scale, redundant partial replication of the ledger will be used such that the failover vs complete ledger integrity at any given stage is maintained. This can be viewed as being similar to an error correcting code applied to a network such that at very high levels of operation, the overall ledger data distribution is kept at an optimal level.
Transactions themselves are remodeled as objects such that, making use of the distributed ledger, they are validated rather than mined as in PoW and they are mined essentially in parallel in the optimal. This validation will facilitate millions of transactions a day making Chameleon an ideal platform to become a global transmitter of transactions with keeping its decentralized setup.
The validation process reduces to parallel logical operations on the transaction meta information which completes to mark the object as validated. (This is called a status where the object becomes covalent.) This object is called an atom and it is not the physical property of work that is used to make it covalent and amenable to bonding with the rest of the ledger we term this new object an atom.
The new concept of the ledger is a Molecular structure termed the Molecular Ledger (ML)
The Full Chameleon scientific white paper is currently stored in the I/O Coin blockchain and is enabled for download to anyone that has an I/O Coin wallet.
For More information please visit www.iocoin.io (I/O Coin website) www.iodigital.io (Foundation website) www.chamleonledger.com
For more information, please contact:
I/O Digital Foundation
How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.