I/O Coin Overview:
- Total coins: 16.4 million coins
- Distribution: 2-week PoW No premine and No ICO
- Launched: July 2014
- Algorithm: Proof of Stake CiPher
- Coin Name: I/O Coin (IOC)
- Foundation: I/O Digital Foundation
The I/O Digital Blockchain is a secure, proof of stake based Blockchain that enables decentralized data storage to facilitate features like secure AES 256 encrypted messaging, up to 2MB file storage (and file transfer) or using an alias system for easy transactions. This is the basis for the future Chameleon framework where I/O Digital Blockchain will be the centre of an interoperable ecosystem with sidechain and smart contract technology.
I/O Digital is a blockchain platform project. The I/O will offer functionality to create other block chains or side chains integrated within the i/o chain. Creation of side chains
can facilitate the deployment of blockchain for businesses to implement more transparent transactions.
System functionality:
- Decentralised AES256 Encrypted skype like chat
- File storage in blockchain (up to 2 mb)
- Transfer ownership of file through blockchain
- HTML5 wallet with interface for transactions and data features like chat or document storage
- Chameleon Framework: Facilitate the launch of private blockchains, interoperability (2018)
- Friendly user name system instead of strong based addresses.
Highlights:
- Three year privately funded blockchain development
- Official foundation that curates the Blockchain and sets the direction of development
- Respected advisors on the I/O Digital Foundation (iodigital.io/management)
- Euro Fintech Awards in the Blockchain category placed second
- KPMG / H2 ventures emerging star (2016)
- Finalist for the Benzinga awards
Interview with Richard Groen Chief Operating Officer at (I/O Digital)
What has the I/O chain been built for?
Advantages of using the I/O Digital Blockchain for data storage features is that we have thoroughly tested the speed, stability & security and have been developing this for the last two years, We have created a blockchain that is specifically designed for the purpose meant and created a working interface to interact with the Blockchain.
Can you give an example of commercial applications of the I/O blockchain?
Any company that wants to use data storage facilities in Blockchain can use the IO Blockchain. Like for example if you register land ownership in a physical storage and you want to secure this online with “proof of existence” / “proof of ownership” features facilitated by Blockchain, you can use the IO Blockchain. Intellectual property, music rights, patent registry.
If you want to create a secure communications platform for your businesses around the world, you are able to integrate with the IO Blockchain as well and benefit from the decentralization, security and immutability features. If you own a news agency for example and want to communicate securely with your journalists, you can use the messaging system as well. Then you are sure the information provided / entered by the journalist is the same as you will get it. Story verifiable unchanged between sending and receiving.
In the FinTech industry there are many opportunities to use the IO Blockchain as well. Think of storing legal documents, contracts, identity information, do micropayments, storing loan information, credibility scores etc.
Are Ark.io and I/O Coin comparable?
Yes somewhat i guess. They focus on creating interoperability as well from what i can tell. Interoperability is key for future adoption and multiple projects could be helping each other creating an ecosystem. We do have a slight other approach on the overall eco-system. We want IO to be the center of it all and connected blockchains could use the IO features like data storage and messaging for example so they don’t have to recreate these features. We are a data carrier and interconnectivity supplier as well. For services used by the connected businesses we require them to pay their data fees in IOC. The more usage, the more IOC will be going around the network. All IOC data fees are redistributed to the stakers to incentivise them.
Will I/O coin have smart contract capability?
There will be smart contract features in our upcoming chameleon framework.
Will the side chains have their own coins to be used as fees or will DIONS be used?
Depending on the sidechain they will have their own tokens. Once they connect to the IO ecosystem and want to do a transaction they would probably need IOC to facilitate the transfer. The IO team decides what other chains are going to be connected because of scaling, security and due diligence. These can be public chains or even private chains.
What are IOC nodes, what are the conditions to host one?
Every wallet that holds IOC can participate in our network. They become a “node”
What are the economics of staking of IOC?
We are a proof of stake project where we incentivise people that hold IOC in their wallet and “stake” their coins. e.g. help validate transactions. The more IOC in the overall network is staked, the more reward they will get. That is between 1% and 2% per year. With the addition of the data features, all paid data fees are also redistributed to all stakers. So on top of their normal stake fee they will be rewarded with data fees as well.
Will I/O coin allow users to store documents/data or will only the data hashes be stored on the blockchain?
They are able to store up to 2MB. These can be hashes but also upload a document to the chain through the HTML5 interface
What are the key checkpoints for I/O Coin in the next 18 months?
DIONS version 2, multichat, decentralized exchange and chameleon framework
What is your view on the current cryptocurrency landscape and how does I/O Coin fit in this narrative?
We do not necessarily focus on “cryptocurrency” but more adding value to the blockchain landscape. With recent ICO craze and people getting burned with whitepaper (over)promises we experience that with our philosophy and approach we get a lot of credits. We have been developing since 2014 our own technology and financing it ever since. We do not use any other blockchain like 99% of the ICO’s do right now. We created our own. It is an “old school” approach, but giving us flexibility and total control of the future IO Blockchain. This approach is what gave us a robust growth and credits from established investors / partners.
For more information please visit: http://iodigital.io
We thank Richard Groen for the interview.
