IonChain will bring large scaled and distributable systems, which have the distinct advantage of scalability. This will allow IonChain to fill the gap in the market and grow with the need of businesses globally. The distributable network increases IonChain’s abilities exponentially and will act to see the IONC integrated into common transactions. Blockchain challenges which IonChain will address is the ability to scale, security and decentralization while maintaining a fast-moving service.
We’re reinventing the blockchain without sacrificing decentralization or security.
Meet our innovative double-layered blockchain - ION CHAIN
HOW IT WORKS
The principles of IonChain’s design including increasing scalability but at the same time making sure that decentralization and security are paramount. Creating cross shared transactions seamlessly to give user quality of experience (QoE) within an ecosystem that is incentive driven is key to IonChain, being able to support different platforms and providing users with an easy to use account. Our design will allow for scalability to be in line across the requirements of maintaining high security with a good level of decentralization.
• An important core feature of the IonChain network is that it has been designed from the outset with scalability in mind.
• Horizontal Scalability – The network runs each node as a super full node which allows the same level of security against malicious attacks as traditional blockchains.
• The network is easy to use, safe, and allows for public participation with the ability to link weak miners together.
IonChain has created a divide and conquer concept which separates functions into two distinct layers, which acts to enhance the scalability whilst maintaining the appropriate security levels. Utilizing a layer of elastic sharding in the blockchain, smaller shards will be listed within the layers and as the number of shards increase the ability to process them concurrently, thereby increasing systems capacity. The network contains a base chain that will confirm all sharded blockchain blocks but will not process any transactions. It will also have a level of difficulty which will preclude anyone from reverting a transaction since it would not be economically efficient to do. The platform is designed to be able to support additional shards which will be able to independently process subsets of transactions.
Since the IonChain network is more decentralized than other blockchain systems the level of security is also much higher, with 50% of the hash power allocation held on the base chain. Sharding technology allows the ability to increase capacity depending on how many transactions need to be processed, optimizing time with ease. This is beneficial for:
• Allowing the network to scale as needed without compromising on time or efficiency.
• Creating a higher level of decentralization than a normal blockchain.
• Security is created by maintaining 50% of the hash power in the base chain.
1. Smart Contracts – smart contracts will be facilitated through Ethereum Virtual Machine as it is currently the most widely used.
2. On and off Chain Transactions – off chain transactions are accommodated for times when transactions must access information that is not on the blockchain. Smart contract specific data can be sharded as required.
3. Account management is made simple by allowing one account to be able to access all shards. Users can operate a primary account, which contains the user address in a default shard, or through a secondary account which manages all other addresses of the user in a shard. The primary account option will be mainly used, then only temporarily moved to an address in a second account if required, with any remaining balance in the secondary account being moved back to the primary account.