The ION Core Team introduces ION 3.0, jointly developed by ION Core and the ION community development collective (CEVAP). The upgrades are profound. ionomy and ION Core are working together to facilitate a smooth transition to the new chain.
ION 3.0 deploys the Zerocoin protocol. “Zero knowledge proofs” provide robust privacy by obscuring the source of coins in a transaction. This development alone launches ION into a powerful emerging class of privacy coins.
Power and choice
As cryptocurrency evolves, privacy is a significant differentiator among coin protocols. Most coins offer no privacy. Some offer the illusion of privacy with weak protocols. A few coins are built with privacy as their primary purpose, anonymizing transactions universally. ION 3.0 gives users power and choice. With Zerocoin technology, users gain the power to transact their assets without surveillance. And ION gives users the freedom of choice to exercise that power or to make transactions fully transparent on the blockchain.
Back dat up
ION’s new privacy features require your attention and understanding. Please read the documentation before you upgrade. The new protocols may require you to think and act differently about backing up your keys and your wallet. If you mint ION Zerocoin (xION), backing up your private keys is no longer enough because xION transactions are stored only in your wallet.dat file. The 3.0 wallets are built to make automatic backups with each xION transaction. Nevertheless, the Team strongly recommends that you develop a smart security routine to safeguard your coins: Backup up your backup.
Zerocoin functionality is activated by default, automatically turning a small percentage of traditional ION into xION (ION Zerocoin). Minting xION provides the liquidity the network requires to achieve privacy on the fly. ionomy and the Core Team will be minting xION, and hope you will be, too. When the network matures, you’ll be able to send yourself xION with just two clicks. Instant privacy! If you choose not to mint xION at first, no problem: the next ionomy email will link you to guides with all the information you need.
Improved Security and Stability
With ION 3.0, the Core Team delivers more stable wallets and more secure code. ION 3.0 is well-aligned with other actively developed code bases, including Bitcoin, PIVX, and Dash, yielding ongoing advantages:
- The ION ecosystem benefits from the collective vigilance of active developer communities against any security vulnerabilities.
- Compatibility makes it far easier to apply patches and incorporate new features from related code bases.
- Cooperation with established developer communities can flourish.
Some of these benefits are already being realized. The ION Core Team gives special credit to the PIVX team for their implementation of masternodes combined with zerocoin protocol.
When fork? When Bittrex?
The ION fork is scheduled to take place on Saturday, March 17th at approximately 14:00 GMT. ION Core Team will continue to communicate with Bittrex and offer support. Since greater wallet stability is exactly what Bittrex seeks, we expect to see deposits and withdrawals back online shortly after the fork.
Extensible: a better base to build on
The ION 3.0 code base forms the foundation necessary for future development — both for ION coin and for ionomy. The new framework advances development, for instance, of the Thunder game tokenization service. Thunder is a major element in the ionomy’s PWR-GRD, the suite of services for game developers. Thunder allows game developers to turn in-game currency into a token on the ION blockchain.
Masternodes, too, will take on a more active role as a second layer of the ION network. Masternodes power Thunder by securing and verifying token transactions.
Better user experience
The new wallet isn’t just powerful on the inside. The Qt has a new look and improved functionality which will be detailed in subsequent messages.
What’s even more exciting is that the team is nearly ready to unleash a whole new design for the ION wallet. This next generation interface will be a major improvement over the Qt wallet.
Standby for further instructions
Keep your eye out for another email/post with links to the wallets and a guide for navigating the fork.
May the fork be with you!
The ION Core Team