IOT on Chain Technology possible Blockchain 3.0?

Going through the ITC architecture and understanding the technology behind, I'm left with several thoughts, could ITC be the awaited next Blockchain after Ethereum??

Moving off traditional internet approach gradually, we come to find ourselves in a realm of a different type of internet -The internet of things - decades ago the internet was not easily relatable, in fact I watched several documentaries of the first usage of the internet followed through with interviews of early users. I couldn't help but feel how alien it was then even as i watched, a lot of disinterests and disbelieves over those who stood behind the technology at the time, well, we have left that train as well.

Is IOT alien today also?

For sake of those new to the knowledge but not new to the usage; source https://bit.ly/29C9HxU;

"The Internet of Things (IoT) is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these things to connect and exchange data, creating opportunities for more direct integration of the physical world into computer-based systems, resulting in efficiency improvements, economic benefits, and reduced human exertions" - Wikipedia

Connecting with just about anything defines the IoT, it's a breakthrough approach to the traditional means of connecting to the internet and makes accessibility to the web solely by web pages and user request feels ancient and outdated.



IoT-On-Chain (ITC)



Bearing the bottleneck faced by the IoT architecture, device and system and the fact that blockchain with its legendary approach to decentralization have it's own failings. ITC as a project thought of a brilliant approach to IOT and it's security as well as building an architecture that aims at increasing the speed, efficiency, security and ensuring reduced cost of transaction under one ecosystem - simply amazing!.

Keenly following this project for quite sometime, getting more interested and inspired by the uniqueness of its idea, i can't help but dwell so much on the whitepaper as well as the infrastructure it builds, came across new terms e.g PBFT, DAG, SPV, CPS etc and trust me they came totally new to me so i did a little bit of digging for this terms, its application to the ITC ecosystem and how it affects them.

"The blockchain has provided decentralized ideas and technology, which are very suitable for the self‐service, self‐maintenance, self‐transactions and shares between machines in IoT industry. But there are still some key problems to be solved when applying the blockchain technology in IoT, such as the form of consensus, quick and efficient payment processing on small amounts and the protection of data privacy. For these challenges, IoT brings its own solutions including PBFT, SPV, DAG, CPS cluster technology, big‐data‐analysis smart contract ChainCode to name a few" - ITC

For the purpose of time and space, I will focus on just two: PBFT and DAG.



Practical Byzantine Fault Tolerance (PBFT)





The ability to achieve consensus without the risk of an arbitrary attack on the nodes is made possible by the PBFT, since ITC uses the internet which isn't originally synchronous by build i.e communication between nodes doesn't happen at the same time, faulty nodes can cause a misbehavior in achieving consensus, thereby creating a need for PBFT integration into its architecture. As opposed to the proof of work system that mines every transaction for consensus to happen the PBFT allows for consensus without mining.

Directed Acylic Graph (DAG)





"DAG is a directed graph data structure that uses a topological ordering. The sequence can only go from earlier to later. DAG is often applied to problems related to data processing, scheduling, finding the best route in navigation, and data compression" - Forbes, Source https://bit.ly/2ICSFAL

Early ecosystem like Bitcoin and Ethereum have their transaction speed almost mechanic and slow as block takes as much as 10 minutes to complete, all the transaction done around same time are kept in the same block making miners compete for blocks, with DAG we could be looking at a block-less transaction happening relatively cheaper than both Ethereum and Bitcoin as transaction happens in seamless time almost free - super friendly to small payment. IoT Chain (ITC) is built on DAG and can handle over 10,000 transactions per second and could be easily seen as the next generation blockchain 3.0.

Brief Updates

On June 27th, IoT Chain CEO Zhuopeng Xie attended a meeting on invitation titled “Martti Malmi Offline Meeting: Blockchain Technology and Industry Application Seminar Series One”. More than 100 blockchain CEOs were in attendance, including those from well-known projects such as NEO, NAS, QTUM, Loopring, BTM, and Kcash, continue reading https://bit.ly/2lJ4WuA

Martti Malmi and ITC CEO Zhuopeng Xie



By the way Martti Malmi was a core bitcoin developer and founder of popular bitcoin websites; bitcointalk.org and bitcoin.org.

On June 23rd, the ITC team held a meetup in Shanghai as part of their tour in China. They met with community members, blockchain technology enthusiasts, and financial and IoT professionals from across the country. continue reading https://bit.ly/2KAryby







With TestNet and MainNet scheduled at Q4 2018 - Later part of the year - I am keenly following the ITC project still as both a believer and a supporter of the technology they are building.





HELPFUL LINKS



https://iotchain.io/ https://t.me/IoTChain

https://twitter.com/IoT_Chain

https://www.facebook.com/IoTChain/

https://steemit.com/@iot-chain

https://iotchain.io/

https://coinmarketcap.com/currencies/iot-chain/









