The IOP Coin.
The IOP Coin (IOP) is a cryptocurrency.
derived from version 0.15 of Bitcoin Core, currently using the same SHA256 hashing algorithm but a unique PoW (Proof of Work) consensus mechanism.
The IOP Coin is designed to:
Distribute block rewards to the IoP community and its members fairly
Reduce the need for high powered/high power consumption mining
Pay for services in the IoP ecosystem around nodes and dApps
Store your IOP
Watch the source code
Trade your IOP
Watch blockchain live
IOP Mining: Permitted Proof of Work.
IoP Core (the wallet and miner daemon) uses a one-of-a-kind PoW system that only allows new coins to be generated by whitelisted addresses (permissioned mining) and caps the amount of block rewards that any one address can mine in a given timeframe.
In comparison to the usual model for scarce resources like gold or Bitcoin, where those with power and money exert undue control over ownership and distribution, the IOP Coin is a scarce resource that is part of the shared commons (like the planet and its ecosystems). Think of the Internet of People as a community-owned digital cooperative of people and resources.
The whitelisted addresses include a number of administrative licenses and one license per chapter. Our aim is to reward community members and people who contribute to the project as a whole. Instead of selling pre-generated ERC20 tokens in an ICO to disinterested investors who are only after quick returns and may cash out at a moment’s notice, this system rewards active contributors and ensures that IoP will grow stably and organically. The value of our project will be determined by real progress and growth instead of investor whims and empty marketing promises.
Cap and Windows.
We track for each license owner how many blocks they created in the last 2016 blocks, a period we call the mining window. Given the number of licenses, we can calculate the average number of blocks each license creates during this window. We are currently using a cap factor of 2, meaning that if a license has contributed more than twice the average in the last 2016 blocks, it is temporarily disallowed from generating blocks.
The IOP Coin is intended to be used for transactions between users and creators of P2P dApps built for the IoP nodes and the Mercury protocol ecosystem, thus enabling a P2P economy. Like any currency-based economy, the P2P economy requires buyers, sellers, something to trade (goods and services) and the currency to be actively used for payment. Therefore, the IOP coin’s value relative to existing forms of money will be determined by its scarcity, availability, and usefulness.
New Consensus Algorithm coming up!
IOP will introduce a new consensus algorithm based on the idea of a directed acyclic graph, or DAG.
The DAG concept has been popularized by projects such as IOTA and HEDERA. It’s similar to blockchain, but instead of competing against each other to produce the next block on a single chain, nodes gossip with each other about network events to produce a web of messages, all linked through cryptographic hashes. With the release of the new consensus algorithm, IoP will have completed its basic infrastructure. We will then open up transaction confirmation and coin generation to the public, creating a true P2P economy.
Watch Amon presenting the new consensus algorithm in June 2018.