A team of financial industry veterans has created a blockchain-based interconnectivity platform that links all digital forms of value, allowing users to trade digital assets and earn fees by serving as an allocator. Called the Internet of Coins, the platform is designed to give people more control over their personal finance.
The Internet of Coins’ goal is to allow the free exchange of value among crypto ledger systems and other financial systems.
The platform is a node-to-node system that allows value systems to connect with one another and synchronizes data flows on a scalable data chain.
Internet of Coins will allow any actor to establish value tokens that can trade across blockchains. The programming code will be available on a not-for-profit basis and accessible to all.
Every non-proprietary blockchain will be able to connect to the Internet of Coins.
Users will not have to change or adapt existing cryptocurrency wallets to link with the network.
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The platform’s developers believe the cryptocurrency industry is fragmented and at risk of becoming centralized.
The developers also believe the financial industry at large is ready to do business using cryptocurrency.
The platform does not require third party services to exchange one form of digital currency for another. It uses a meta-level transfer protocol with an extendable design, enabling access to any blockchain-based economy or other digital currency.
A proof-of-allocation mechanism verifies solvency to any transferable assets, and also makes it possible for anonymous allocation providers to earn rewards. Any network participant can act as an agent for the realization of an encrypted exchange of value among peers.
Prototype Test To Begin
An alpha user community in the Netherlands is testing the first Internet of Coins prototype.
Development team members came from the fields of foreign exchange, commodity trading and investing.
From 2006 to 2011, the founders gained experience on automated trading platforms. During the tumultuous period of the 2008 financial collapse, team members came to believe a new approach was needed to improve personal finance.
By 2012, the cryptocurrency markets were gaining momentum. The Internet of Coins team recognized the disruptive technology’s potential, and began working with altcoins and cryptocurrency exchanges.
The following year, the development team participated in a project to apply blockchain technology to the energy sector, creating a bitcoin-fiat gateway.
In 2014, the developers introduced Stormwind and Hybrid Assets on the Counterparty and NXT market platforms.
The Stormwind system used public APIs of different cryptocurrency exchanges. StormWind was backed by an automated trading algorithm designed to stabilize the smaller cryptocurrency markets, and to counter the destructive trading practices of pump-and-dumpers.
Hybrid Assets acts as a portfolio that spreads risk by storing assets on multiple chains.
The Mt. Gox collapse in 2014 signaled the need for a fully decentralized exchange system. Internet of Coins developers wrote a white paper and launched its website. Funding was provided by Bitalo, a trading platform that combines bitcoin trading with other services.
With the release of the white paper in 2015, Internet of Coins developers pitched the concept at Startup Bootcamp Fintech. The SIDN Fund provided funding for further development of the project.
The NLnet Foundation became Internet of Coins’ funding and legal advisor.
Crowdfunding Planned
The Internet of Coins tokens, called Hybrids, will be available on seven blockchains simultaneously: bitcoin, Ethereum, CounterParty, NXT, New Economy Movement, Waves and Bitshares. During the crowdfunding, 900,000 tokens will be offered. A maximum of 100,000 tokens will be given in crowdfund rewards.
The token price will increase according to a set schedule. At the end of the fundraising, the tokens will not increase in value other than when they expand to new blockchains.
“We are able to develop the Internet of Coins system without having to sign up for venture capital funding, which ensures that we can stay an impartial project in the world of blockchain, where powers seem lately to be becoming more political, profit-driven and centralized,” said founder Joachim de Koning.
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