Great Article from @idcinc on Steemit:
The world of crypto is ever evolving...as a community, we learn, we grow, we change.
Over the years we’ve watched, (albeit at times just barely peeking between our fingers) as blockchain technology transmuted into something extraordinary and uncontrollable. When failure presented itself, solidarity broke down, values changed and the envisionary dreams were, by some, forgotten. What once was, will never be again. Change is unavoidable, unending and yet so necessary...but it doesn’t have to mean an uncontrollable descent into something unrecognizable...does it?
As unique and limitless as it is...the world at large has yet to determine whether crypto is an uncomely, envious and greed driven monster or a beautiful contrivance still so far from a successful metamorphosis it can’t help but be ugly still.
One scientist, with a PHD in change describes “the overall probability of success” as the ability to, “divide a behavior into parts and learn each part successively.” He goes on to discuss how, “intrinsic reinforcement occurs when the act is reinforcing.”
If we can, as a community recognize these findings as fact in respects to blockchain technology we CAN see success...but if we refuse to acknowledge the flaws of past technologies and remain entrenched to the way things were we are destined to fail.
This seems to be the very inclination of the Ionomi.com team, developers of an “incentivized masternode/wallet matrix” built on the back of a fully functioning gaming and development platform. The creators of Ion, a static proof of stake coin, have a business plan teeming with change and a white paper weaponized to shatter the practice of common features typical of their predecessors.
Is Ion’s first of it’s kind static staking system and revolutionary business model the nudge the crypto community needs to break from its ugly self righteous cocoon? Can a fresh perspective bring the community back full circle to facilitating a graceful emergence of blockchain technology worldwide? Is this what learning successively and succeeding looks like?
Read on to decide for yourself if ION’s ideas can bring the community closer to a grand transfiguration.
Released as an ICO in 2015 as a “proof-of-stake decentralized ecosystem” (PoS3), ION began rolling out dozens of foundational innovations overturning the need for a number of development standards. Created by the Ionomy.Com platform, developers claim these changes will be the backbone of a number of “compelling opportunities” for “entrepreneurs, developers and investors.” Challenging Bitcoin’s now ancient development plan, Ion has denounced mining as a practice. The team at Ionomy claims in their technical white paper that “power hungry mining” leads to, “a devalued coin with low visibility, poor reputation, and a user base comprised of transient profiteers with no interest in a long term investment.”
Their solution? A revolutionary version of the well known proof of stake system.
You may be thinking to yourself, “but proof of stake is nothing new!?”
This would be correct. There are, of course, dozens of other coins who take advantage of current proof of stake models to propel development and profits as their manifestos unfold...but Ion, once again, wants to challenge the age old model bringing to the table their own staking vision...
A static reward system where users wallets grow based on staking weight and connectivity age rather than weight and coin age. The reward is always the same, 50% when a block is realized-which can only happen when a user is connected to the network facilitating work. Unlike the typical proof of stake system, with Ion’s code there are no checks and balances related to approving stakes. Ion believes that by removing this, another common practice and instead requiring each node on the Ion network to be a full node the “centralized dependency that existed in previous PoS versions” is eliminated. According to the development team this makes “a network attack far more difficult” in theory, lowering risks such as DDOS attacks which have plagued blockchains since their inception.
Ion plans to eventually have 55,000,000 coins in circulation with a very unique plan as to how they will be allocated. Ion is not pre-mined-with 10,900,000 coins being generated by the genesis block, 5 million of those were distributed during their ICO.
Where did the rest go? Here’s where things get interesting.
With yet another radical overture...instead of initiating a proof of work phase to mine new coins, 3.4 million IONS were allocated to Ionomy’s gaming platform. These coins, according to the ION white paper, are to be “distributed as structured incentives to gamers through the gaming applications designed by Ionomy.” This, in theory could effectively realize the initial goals of blockchain technology and proof of work coins.
Thus far Ionomy has already released a number of games available on Android and IOS platforms.
ION states this system can help avoid the typical pattern of "mining and dumping" where miners give attention to a coin for its low hash rate then moves on without, “contributing ongoing value to the coin or community.” Ionomy claims their development plan will instead, “help distribute the coin, grow the user base, and engage users in the ION social, financial, and gaming economy...in order to nurture a community whose continuous use of ION gives the coin lasting transactional value.”
Ionomy has made their passion clear across their platform, they take pride in their commitment to, “building the mobile and social games (that are) at the heart of the ION economy.” To keep directives clear and focus on point the Ionomy team has outsourced a number of future developments. In another unique move the company set aside the remaining ION from their ICO to be paid in bounties. These bounties are released to community members who take on and complete “targets” defined by Ionomy developers.
There are an awesome number of ways to get involved in, profit from and develop with ION. Aside from their addictive mobile games and valuable development suit perhaps the most compelling reason to get involved in the facilitation of this unexampled platform is their master node operator system.
Master nodes facilitate security and acts as a fail safe against things like double spending on the ION network. Ion transaction fees (.001) are paid to master nodes, as well as the other 50% payout from realized blocks. Not only do masternodes facilitate all public transactions but they also exclusively host private transactions and or transactions which necessitate faster network speeds.
To run a master node users must have no less than, but no more than 20,000 ION which has been aged 15 blocks. Nodes must also remain active according to the ION team, “all nodes must regularly ping the rest of the ION masternode network...6 times per day.” Masternode operators are not only paid fees from transactions as well as rewarded by completed blocks, but they also receive ION from transactions facilitated with XDM. A.K.A Dark Matter-XDM is a burnable token by ION’s Power Grid, a full featured suite of game development tools backed by blockchain technology.
On the note of private transactions, Ionomy, in fashion with their other propositions has come up with a batching system they assert will make those transactions, “indistinguishable...obfuscating the provenance of any given unit” by allowing them to be mixed and sent 3 at a time then, “chained together through multiple masternodes, making traceability exponentially more difficult”.
Ion allows senders to further mixed their transactions effectively obscuring the path even more but, according to thewhite paper, “More mixing takes more time...fee(s) for these transactions grow with each degree, as the process is more labor intensive for the masternodes.”
It seems the Ionomy team has thought long and hard about the future of blockchain technology and are headstrong on being leading innovators in every aspect. With 3 road maps, each with a respective project, Ionomy highlights numerous public and beta releases the community can expect this year. Some of these releases include support for mobile wallets on Android and IOS, betas of 2 new games and new privacy features but there are soooo many more.
With a current market cap of $42,982,423 USD and only a 1% decrease at the time of this writing over the 24 hour period, ION seems to be holding its own across the 1-day charts. The coin currently holds a market rank of 171 and over $300,000 worth of it was traded across Bittrex in the last day.
Generally when I make charts I give some semblance of where I think a coin may be going...today however I've chosen just to post what you could consider a guide to make of what you will. ION's white paper boasts a number of strong claims against the way things were and angelifies them as pioneers to the beautiful metamorphosis of blockchain technology.
With the support and resistance I’ve found, the bear market we’re still trudging through and the claims Ionomy has laid to a new foundational future...where do you think this coin is going??
Is mining out? What do you think of the new Static PoS3 system?
Is this the change crypto needs to successively evolve into the dream technology we all know it is?
Let us know in the comments!!
°Br¡tT^N¥° (https://twitter.com/TheJadeCrow on Twitter)