CONSENSUS ALGORITHM IN IOVO

Since decentralized networks work without a central authority the dispute-solving process is governed by algorithms. These algorithms are called consensus algorithms as they create the framework for dispute resolution and mutual trust in a decentralized network.

IOVO network will use the Proof of Value which has been developed as an advancement to Proof of stake. In proof of value, block rewards are distributed according to the combined value of each user. So the users are incentivized for their value score, which ensures that the members don’t try to play foul with the network.

PROOF OF VALUE EXPLAINED

Proof of Value is a consensus model that has been developed by the IOVO team keeping in mind the requirements of the IOVO network. The weight of any miner is determined by a combination of his assets and the value he contributes to the network. The coefficients are adjusted to reflect the scale of the IOVO network.

In the early stages of network deployment when there is not much data, the system will mostly operate as proof-of-stake. As data and value are added and the network grows, IOVO will smoothly evolve into proof-of-value. When the network starts operating efficiently the user with the maximum contribution in terms of data and stakes will be paid the most.

APPLICATIONS BUILT ON THE DAG

Influnomy: influonomy is the first application to be built on the IOVO DAG and it would allow users to discount their payments by posting the social media content requested by a place, product or brand. The platform would create a seamless experience for the concerned parties, as the monitored promotional information will pass through the database and the payment would be immediately transferred terminal. The users can avail discounts on their favourite dining places, shops by simply posting content about the places they visit.

Dropp: This app allows the users to become a journalist of places and create their own context. Dropp takes a different approach to communication — it lets you transmit content connected to a specific point on map

Flatty: The flatty dApp links roommates who want to share a flat or house. It will manage the lease terms and serve as a small-scale social network. People looking to share a home are connected via their common preferences, both about where they want to live and the people they want to live with.

There are many more Dapps that will be built on the IOVO DAG. Watch out for future updates.

IOVO TOKENS AND WALLET

IOVO tokens will be utility tokens which will be used to pay for data search on the IOVO network. These tokens will be used to charge the companies who access the data from the network and compensate the users and Dapps that provide with the information. IOVO tokens are stored on a wallet that will also provide access to all user data shared in every dApp that he/she has interacted.

COMPARATIVE ANALYSIS OF IOVO WITH OTHER PROJECTS

While they are already a few projects that have started on building a decentralized network for Data Management, none of them come close to the IOVO project in terms of network sophistication and scalability. IOVO is the first project to use the DAG infrastructure which makes transactions on the network faster and cheaper. IOVO also takes care of Data security issues as it is resilient to Quantum attacks. None of the competitors allow the Dapps infrastructure whereas the IOVO platform not only supports but also incentivizes the users to build Dapps which transact with the data created on the platform.