Our platform has been designed from the ground up to support the needs of some of the most demanding use cases, from governments to international supply chains. It is inspired by blockchain, but with our own, pioneering technology that makes it simpler, faster, and more secure.
The iov42 platform uses simple building blocks to create easy-to-use applications. It offers a technical solution that can meet high levels of regulatory compliance and security, while also allowing networks to scale and work with each other as necessary. We’re really proud of the technology that underpins iov42, and below you can read more about the core elements of our platform:
The iov42 Proofmesh™ is our unique way of recording transactions. With our Proofmesh™ mechanism, each identity and asset type combination has a distinct chain of transaction proofs. For every transaction involving two or more identities, the chains of the respective identities and assets are combined, forming an ever-expanding mesh of cryptographically linked proofs. This approach increases scalability, performance, and security.
Our open, easy-to-understand API allows you to get access to our platform in the simplest way. It makes trying the benefits of DLT more accessible, and creating the solution for virtually any use case quicker than ever.
All participants on the iov42 platform have verified identities, so they can be held accountable for their actions. That way, users can fully trust who they’re dealing with and what is happening. We allow identities to be modelled flexibly, so individuals can decide what verified details to include, from date of birth, to nationality, to employer information.
Through our platform’s delegate modelling and permissioning capabilities, we are able to provide users with the highest levels of data security, granular control of data accessibility, and trusted delegation of authority. This meets the variable governance needs of organisations, while maximising the efficiency of their processes and service delivery.
Our approach to asset modelling supports the representation of any physical or digital asset on the platform with no need to be tied to an underlying token. Our platform certifies clear ownership of assets, ensuring secure, fully regulated transfers. Assets can also be programmed to execute certain behaviors based on parameters, like regulatory requirements, or triggers, like a scheduled transfer.
Our platform automatically uses atomic swaps, a type of asset exchange that cannot happen unless both transacting parties agree. With atomic swaps, both elements are transferred in parallel, which prevents one party potentially receiving their item, while the other part of the exchange hasn’t gone through. Our platform can also support multiple legs in a single atomic transaction, enabling quick, multi-asset transactions.
Our platform is based on a zoned architecture. Each ‘zone’ is made up of a limited number of network participants that are all known to each other. The formation of zones can be based on various factors, such as geographical location, industry, or even regulatory requirements. This permissioned, zoned architecture has performance, data security, and regulatory benefits.
Our patent-pending consensus mechanism, DRME (Distributed Random Master Election), delivers high levels of performance and energy efficiency. For each transaction happening in an iov42 zone, DRME randomly assigns one participant to lead the coordination of reaching consensus between the participants. This randomised, per-transaction approach allows the platform to provide high levels of security without compromising performance or efficiency.
With iov42, rather than having a fully public network that anyone can access, organisations are able to set up their own networks (i.e. a zone) that is more suitable for their needs. The networks operating on our platform have the ability to interact with each other, creating broader but still secure ecosystems. We call this the network of networks.
The iov42 platform provides an abstraction layer of its core technology principles in order to provide simple solutions to complex problems. By leveraging the fundamental principles of the internet and cloud computing, the iov42 platform is able to scale the power of DLT across a multitude of use cases around the globe.