Jul 2, 2018
Blockchain has advanced since its inception, from the first generation which Bitcoin created, to thesecond generation which included Ethereum and their smart contracts, allowing blockchain toperform cash like transaction and financial instruments such as bonds and loans. Currently Ethereumhas a value of $65 billion. Currently, the blockchain technology has moved to ‘proof of stake’ whichis a step up from other currently ran but longer held technologies which run ‘proof of work’. Abenefit to the new system is that there is less hash power needed and allows for block rewards to beassigned to token holders proportionately. This acts to significantly reduce the energy needed tomine, which makes it more economically efficient. This type of innovation building on top of the lastgeneration has allowed for ideas such as IonChain to not only come to fruition but retain a level ofdominance in the industry due to being early movers in an industry which is still seeing exponentialgrowth. The fact that major blockchains have a present problem in handling the high volume oftransactions that they are seeing is proof of the need for more platforms to be created.
The principles of IonChain’s design including increasing scalability but at the same time making surethat decentralization and security are paramount. Creating cross shared transactions seamlessly togive 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. Ourdesign will allow for scalability to be in line across the requirements of maintaining high security witha good level of decentralization.Current blockchain technology has two different basic functions in every block within a chain – theledger, including the state of the current ledger, and the confirmation, which is required to confirmthe transaction from a ledger and then mine blocks to reach desired difficulty levels (proof of workor POW).
- Allowing the network to scale as needed without compromising on time or efficiency.- Creating a higher level of decentralization than a normal blockchain.- Security is created by maintaining 50% of the hash power in the base chain.- An important core feature of the IonChain network is that it has been designed from theoutset with scalability in mind.- Horizontal Scalability – The network runs each node as a super full node which allows thesame level of security against malicious attacks as traditional blockchains.- The network is easy to use, safe, and allows for public participation with the ability to linkweak miners together.
ION CHAIN is a decentralized high capacity transactional system that uses an innovative double layered blockchain to ensure adequate security without sacrificing decentralization.
The platform use aims at creating faster and high capacity transactions however I would not invest in the project as it still under-developed.
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