ION CHAIN

IonChain is an innovative blockchain which meets the global standard and provides a secure, scalable and decentralized technology which guarantees security through collaborative and permissionless mining.

VISION

Leveraging the most recent technologies to include a network of databases commonly referred to as a shard, IonChain will bring large scaled and distributable systems which have the distinct advantage of scalability. This will allow IonChain to fill the gap that has been presented 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.

MOTIVATION

Since the advent of blockchain, the response globally has been overwhelmingly positive, with users of cryptocurrency and blockchain increasing daily. Since this growth must be met, IonChain is entering the market with that in mind. Given the growth of transactions using smart contracts and blockchain increases on a global level, the need for providers like IonChain is known. While some global banks have already came forward to back the idea of blockchain and integrate it into their systems, the rest are certainly in the process of reviewing their own move into blockchain. More and more, transactions between parties are becoming faster without the need for the bank as a mediary, and smart contract use can be seen as the way forward given the high level of technological adaptation that has been seen across all demographics.

POSITIONING OF IONCHAIN

The IonChain design will allow for a fresh path within the blockchain society, given the relationship created between single and multiple blockchain systems. Whenever hash power of the whole base chain is 100%, the IonChain network system morphs to a single blockchain system. This is due to the fact that there aren’t any minor shards and weak miners can join multiple pools with all miners mining the base chain. The base chain itself can be unlimited in size with the addition of many minor blocks.

Whenever the base chain hash power is 0% the IonChain system operates independently within a multiple blockchain system. Every IonChain shard is considered an independent blockchain which allows more scalability and a higher level of decentralization. It would also be insecure, however, due to a dilutional hash power wherein a malicious attack could be performed through double spend attacks on one blockchain in a 100-shard system using only 1/200 overall hash power network.

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.

IONCHAIN NETWORK SYSTEMS

Smart Contracts – smart contracts will be facilitated through Ethereum Virtual Machine as it is currently the most widely used.

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.

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.

The two main types of transactions which will be performed on the IonChain network are the execution of smart contracts in specific shards and the transfer of tokens from one address to another whether they are sent within the same shard or between two different shards. The process will be of such as ease that the user will not be aware of the different operations that are going on between the shards, with the ability to automatically detect the user’s primary account.

SECURITY FEATURES

Security issues can be dealt with by prioritizing the issue through the provision of a decentralized ledger. This adds to the basic security which is already inherent in blockchain and addresses the vulnerabilities on any transactional platform. Peer to Peer (P2P) blockchain networks have a requirement of being updated regularly in order to keep all the nodes in sync. For a POW based blockchain, 51% of total hash power is needed to complete the double spend ability for reversing any transaction. This type of attack is dependent upon the level of decentralization in the network with more decentralization being harder to attack. Blockchains that are decentralized to a sufficient amount will create a high expense for any single miner or mining pool, in order to reach the required 51%.

The IonChain network is inclusive of the base blockchain as well as several minor blockchains, with different difficulty and incentive levels. Miners then choose their optimal blockchain given their optimal hash power price. An open market model of economics is thus created, wherein the blockchain acts as a seller of goods which are the block rewards, the miner is a buyer with currency that is comprised of hash power. The collective features of each party acts to benefit all of the parties, while all parties are still pursuing their own interests.

All transactions in the IonChain system will be protected through running a consensus algorithm across the base and shard networks, with a POW system being ran on the base chain whilst simultaneously a “base chain first pow algorithm” is being ran across the shard networks. Platforms such as Ethereum and Bitcoin use the POW system, with the additional base chain first POW algorithm being unique to shard network platforms such as IonChain. The latter operates by determining which of two shards will survive by having a node compare corresponding base chains and going on to allow the longer fork to survive. An attack on this system would be much more difficult since there would be the requirement of gaining at least 51% of the hash power to perform.

The IonChain Network is a highly sophisticated network solution which maximizes network simulations within shards.

IONC TOKEN

IonChain will use the IONC token, which is digitally cryptographically secured and designed as the primary token for the network. IONC will issue in the beginning as ERC-20 standard compliant digital tokens on Ethereum, which will then be migrated to the IonChain blockchain. IONC tokens are the unit of exchange between IonChain participants, providing a secure payment method.

Token Details

Token Name: ionchain token

Symbol: IONC

Platform: Ethereum -> ionchain

Total Number of Tokens: 1 billion

Softcap: No

Hardcap: 1600 ETH

Accepted Payment Methods : ETH

Price: 1 ETH = 125 000 IONC

Minimum Investment 0.1 ETH

Maximum Investment: 1.6 ETH

Country: Finland