A Brief History of ITC –

IoT Chain (ITC) project is started by Xie Zhuopeng (CEO), Lyu Xinhao (Co-Founder), Ding Ying (CTO) and Zhao Tan. The ITC team initially started working on an operating system for IOT devices called Zhouapp. However, during that time several botnet attacks occurred and became a threat for IOT devices.

A botnet is a number of Internet-connected devices, each of which is running one or more bots. Botnets can be used to perform distributed denial-of-service attack (DDoS attack), steal data, send spam, and allows the attacker to access the device and its connection. The owner can control the botnet using command and control (C&C) software. The word "botnet" is a combination of the words "robot" and "network". The term is usually used with a negative or malicious connotation.

According to the statistics, the Botnets of Things have infected more than 2 million IoT devices, for example, the cameras. The DDos attack launched by this made the network of American DNS service provider Dyn break down and users could not visit several popular websites such as Twitter and Paypal during a short period. Afterwards, more botnets appeared, including the one that hijacked the IoT devices to mine Bitcoins and the http81, which has larger scale and is more active.

Zhoupeng Xie, decided to do develop a product which can protect IoT devices against such attack. He and his team started working on security measures and this was how ITC project started. Even though the project was stated by four people, to date the team consists of more than 15 members, and the core team is made up of individuals with unique talent and knowledge.





IoT_Chain is a high security lite IoT OS and it’s based on the blockchain concept. Under ITC network, the interconnection of IoT devices of a home, a business or even a city can flourish without worry of transfer congestion, malicious attacks or losing privacy. This is possible because IoT Chain (ITC) is developed as a lite operating system using the blockchain concept and implementing PBFT, DAG, SPV and CPS technology.

PBFT- One of the core problems of Blockchain is establishing consensus between nodes. Different consensus algorithms will create different performance. ITC applies PBFT consensus algorithm to achieve main chain consensus. PBFT is a state machine replication algorithm based on the consistency of message passing.

DAG is a distributed architecture without any block and it applies Directed Acyclic Graph architecture instead of the heavy linked blockchain structure. Compared with Bitcoin’s longest-chain consensus, DAG changes this into heaviest-chain consensus mechanism, confirming a new deal through transaction weight and partial consensus among nodes, which binds proof of work with each deal skillfully. This not only solves the present problem of centralization of Bitcoin’s mining but also greatly improves the whole distributed network’s throughput capacity, lowering the transaction costs. DAG’s twisted structure can naturally suit IoT’s message passing mode and can bring extremely high performance for ITC and satisfy blockchain’s decentralization and safety at the same time. ITC applies distributed POW and POS ideas different IoT devices nodes can adopt different security levels according to their requirements to satisfy various scenes in IoT ecosystem.

SPV - Simple Payment Verification） is a technology which can conduct payment verification without maintaining complete blockchain information as long as the blocks’ headers are preserved. This technology will not only save the cost of blockchain payment verification but also reduce the users’ burden.

In summary, with the application of SPV technology in nodes, PBFT consensus algorithm in main chain as well as reference to CPS IoT layered architecture and ingenious combination of DAG technology with main chain, ITC has realized the big-data analysis ecosystem which can satisfy IoT’s high-concurrency explosive usage scenarios and will also provide intelligent data analysis API.





Data Safety –



ITC have adopted the asymmetrical encryption. If the private key is kept properly, no one can crack the data even if it’s hacked. Also, all the nodes in ITC are equal, which protects the user’s privacy. Best thing is that IoTChain project is based on blockchain technology which cannot be tempered. The manufacturers and service providers won’t be able to tamper user’s information.

This user data can play significant role for AI development. ITC can split the collection of (user and personal) data using blockchain technology and can transfer the personal data back to the individual. In ITC, users’ data belong to themselves. Any company who intends to do big-data analysis or algorithm model training of advertisement recommendation need to request the data from ITC and they need to pay ITC token to users who provide the data according to the data value. In this way, ITC provides a big-data analysis ecosystem where both users and companies will win.





Test-Net and Main-Net -

The test net which is expected to launch in October 2018 is being built for processing 1,000 transactions per second while the main net which is expected to launch in December 2018 is expected to do at least 10,000 transactions per second. And in future is can be scaled up to 100,000 transactions per second if required. The potential to support these many transactions per second is darn impressive if you ask me.





There are several features of ITC which includes-

ITC will Significantly reduce server hosting costs for big corporations

It will Provide strong security through its expansive IOT network

ITC will allow companies to monetize big data collection by returning personal data back to the individual.

ITC will provide platform to users where they can earn money by giving their user-data for corporations.

ITC will create a fast ecosystem for sending payments given the network capacity to handle more than 100,000 transactions per second.





More information about ITC is available at -

https://iotchain.io/

https://t.me/IoTChain

https://twitter.com/IoT_Chain

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

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















