When it comes to protection of private data, blockchain technology has many advantages. If properly implemented, this kind of solution can offer its users the ability to choose which data are private and which data they may reveal.
The most common consensus mechanisms on the blockchain are Proof of Work (PoW) and Proof of Stake (PoS). IOVO implements a special kind of consensus mechanism designed as a modified PoS and called Proof of Value (PoV).
The Need to Protect Your Data
With the advancement of the internet, sharing of information has taken a new form. Every gadget, every device we use in our lives can now be connected to every other device.
This interconnectivity implies that a lot of personal information will need to be protected because personal devices, health records, medical data, credit card information, and other sensitive data will be more easily accessible.
Even today when the internet of things is at its beginnings, we can observe similar problems. For example, browser history, shopping habits, and other internet searches are collected and stored by many big internet players. By doing that and by analysing the date, these big companies are capable of serving targeted advertisement. Not to mention the constant demand by the most important social networks for personal data and other info.
IOVO Offers the Solution
Let’s examine how the Internet of Value Omniledger can help with this problem. IOVO is a platform dedicated to protection your private information. As already mentioned it uses state-of-the-art blockchain technology, where the users have full control over what personal information they will make publicly available.
IOVO’s blockchain is of DAG type (Directed Acyclic Graph). This special type of blockchain is already employed in IOTA, Byteball, and a number of newer projects. DAG blockchains don’t require mining, and contain no blocks in the classical sense because each new transaction confirms the previous transactions. IOVO will implement quantum resistant algorithms for better security of the private keys of its users.
IOVO is conceived to be an omniledger, a database that contains and stores value. In that sense, IOVO can be called Proof of Value consensus system with validators that confirm transactions. Moreover, just like in the case of Ethereum, IOVO’s blockchain will offer the possibility of decentralized applications (DApps) that run on top of it. This will enable complex smart contracts to run in parallel with single user applications and large scale organizations.
Individual users will be able to use the IOVO Omniledger anonymously and they will have total freedom to decide what they do with their data. They will be able to decide to share a portion of their information, either free or to monetize this information for a fee.
Large Scale Organizations
Large Scale Organizations will be able to pay for concrete accurate information collected from the individual users. By using the IOVO blockchain, these large scale organizations will be able to brand themselves to a huge number of individuals.
Various DApps will run on top of this blockchain as smart contracts. The DApps will have access to the private data the users have decided to share, enabling the developers of such applications to program software that will solve problems, exchange assets, enable social interaction, provide various types of scoring, or building artificial intelligence programs.
The Bottom Line
When considering a new blockchain ICO, one of the main aspect is how strong the developers team is. The IOVO team is very competent and qualified. The leading team members have already participated in similar ventures related to similar blockchain projects, which certainly instills a lot of confidence.
In conclusion, IOVO, with its novel and very interesting concepts, is currently one of the most promising startups in the crypto space.
Bitcointalk profile link of contributor: https://bitcointalk.org/index.php?action=profile;u=1938519
ETH address: 0xc8c08cc7486e48030e45cf2ab8235b8f89300951