In the last few years we've only started to see the evolution of what the Internet is capable of, it took years before people saw the value in Cryptocurrency like bitcoin at all. The idea that something digital could hold value would have been nonsense just a few years ago. Today we live in a world spawned from the realization that cryptocurrency or fiat, in the end value is in the eye of the beholder. In this modern age of computers touching every aspect of our lives, people have grown more and more used to the idea of currency as a non-physical good. The surge in services like amazon and paypal, have people touching real cash less than ever.
With the next step on our path towards internet freedom likely being the evolution known as the Internet of Things or IoT, where our entire world is not just touching the internet, but part of it, where everything from our medical care to our smart cars and refrigerators are communicating and helping us to understand our lives better. Billions of small internet connected devices just waiting to be utilized, an ever increasing number of devices. All of these devices just waiting to be properly utilized.
The IoT Chain team realizes that untapped resource is just going to expand, and find themselves at an opportune position to launch something ground breaking. A new type of ledger implementing the latest in blockchain technology in a lightweight form factor that will allow many of those IoT Devices to participate in what may eventually be the largest distributed ledger system ever conceived. A mesh network so powerful it would be able to rival even the largest fiat transaction networks, with the resilience and redundancy of the best blockchain platforms.
The team behind IoT Chain, chose to use a Directed Acyclic Graph network or DAG as it's commonly known in the cryptocurrency world to insure that the more devices that come online in the network the more powerful the network is. With literally billions of devices expected to be coming online over the next few years, the growth of something like IoT Chain could exceed even the developers wildest expectations. A financial network run on the same devices we use to manage our life, able to exchange messages and process financial transactions at limitless speed. In a completely fault tolerant manner thanks to the use of PBFT (practical byzantine fault tolerance)
Already designed to work on small light weight raspberry pi devices that are being integrated in all sorts of modern devices, and with plans to expand the ARM based device coverage every person might eventually be able to have not just 1 device but multiple devices interconnected and part of a giant mesh network of secure, resilient and modern devices that all work together to process and secure each others transactions.
The teams initial testnet has proven to already be faster than almost all other standard blockchain based networks, the small testnet they are running and developing has shown them that the plan not only has promise but will most likely scale beyond even what they originally had expected. As the network grows and more IoT Devices enabled with IoTChain come online, the network will only grow faster and more resilient to outside influences.
For more information you can check read the very comprehensive white page at their website IOTChain.io
