Internet of Coins: ShapeShift on Steroids
With a dizzying amount of cryptocurrencies, digital assets, and trading pairs online with more being introduced every day, there has been no innovation in having complete flexibility in exchanging the above assets in any combination.
Internet of Coins, two years in the making and went online at the beginning of 2017, spoke at London’s Blockchain Expo held toward the end of January. Its purpose is to allow anyone to exchange in any trading pair he or she wish to, like the ShapeShift Exchange but on steroids.
“A meta-protocol and blockchain integration solution for transacting value across different digital currency systems would allow for multiple decentralized financial platforms to exchange value and thus form a coherent cryptosphere, without needing intermediary financial institutions.”
Not only will the Internet of Coins allow users to transaction value in any kind they would wish to, but the platform will also have smart contract functionality, allowing for more advanced operations involving data to occur as well.
The platform will be cross platform to be accessible as possible, allowing anyone on mobile, laptop, and desktop on a Clearnet, TOR, or I2P connection to access the Internet of Coin’s services.
Furthermore, the platform will be modular, allowing the platform to fit an individual entity’s needs. For example, a bank could integrate with a module and instantly be connected and use Internet of Coins for all of their needs. Currently, many cryptocurrency and proof of concept modules are installed, with an objective to include even more in the future.
A “dynamic proof-of-allocation mechanism” will maintain a proof of solvency for the assets that are exchanged, and allows “allocation providers” a way to earn rewards in the exchange. Any connected user may be used as an agent for the encrypted exchange between two peers, and node connections are automatically established while maintaining no history of previous transactions.
A crowd sale for this “Decentralized Inclusive Cryptocurrency Ecosystem” goes online March 21 and ends July 21. Details are sparse regarding the Initial Coin Offering but will be revealed as we get closer to the launch date. More information on the Internet of Coins can be found in their white paper here.