The rate at which blockchain has revolutionized technology is quite remarkable. This trend can be noticed in the two generations of blockchain which we have witnessed which are the first generation which gave us the Bitcoin cryptocurrency and the second generation that gave us Ethereum and its smart contract technology.
This has enabled blockchain to perform cash-like transactions. The capitalization of Ethereum is currently more than $65 billion (U.S. dollar).
As part of the move towards its advancement blockchain has now left its long-held technologies which ran the ‘proof of work’ framework to a now new technology known as ‘proof of stake’. This new system and technology bring with it certain advantages which include that it requires far less hash power to assign proportionate rewards to token.
As a result of this, it has significantly reduced the amount of energy required to mine cryptocurrencies making it an economically viable alternative. These new developments in the blockchain technology call for new and more decentralized platforms.
The need to have more decentralized blockchain networks to meet up with global demands of the technology has now become pronounced. For this reason, the IonChain platform is being developed.
The IonChain Vision
The vision of the IonChain platform is to build a Shard platform which is a network of databases leveraging the most recent advancements in the blockchain technology.
In achieving this aim, the platform will be bringing together large scale and distributable systems which would therefore, also present the distinct advantage of scalability.
Features of the IonChain Platform
The IonChain platform is bringing features which are all supported by the blockchain technology. These include:
• Sharding
The first feature of the IonChain platform worthy of mention is its Sharding feature. The feature makes it possible for IonChain to partition data from larger databases to smaller databases.
• Decentralization
The IonChain platform is built on a decentralized network. The trading and storage of data on the network have been decentralized which makes it possible for the blockchain to present the security which it is known for and at a reduced expense to the users which makes it possible for individuals and companies to access the network.
• Scalability
Scalability is a known feature of blockchain. This feature can be achieved in a number of ways such as through multiple blockchain or sharding and lightning network.
Multiple blockchains as a feature function by splitting different transactions between multiple networks while lightning network function by differing the frequency of transactions across a number of fixed parties until the parties have finalized their transactions.
IonChain Token
The IonChain token is an Ethereum ERC-20 standard digital compliant token. The symbol of the token is IONC. The IonChain IONC token is a utility token that would function as the unit of exchange for participants on the IonChain platform.
Conclusion
The growth of the blockchain technology is creating new opportunities for the development of new network platforms and IonChain has identified that opportunity and is seeking to take advantage of it. To learn more about this iconic platform, kindly visit any of these links; website whitepaper telegram twitter facebook bitcointalk ANN
Author - Coltpython
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