I/O Digital in the Netherlands will spur blockchain innovation

Rage Review : The Netherlands' I/O Digital Foundation announced that their testing of DIONS has entered the final stage and is ready for use. I/O Digital has worked with outstanding developers and companies around the world to solve the biggest challenges in the field of blockchain technology, accelerating the development, updating and application of blockchain technology. Its ultimate goal is to allow companies using their blockchain technology to gain an advantage in the competition by creating synergies between services.

Translation: Flora

The Dutch team behind the cryptocurrency, I/O Digital Foundation, has announced that they are in the final stages of testing DIONS (Decentralized Input/Output Name Servers) and are ready to launch.

The development team at I/O Digital said in a press release:

“We thought, what if we combined Skype chat technology with strong AES256 end-to-end built-in encryption that’s all distributed on a blockchain… The result is DIONS.”

This is the first major milestone in the second phase of IOC’s development plan, following the successful initial launch of the platform. As part of the initial development plan, the development team created a fully functional HTML5 (Hypertext Markup Language Revision 5) IOC wallet as an alternative to the Bitcoin-based QT wallet. This was followed by IONS (semi-centralized name server) and POS I/O (Proof of Stake Input/Output) - a proof-of-stake volume-controlled blockchain update.

They added:

“The potential user base for this technology is huge, and we have built a blockchain version of GPGTools that eliminates the need for a central key server. In short, everything is decentralized… In addition, we are very excited about the fact that strong cryptography is added to communications to protect individual freedoms, which has never been achieved before.”

“Users around the world can now use our blockchain-based ecosystem to securely distribute digital content such as photographic images, voice recordings, news reports, etc.”

The Bitcoin-based “Proof of Work” (PoW) introduced by Satoshi Nakamoto in his white paper is the origin of IOC and DIONS. Scott Nadal and Sunny King established another digital currency platform standard in their August 2012 paper on the proof-of-stake-based cryptocurrency Peercoin.

For a period of time, IOC has been absorbing the essence of proof-of-work and proof-of-stake technologies.

IOC started as a cryptocurrency-based X11 (or X Window System) PoW and has now successfully transitioned to a unique PoS I/O. IOC-based PoS uses a volume-controlled blockchain, a blockchain that instantly transmits received confirmations in less than 30 seconds. I/O Digital Blockchain takes 1 minute, 10 times faster than Bitcoin, and is highly energy-efficient.

Bitcoin lacks user-friendliness and privacy, and fintech has data inflation risks and centralized security gaps. In December 2014, the I/O Digital development team proposed a major update for the main IOC blockchain called DIONS.

DIONS uses AES256 fully encrypted decentralized alias servers, messaging, data storage, and a decentralized "GPGTools" similar system, making it distinct from Bitcoin. The DIONS blockchain also allows for identity storage, avatar creation, and enables encrypted file storage capabilities to be transferred between users. All of these features have been encrypted into a user-friendly HTML5 wallet system.

Encrypted decentralized information

DIONS will be a decentralized end-to-end encrypted "chat" system similar to Skype with built-in AES256 encryption. Its chat feature will allow customers to send encrypted private messages and choose whether to broadcast them. DIONS also presents an attractive option to third-party researchers trying to build a censorship-resistant decentralized "Twitter-style" microblogging service.

Decentralized Identity and Name Server System (Alias)

The I/O Digital blockchain DIONS will allow users to store sensitive identities, providing a way to manage reputation and control data. The decentralized alias system is censorship-resistant. As part of the I/O Digital toolkit, DIONS allows the creation of arbitrary key-value pairs, and the I/O Digital blockchain provides a decentralized DNS (Domain Name Server) database. Names can be instantly turned into DNS records using our or third-party APIs. DIONS has no restrictions on the form of aliases, which are completely arbitrary and can be transferred between users. DNS records can be A records, CNAME records, or MX records.

I/O Digital's blockchain provides a ready-made DNS database that can be used by our or third-party APIs. (This also reduces network traffic for DNS queries) DIONS allows the creation of private aliases, allowing identity storage (so-called "private aliases" can also be made public at the user's discretion). Private aliases will provide users with an additional layer of privacy at the time of creation. In this way, users can create both public and private usernames and use these names for transactions. The combination of a unique and memorable ID and a brand name to receive I/O currency payments has great benefits for both individuals and businesses.

Businesses can now use a unique human-readable ID to provide the same services that customers receive for invoices or reference data (e.g. HSBC:8008135), while still being able to use their own brand name. This provides a more familiar format for customers who are familiar with naming conventions for emails and websites.

Data storage

The I/O Digital blockchain is also useful for managing intellectual property, certificates of authenticity, and status reports. The hash value in an I/O transaction can be used as proof of existence for any digital file, as the timestamp on the hash value is immutable. Data storage and arbitrary keys allow users to enter data in the HTML5 wallet using the keyboard or the "File Upload" option.

I/O Digital Ecosystem - Protecting Individual Freedom on the Blockchain

Our I/O Digital ecosystem is able to encrypt communications permitted by the NSA to the level of "Top Secret", and the independent RSA public key cryptography method of encrypting the blockchain also reflects the uniqueness of the system. The I/O Digital team has built the first RSA public key communication system using AES 256 fully integrated with blockchain technology to ensure the security of global communications. Therefore, it can be regarded as a replacement for GPG Tools (which has been used worldwide for 17 years). The blockchain "replaces" all central key servers for fully decentralized encrypted communications.

Developers using third-party APIs can use DIONS to encrypt/decrypt, sign/confirm text selections, files, folders, images, and audio for review and obtain keys from them. I/O Digital has allowed this content to be freely distributed on the global communication network.

DIONS provides a huge opportunity for enterprises to create their own proof of concept mechanism around I/O Digital blockchain technology and clarify the interests between blockchain and its services. The prospects for blockchain development and services are very broad.

A winning team

The I/O Digital R&D team and IOC have won the Public Award in the Blockchain category of the Euro Fintech Awards and have been shortlisted for the Benzinga Fintech Awards. I/O Digital is currently listed as a “Rising Star” in the “KPMG/H2 Fintech 100” list.

The I/O Digital R&D team includes many experienced professionals in the industry who know how to achieve results, address technical challenges, and leverage their technology to secure a position in the blockchain ecosystem.

I/O Digital’s ultimate goal is to enable companies using their blockchain technology to gain a competitive advantage by creating synergies between services, while reducing operational costs and even adding new services to their portfolio.