IONChain
IONChain is a blockchain based internet of things platform for creating smart contracts and decentralized applications to facilitate the transfer of data.
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IONChain concept
In 1887, the famous Swedish physicist Arrhenius proposed the theory of ionization. He stated that just like molecules and atoms, ions are also the basic particles of matter. Just like ions in physics, IONChain aims to become the underlying particle in the Internet of Things (IoT) ecosystem. Through their IONChain Protocol, IONChain will serve as the link between IoT devices, supporting decentralized peer-to-peer application interaction between devices.
Every device is a mining machine
In the IONChain ecosystem every IoT device that provides valuable data can act as a mining machine. Once connected to the IONChain network, a device will constantly contribute its calculative power via the Ionization Algorithm and in turn, receive IONC tokens as mining reward. IONChain has created a unique consensus algorithm to determine the value contributed by IoT devices. A device’s contribution is jointly determined by the Data Quality Proof Consensus and Time Lapse Proof Consensus. This consensus mechanism will consider a devices' function, data quality and quantity in calculating its contribution. Out of this analysis, the number of IONC token distributed to them as a reward can be determined.
One device, one code, one coin
At IONChain we will implement the following core concept called "One device, one code, one coin". In this concept "Device" stands for the IoT devices participating in the IONChain ecosystem, "Coin" stands for the cryptocurrency IONC. "Code" is the unique identification code which can also be used as a wallet for these IoT devices inside the IONChain network.
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