iov stands for the Internet of Value and it acknowledges our founders’ initial vision of building a next generation of internet, where everyone can trade everything with anyone without trust-building intermediaries. The 42 in our name is a nod to Douglas Adams’ “answer to the ultimate question of life, the universe, and everything.”
Previous proofs are linked to the current proof, creating a mesh which ensures the data cannot be tampered with once it has been committed to the ledger.
A traditional blockchain measures the size of its blocks by the number of transactions within each block. They tend to take this approach for performance reasons. As we take a different approach, we are able to have a block size of one.
For each identity and asset type combination we create a chain of transaction proofs. For each transaction, the chains of all the identities and assets involved are combined to form a mesh of proofs.
Potentially. Although we do not need a native coin to function, one may be introduced at a later point depending on the billing needs of solutions built on the platform.
iov42’s consensus algorithm builds upon 2 key concepts: ‘DRME’ and ‘DAAL’. This is possible as the number of nodes and the nodes themselves have to be well known per zone, and iov42’s model separates the concerns of using a blockchain from that of operating a node.
DRME means that you have a random election for the leader of a transaction in the system. In a setting of at least three nodes, each node creates a randomly generated string. The nodes then share strings among each other, and each node uses an algorithm that combines the received strings (as well as its own) into one string to get a combined random result. This combined random result can then be used on each node to determine the leader for a particular transaction.
DAAL performs a distributed asset allocation to allow parallel transactions on the same account, provided there are sufficient funds. DAAL is in principle a Practical Byzantine Fault Tolerance (PBFT) over a 2-phase commit, two well-proven algorithms cleverly combined. DAAL consensus is reached amongst the nodes for each transaction. The consensus votes are collated into a proof. A user receives back the consensus votes by means of a multi-signature.
Once our platform is fully deployed and pending patents are issued, documentation will be fully publicly available for others to be able to build solutions on top of the iov42 platform.
No—Information that is to be stored on the platform is hashed and it is the hash that is persisted (i.e. stored).
Many interactions, particularly those that fall under KYC/AML requirements, rely on a strong proof of identity. To support this, iov42 has centered the network around identities that are reinforced with claims and endorsements.
Claims are statements made by an identity about itself. For an identity of a person—let’s say Joe—this could be the date of birth, nationality, email, or any other piece of information. When Joe makes a claim, it is stored on the platform as a hash of the plain text of the claim.
Endorsements are a form of approval by trusted third parties (such as banks or governments), ensuring that claims made by identities are valid and can be trusted. Using cryptographic signatures, an endorsing party can endorse an identity’s claim. It is submitted to the iov42 network, where it goes through consensus for validation. Once validated, the claim and related endorsement are added to Joe’s identity to bolster the trustworthiness of his identity.
The iov42 global platform is based on the formation of local, permissioned DLT networks called “zones.” A zone is formed by a limited number of locally connected nodes, where each node is a data center.
Instead of using single computers as nodes, the iov42 network uses data centers that can leverage all the advancements and scalability that comes with distributed computing and cloud supporting technologies, such as AWS, Azure, and GCP. And because the iov42 network has been developed using technologies such as Docker and Kubernetes, it can be deployed to different cloud providers or even a traditional data center.
All of the node operators in a given zone are known to each other and comprise a mutually-agreed consortium.