The team at BitShares Munich believes they have found the answer to the above question with the latest ground-breaking union of their product BlockPay and IPFS. We only ask that you read on till the end of the article to be enlightened on why BlockPay is the Connor McGregor of the digital currency universe.
IPFS (Inter-Planetary File System) is defined as a peer-to-peer hypermedia distribution protocol. Simply put, IPFS allows for the efficient distribution of high volumes of data. It is also decentralized, meaning that if a server goes down somewhere in the world, you won’t have to worry about not having access to your data, BlockPay or your digital currencies. It does this by allowing IPFS nodes to download or stream files from multiple servers simultaneously, much like how a torrent has seeders and leechers. The more seeders there are, the healthier the torrent is.
The fourth quarter of 2016 brought with it a breakthrough for the team at Bitshares Munich. They have since started to host core elements of their software on IPFS. Everything that is static will be hosted on IPFS which will reduce the amount of data that will be stored on mobile phones, eliminate down-time and guarantee higher security standards for blockchain-based payment systems. This is due to the fact that the network is not stored in one central server, but in many. Another benefit of IPFS is that it is DDOS and censorship-resistant. This is particularly significant for countries with tough internet restrictions.
Updating the BlockPay app also becomes a lot more seamless through IPFS. “All we have to do is update one or more of our IPFS full-nodes and the Android, iPhone and partner installations will be automatically updated. An easy one-step solution.” explains BitShares Munich CEO Christoph Hering. “With IPFS you are also safe from the grasp or ‘protection’ of Apple or Google if they deem BlockPay too ‘disruptive’ to the established order,” adds Hering.
He further continues that if Google and Apple were to pull the BlockPay app from the Play Store or Apple Store, thousands of small businesses, merchants and business partners would, in normal circumstances, lose their access to a free point-of-sale system but not with IPFS. Even if it was pulled from the Stores, the app would still be available on their systems, update automatically, and keeping their digital currencies secure.
It is, however, a challenge to run an IPFS full-node from a smartphone. In fact, it has never been done before. Not until now that is. With the new update, BlockPay Core now uses the IPFS implementation in C language. And that has just transformed the entire industry.
“We are very excited to contribute to the global IPFS movement and to present the first app truly decentralized down to its Core through the use of our C-IPFS implementation. This enables any wireless-enabled electrical device such as smartphones, TV’s, BlockPay-enabled point of sale systems, routers, and any IoT device to also serve as an IPFS node, eliminating the need for HTTP, SSL and existing DNS systems” explains tech team leader Ken Code. “By using our C-IPFS implementation, apps and content can no longer be restricted or censored. Even meshnet integration is already in the works. IPFS is now faster, more flexible and scalable than ever before.”
We asked Christoph Hering, CEO, what this means for BlockPay.
“We can now install BlockPay on almost any kind of hardware. For example, you’re at the train station and you want to buy a soft drink from a vending machine. Said machine can run the BlockPay api on its existing firmware, invite the customer to place their order, present the customer with a QR code or NFC signal, they whip out their phone and pay with the mobile wallet and digital currency of their choice such as Bitcoin, Smartcoins, Dash, Ethereum, etc.”
“Just think of the possibilities when we marry BlockPay, the Internet of Things and the sharing economy altogether. Smart devices are all connected online, sharing data. We are contributing to it by adding in the digital currencies support. BlockPay enables any merchant to accept one or more digital currencies at zero cost. The possibilities and business models are endless and we’re excited to be at the forefront of enabling this,” summarizes Christoph.
The BlockPay revolution is coming soon, as early as spring 2017.
Stay tuned for more updates!
For more information on BlockPay visit our website or for any inquiries send Chris an e-mail at [email protected]
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