I/O Coin Readies Blockchain Upgrade With ‘Best Of Both PoW And PoS’

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I/O Coin, a cryptocurrency, has announced a final beta test in preparation for the launch of its Decentralized Input Output Name Server (DIONS) blockchain upgrade.

The I/O Coin team previously created a full-featured HTML5 IOC wallet alternative to the bitcoin-based QT wallet.

IOC has what its developers consider the best of both PoW and PoS technologies.

Faster Confirmations

Launched as an X11 PoW-based cryptocurrency, IOC transitioned to unique PoS I/O. The PoS-based IOC used a volume-controlled blockchain that can execute instant transfers that receive confirmations in less than 30 seconds.

With block times of one minute, the I/O blockchain has proven 10 times faster than bitcoin, according to the company.

In December 2014, the development team proposed an upgrade to the main IOC blockchain called DIONS. Its fully AES 256 encrypted decentralized name server, data storage, messaging and a decentralized “GPGTOOLS” like system provides an advantage over bitcoin, according to the development team.

Hard-Coded Features In HTML5 Wallet

The DIONS blockchain also provides identity storage, avatar creation and encrypted document storage capabilities transferable among users. All the features are hard coded into a user-friendly HTML5 wallet.

DIONS will have a Skype-like decentralized, end-to-end encrypted “chat” system with built-in AES 256 encryption. The feature will allow users to send encrypted private messages, and will also provide an option to broadcast messages to a wider audience. The chat feature provides an option for third-party developers to create a censorship-resistant decentralized “Twitter-esque” micro-blogging service.

The DIONS will allow users to store sensitive identity credentials, providing a way for users to manage their reputation and control their data. The decentralized name system will be censorship resistant.

Also read: Award-winning I/O Digital creates foundation for blockchain work and charities

Decentralized DNS Database

As part of the I/O Digital suite of tools, DIONS enables the creation of arbitrary key/value pairs. Thus, the I/O blockchain provides a decentralized DNS database. Names can be referenced as domain records by using I/O’s or a third party’s APIs. There is no restriction on the form of the DIONS aliases; they can take any arbitrary form and be transferable between users.

DIONS will allow for private creation of aliases and identity storage, so-called “private aliases” that can be made public at will by the user. A private alias will give users an added layer of privacy at the time of creating an alias. Users will be able to create both public and private usernames for transactions.

The blockchain also helps manage intellectual property rights, certificates of authenticity and condition reports. A hash value in an I/O transaction can act as proof of existence for any digital file, with the timestamp of hash value providing an immutable proof. The data storage feature, along with an arbitrary key, enables users to input data within the HTML5 wallet through keyboard or file upload.

Image from Shutterstock.

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