A Multiverse of interconnected Public & Private distributed ledgers, that was our vision back in 2015, but there was much work to be done prior to Cham launch. And as we began our work with IOC (our Genesis block launch on July 24th, 2014) we could not envision a single blockchain to rule them all, but for us, we needed a DNA. Identity Storage, Secure Data Management and Privacy. These 3 areas are essential to any secure human interaction with systems. But every distributed ledger has its strengths and weaknesses. And therefor we needed to focus on this set of core features to implement a strong hardened foundation.
As our research began to show positive results on the resilience of Proof of Stake, today this with over 42k hours of uninterrupted computational up time), It also showed that we could carry out important tasks within the enabled services.
All resolving almost instantly and at up to 16 second block confirmation times. This was a first for crypto and we quickly realized that interconnected specialized/targeted blockchains would be the future.
Generic public blockchains serve the overall need of the public. These ones are usually enabled to keep public track of value transfers, but as of today many leave important transactional data out in the open, leaving their users vulnerable to hacks, attacks and persecution. As more smart contract driven blockchains are also launched and everyone is forced to carry a copy of the entire ledger, it becomes unpractical, and in reality it may not be in the best interest of all participants. For this work there are incentives but are incentives enough?
In the last few years, we have seen public and private companies launching their own smart contracts, asset backed tokens and other derivatives. All these being cheered by the loudest voices in crypto (The Speculators). They have made the rounds day in and night out, for corporate partnerships. No partnerships = the end of a project. Even if the teams are working hard in the underlaying technology. In the end no research can be pushed with no human and or financial efforts and risks.
So here we are trying to keep this balance in ideology. A fight for our soul, between centralized and decentralized initiatives. Cash-App, PayPal work just fine to send and receive fiat, but again is this what we are aiming for? a visa like payment system with a light decentralized flavor?
In reality, blockchain demand has grown exponentially. These ledgers are not just used for payments or tracking transactions, but much more than that. More are adopting these public blockchains, but a few top ones have started to hit their capacity. Issuers are being affected by overall performance issues, hacks and or vulnerabilities. Many times running at full throttle, but hitting network backlogs and thanks to unsung backroom engineering heroes, these chains are being kept alive. Aside from these shortcomings, developers in the space are making great strides. In my personal view we must continue to innovate and stay the course in order to meet this demand. The next chapter in crypto will be comprise of decentralized exchanges and enabling more decentralized gateways. For these reasons and others surrounding practicality, scalability and having permission rights, I see a future of a Multiverse of interconnected Public & Private distributed ledgers.
The Chameleon protocol will enable an important “BIG BANG” layer. At the core, an entropy molecular graph ledger to ensure full decentralization, while not forcing all participants to carry the entire load. AI dependent, calculating its participants weight/space and uptime of their node. Enabling abstract smart contracts, while facilitating the launch of permission and permissionless distributed layers. All while facilitating 1M TPS.
With an available “Cham-SDK” to facilitate ease to launch these interconnected ledgers. Participants will be allowed to come in and out without having to carry any substancial load.
In/Out ramps will facilitate interoperability between private/public ledgers and Blockchains. Through these ramps and DIOEX, Cham will enable the use of (IOC) transactions (encrypted messages, docs, payments) to enter and or exit the ecosystem anonymously.
Apart from this fact, Cham users will have at the ready, an enabled I/O data and encrypted communications layer. This IOC layer will get integrated with other particular useful features while enabling an extra layer of privacy never seen before in crypto.
In any case of 3rd party fault/tinkering to an abstract smart contract, If enabled, a user could frag an abstract smart contract, parallelize e.g. run redundantly. This ensuring that in the case of fault, funds would ultimately be safe. Therefor blocking any spoofing of any funds. Such features are essential as mechanisms of deterrence surrounding smart contracts.
Privacy and accountability go hand in hand. Fundamentals can’t be dismissed in order to have true longevity in a distributed ecosystem. Further investments will be required in time, money and efforts, but it will all be worth it. As we pioneer AI in distributed ledgers, more robust attention to privacy, security and simplicity will be the keys for the future success in decentralized data management handling.
In the end for these Public blockchains to survive, it will require engaged communities. Willing to test, secure, promote, use and transact with crypto. Understanding that decentralized digital commerce and communications are the future. Users must go beyond the mere trade speculation and be fully engaged in the value propositions of these decentralized networks. By the time the population wakes up to the importance of these systems, all must be in place and fully integrated in todays IOT’s and beyond.
For the IOC devs our Journey is far from over. We will be ensuring a 100% fault tolerant state “as in a plane’s autopilot” enabling interoperable and fully decentralized, Multidimensional Distributed Ledgers and Blockchains.
For more information you can read the IOC whitepaper
Happy Birthday to I/O Coin, the IOC devs and community for 5 years of excellence. Being one of the few pioneers of Proof Of Stake, with over 42k hours of uptime. No security breaches while proving its POS validity and furthering research of AES 256 encrypted communications in a decentralized blockchain. Congrats!