With all of the Fintech attention on blockchains, in particular Bitcoins, they tend to overlook an important cryptocurrency technology: sidechains. IF there’s not something you like about the blockchain, simply create your own chain and tweak it to your liking as well as purpose. That is exactly what I/O digital is doing with their sidechain, allowing anyone to attach sensitive identity credentials to a specific BTC or IOC address.
The decentralized identity sidechain is made possible through a distributed blockchain based DNS system, which I/O digital calls DIONS or Decentralized I/O Name Server. The system lets anyone register names, avatars, and documents that are transferable between users which is secured at all times through a RSA cryptosystem using a 2048 bits long key.
“The system allows for the registration of aliases, avatars, documents, making them fully transferable between users. DIONS will offer strong security by integrating a fully-fledged RSA cryptosystem (using a 2048 bits long key).”
The DIONS will also support a messaging system, which is decentralized and allows users to send encrypted private messages to each other. Not only can they send individual messages, you will be able to broadcast messages to the public, similar to the services Twitter provides. This could also provide a stable platform for a Reddit-like service as well, which may prove useful if Reddit ever comes apart.
“This service could also be used as a “reddit” like service that could revolutionize the centralized service, into the first one of a kind decentralized blogging service.”
Existing business can also benefit from integrating the DIONS to their infrastructure as well. Through the sidechain, businesses are able to register their own brand names, as well as assign unique IDs to virtually anything which makes documentation more efficient. The DIONS will also aim to be of use for holder regarding IP, rights management, certificates of authenticity, and condition reports.
“Businesses, as well as being able to make use of their own brand names, can now use unique IDs to serve as a customer, invoice, or reference numbers (e.g. HSBC:8008135)… I/O Digital’s Blockchain also aims at servicing holders of intellectual property, rights management, certificates of authenticity and condition reports. A hash value included in an I/O transaction can serve as Proof of Existence for any digital file, be it a legal document, an application’s source code, artwork or a piece of music.”
The full PR goes on to discuss how the blockchain will deal with data bloat, further goals in their roadmap, as well as discussion regarding the first full HTML5 cryptocurrency wallet.
The Original Press Release source is Bitcoin PR Buzz
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