Blockchains are used to manipulate and store information on a decentralized ledger where it is only accessible to the intended audience. The ability to wield the power of blockchain technology goes far beyond what most people and businesses are capable of, and IAGON intends to change this. Two major use cases for blockchains are to store and process large amounts of information, something which can also be done with cloud computing.
The cloud services market is estimated to be worth about 45 billion dollars per year and it's growing exponentially. I am writing this post on a Google Chromebook which doesn't have a hard drive as it stores everything on the Google Drive (or cloud). Microsoft, IBM, Amazon, and Apple all have similar services. There are numerous other companies and blockchains which are all vying for a piece of the pie.
Artificial Intelligence (AI), Machine Learning, Deep Learning and Big Data are all buzz words that are becoming part of our daily lives. The total amount of data humanity has access to closely follows Moore's Law-It doubles every two years! Unfortunately, the latest technology is only available to big business-supercomputers are expensive to build and maintain. IAGON will make supercomputers available to the masses in an easy to use and secure way through the IAGON blockchain.
How can IAGON, which aims to raise between 5 and 50 million USD through the issuance of its cryptocurrency IAG compete with companies valued in the hundreds of billions of dollars? IAGON hasn't even finished their ICO yet and IAG will operate on the Ethereum blockchain until at least early 2019. IAGON will have to undercut the price of accessing and storing data securely with blockchain technology.
In terms of distribution, 70% of the tokens will be sold, 10% will be given to advisors and for marketing, 10% will be kept for the team, and another 10% will be held back for development. People who buy IAG tokens can sell them on cryptocurrency exchanges like Bancor or Nauticus (and hopefully more in the future) or use them to purchase cloud services on the IAGON platform, www.iagon.com IAGON intends to pay miners 90% of the revenue from sharing their excess computer processing and storage capabilities, and will only keep 10% of IAG tokens themselves.
The market will determine the demand, supply and ultimately the price for IAG tokens; using them to gain access to cloud services will be much cheaper than building your own super-computer. IBM, Amazon, Google, and Apple cannot possibly build and maintain large computers and server farms cheaper than IAGON can build a blockchain to connect and harness the power of millions of idle computers which already exist worldwide.
Data stored on a blockchain cannot be manipulated, it is trustless. Alternatively, you have to trust the big data companies which don't store your information on a blockchain with your information. Can or should the government, a bank, a medical clinic or an individual trust a third-party corporation with critical data? When the company is foreign, it makes it even more difficult. Should an American company trust a Chinese company to securely store and not look at their information? Should a Russian company trust a German company not to peek at or manipulate their data? You get the point. Please don't spy on or inundate us with fake news.
Large companies and governments can maintain their own servers, but these are not secure. We all read about hacks, computer crashes, spying, bribing, and the quasi-legal sales of private information, cough Facebook! Storing all your information in one place makes it susceptible to a single fail point and an extremely tempting target for hackers. Blockchains can spread this information out over thousands or millions of computers and jumble it all up; if one computer or a dozen are hacked, the hacker will have useless information. No single person or machine will have any complete information stored on the IAGON blockchain. They will all have pieces of the puzzle and only the owner will hold the key to put it all together. Cryptocurrency private codes are not de-codable with current computing power.
There are many projects also using blockchain technology (Filecoin, Sia, Storj, Nextcloud, NEM, Golem, Sub, etc.) for cloud computing; it is also assumed that IBM, Amazon, Google, Microsoft and Apple all have their own plans to compete with blockchains, too. IAGON may only take a 10% cut from users of IAG but this alone isn't what makes them stand out.
IAGON intends to be used on multiple blockchains and the Tangle. Without going into details, the Tangle is more like a web than a chain, but each node on the web cannot be deleted, just like each link in the chain can't be broken. IAGON will also work with current databases such as SQL, NoSQL or hyperledger.
IAGON utilizes a machine learning algorithm to spread the information across the blockchain and to encrypt it. IAGON's "Secure Lake technology ensures that even when information systems are breached in any way, the data and files that they use cannot be accessed, deleted or modified in any way." It 'freezes the lake' ensuring no hacker can swim around and access various parts of a database. This technology also speeds up the retrieval of files.
IAGON's smart computing grid runs the entire system and it is based on over 100 Machine Learning algorithms. It connects the consumer to the producer and manages the system in an efficient manner. For more information on how this works, please refer to the white paper as the intent of this post is to discuss the benefits of IAGON not to explain in depth how it works.
IAGON competes with other blockchain's cloud services because it compensates the suppliers with 90% of the revenue, it is more secure and it utilizes machine learning. They will also be able to attract miners or the individuals/machines which provide the computing and storage power through a unique system, Proof of Variance (POV). Bitcoin mining wastes energy as it solves useless equations in a Proof of Work system which only serves to ensure the integrity of the decentralized distributed ledger. IAGON utilizes Proof of Variance which uses the computing power to solve the needs of users instead of useless equations.
Through Proof of Variance, the IAGON blockchain uses its network to "distribute load and increase speed for mundane data processing tasks." POV classifies the miners based on their contributions and makes it possible for less powerful miners to remain competitive within their own class. This ensures that people are not discouraged from mining. Attempting to mine Bitcoin on a regular computer is unprofitable and a waste of resources; only the best ASIC processors or high-end graphics cards can be competitive mining most cryptocurrencies. This is not the case with IAGON. POV allows new miners to slowly improve their power and speed while earning proportional rewards. Mining on most blockchains is futile, but with POV it is not.
I've researched many of the top blockchains in my #ninelives series here and have wanted to cover a blockchain with cloud computing use cases. Although I am not an expert in cloud services or blockchain technology, I can conclude that IAGON is a legitimate project, with an experienced team and they have a strong use case for having their own blockchain. All the quotes came from the IAGON whitepaper and the information presented was from studying their website and business plan. Please do your own research and do not base any investment decision solely on my opinions. I highly recommend you visit the IAGON website and read some of their documentation.
Thank you for taking the time to read my post. This is not intended to be investment advice and I do not recommend speculating on or investing in IAGON. This is a submission in a contest run by @OriginalWorks found here I hope to get some STEEM from this and also expect to collect an IAG bounty here.
Bye for Meow 😺 mRrrrrrrrrr...
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