What is I/O Coin?
I/O Coin is an innovative cryptocurrency built with an emphasis on security and privacy, while at the same time offering a myriad of features built on the blockchain platform. I/O Coin is focused on providing a balanced and fair distribution. This was achieved by adding a sophisticated cryptographic hash in the source code. It is a project that is focused on scalability, global adoption, and security.
Since the launch of the I/O Coin, this project has achieved synergy through different inherent features, trust, and support. It is one of the few projects that has managed to enjoy 100% uptime in more than 32,000 hours of computing proof of stake consensus.
There is a sheer and robust commitment to securing the I/O Coin chain. The development team behind I/O Coin is committed to offering a safe, user-friendly and game-changing blockchain framework.
The I/O Coin project has made development one of the top priorities, and since then, have formed a non-profit foundation that helps to inform people about the I/O Coin blockchain, and encourage more people to open up to the prospect of blockchain technology.
By creating awareness, individuals and companies will be able to adopt I/O Coin and other blockchain based application services.
Protecting privacy and giving the right to ownership of personal data to users is an important part of technology today, especially if the communication is supposed to be trustworthy and secure.
This, together with the features of the I/O Coin blockchain, is expected to be a game changer in the blockchain ecosystem. I/O Coin is creating a private and secure blockchain that is efficient in any application, idea or business. As long as the user has an available API, they can connect to the I/O Coin blockchain.
What is the problem that I/O Coin Solves?
Ever since the development of Bitcoin, there have been so many developers who are invested in creating the competing peer to peer digital assets.
Most of these, unfortunately, were no more than copies of Bitcoin, which did not offer any promise regarding the features, design or purpose.
There were many others that even made attempts to improve on the path that Bitcoin had started, but this has since proved to be difficult to realize altogether.
There are viable proposals to improve on the Bitcoin technology. On their part, Bitcoin has also made attempts to improve the expanding power and ability to mine coins.
However, this comes at a cost. It is estimated that the average spending on power consumption a day globally is at least $150,000, in 2013, and this is attributed to Bitcoin mining alone.
In 2018 January this estimate had risen to more than $5 million in a day. In light of this realization, one of the biggest problems that need addressing is that of exorbitant power consumption as a result of mining.
Building on the need to address the Bitcoin challenges, I/O Coin was introduced. I/O Coin could reduce the spending on consumption by 30%, and added several improvements, making it a safer alternative.
Later developments would bring forth the I/O Coin in 2014, with a unique approach to proof of stake consensus.
How does I/O Coin Solve the problem?
I/O Coin introduced a blockchain upgrade, DIONS (decentralized I/O Name Server). The role of DIONS is to enable data on the blockchain with enhanced capabilities for identity and document storage. Through this upgrade, users can look forward to AE5 encryption messaging, and a complete alias system.
All the fees received from the alias system, IOC data and messaging are redistributed into the system to all active steakers. This is to make sure that there is sufficient incentive for users to keep staking and secure the network.
Facing challenges like security breaches, data bloating and the fact that user-friendly features were the stumbling blocks to realizing the blockchain dream, I/O Coin initiated an upgrade that would become the entry point for the blockchain. With this in mind, I/O Coin uses a proof of stake algorithm called CiPher.
Through this algorithm, I/O Coin has managed to enhance the platform by improving staking and security features and making sure that the same applies to messaging, decentralized encryption and any other features that are inherent to the platform.
By combining all the security features and the decentralized blockchain, DIONS has proven to be a successful part of the I/O Coin project and making it one of the best blockchain platforms that offer a user-friendly experience.
I/O Coin never had a pre-mining run for their coins. I/O Coin runs on proof of stake (PoS) instead of proof of work (PoW) consensus.
The reason for this is because proof of work demands that users have to calculate hashes repeatedly to have their transactions validated. This, therefore, becomes a challenge on the network regarding the resource strain and is also dangerous for the environment.
Instead of proof of work, proof of stake depends on the user proving that they own the coins they stake. In this regard, those who own larger sets of coins, or who have held coins longer, have a higher chance of signing the subsequent blocks.
This also makes proof of stake faster and more environmentally friendly as compared to proof of work. Other than that, it is also cost-effective, setting I/O Coin ahead of projects that are inherently running proof of work, like Bitcoin.
What makes I/O Coin better than the competitors?
The issue of privacy and security in blockchain technology has been discussed in so many projects. A lot of such projects make a promise to deliver on these features and services, but this is not always the case. Given that I/O Coin has managed to do this successfully, the following are some of the reasons why I/O Coin is better than most of the projects competing in the same right.
DIONS
This is one of the unique features of the I/O Coin project. It is technology that was specifically built for I/O Digital, providing an array of features that use the blockchain technology, including encryption, file storage, and private messaging support. DIONS also supports decentralized applications that are built to run on a P2P network.
HTML5 Wallet
I/O Coin also has an innovative and intuitive HTML5 wallet. The idea behind this was to make the I/O Coin as user-friendly as possible. This is one of the few projects that can be used by beginners without worrying about anything.
The wallet can be accessed anywhere in the world, making it a one-stop shop for users who need to send fully encrypted messages, use private file storage, and enjoy secure transactions while at it. It is also through this wallet that users can stake coins, thanks to the impressive GUI.
File Transfer and Storage
Through DIONS, I/O Coin has made it possible for users to enjoy secure file storage and transfer. All files and information that is shared on the I/O Coin network are encrypted, so there is no chance of someone intercepting them for their own nefarious reasons. Besides, it is also possible to transfer file ownership on I/O Coin.
Chameleon Technology
The introduction of Chameleon technology to I/O Coin is a good idea because it helps to improve the interaction between different P2P networks, in the process increasing the level of interoperability in any central provision system.
Trend-setting
There are so many projects that are basically clones of existing projects. It is very easy for such projects to fail, especially when faced with challenges or fixes they cannot handle.
What makes I/O Coin different is that while most altcoins follow in the paths of the likes of Ethereum and Bitcoin, I/O Coin created a new, innovative platform for applications, which improve the technology upon which all the other currencies are established.
Feature-rich Platform
One of the other benefits of I/O Coin is that this is a platform that was built with a lot of features through the I/O blockchain, and introducing the DIONS technology.
These are features that are not available in any other cryptocurrency project. For this reason, therefore, I/O Coin gives users a lot of tools and services which can help them increase their usability and at the same time, give them a very good user experience. This has also increased patronage and awareness of I/O Coin among the public.
Credibility
A lot of the I/O Coin projects are owned or developed by teams who maintain a shrewd level of privacy over their personal identities. This can be a confidence struggle for anyone who is planning to invest in their projects. Unlike them, I/O Coin developers are publicly identified. I/O has even been registered as a non-profit organization in the Netherlands.
This is something that sets I/O Coin apart from most of the other projects. Take Bitcoin, for example, a very successful project, but to date, the identity of Satoshi is yet to be clearly set. There is a lot of conspiracy as to whether Satoshi is a person or a group, and this only leaves room for conspiracy theories.
How can I/O Coin be categorized?
I/O Coin is a project that was built to promote a fast, secure and user-friendly blockchain environment to help increase the adoption of decentralized services all over the world. This is in light of the fact that there are so many blockchain projects, but very few are accessible to the average user.
What’s I/O Coin’s vision on Security?
After successfully launching DIONS, the development team at I/O Coin has been working on adding more privacy features to the existing ecosystem. On this note, stealth addresses were introduced, which integrate ring signatures.
Stealth addresses are important in making sure that users can engage in their transactions without worrying about privacy concerns. This is true for IOC receivers and data privacy. Such has been a challenge in many projects, even those that promise security and privacy of data. Stealth addresses protect privacy by getting a payment sender to generate a one-time address using one public stealth address.
Ring signatures allow the user to create a key signature for any number of stealth addresses. Therefore, it is impossible for anyone to determine which key was used in writing that signature. Ring signatures act as a complement to stealth addresses. Users can sign on any transaction and observers will not determine the identity of the person who signed the transaction. Therefore, this system is always working towards providing a very powerful resource for anonymity in document transfer.
Examples of I/O Coin use cases/applications
By creating a platform that is as secure as I/O Coin is, there are several uses to which this blockchain platform can be applied, including the following:
Balloting
I/O Coin has a secure channel mechanism. This means that it is a system that can be used to offer secure voting. Anyone can call a ballot for any different reason. To call a vote, it is important to establish what the ballot alias is. This can be anything from a designated group or even a functional alias.
Group Messaging
The I/O Coin system makes it possible for users to engage in encrypted peer-to-peer communication. With this in mind, it is now possible to extend the service to different groups or memberships.
A lot of popular messaging services claim to offer encryption services, but in recent times, this has been debunked, highlighting some of the flaws in their systems. This calls for the need to have a better, safer way for people to interact, share and discuss technological and political views without worrying about repression, clampdowns or sudden censure of the messaging platforms by state agencies or governments. This is where I/O Coin comes in handy since it offers a truly secure and safe, private communication platform for group messaging.
Scientific Computation
I/O Coin is currently working with experts to investigate how the blockchain project can be used in cancer development and research for treatments. Primary interest is on proteins with highlighted mutations or distribution changes in cancers. Any staking power that is not used in the project is utilized in assisting scientific computation.
Resources
https://coincheckup.com/coins/I/O-Coin