Ivy Year-End Tech Update
Some tech updates to round the year out…
Over the last few months we concurrently began an ongoing exploratory project in hopes of ensuring that the product offerings under development are, and continue to be, on the right path. As part of this discovery we enlisted the assistance of a team of industry experts and technologists, and are excited to begin to share some of the findings of the analysis that has been done to date — and what that means for our build out.
As we are sure everyone is humbly aware, since publishing our original whitepaper, blockchain and cryptocurrency landscapes have evolved significantly, and it remains key for the success of The Ivy Project that we remain informed and flexible in our approach.
Two core goals remain unchanged:
1. Simplify the payments of real-world goods and services using cryptocurrencies
2. Implement a higher level of KYC/KYT — making it easier for vendors and service providers to accept payments which originated in cryptocurrency, and banks to trust these transactions
In order to achieve these goals, we’ve been focused on three initiatives:
IvyKoin (Ivy): Defined as an Ivy-issued digital asset — essentially a utility token — that can act as an intermediary between a variety of existing and future cryptocurrencies and payment mechanisms accepted by sellers, vendors, and banks.
IvyNetwork: Interconnected payment systems that enables:
- The conversion of popular cryptocurrencies into IvyKoin.
- IvyKoin to be used for paying vendors, sellers, and banks.
- Rich KYC / KYT contextual data collection for IvyKoin transactions.
A Production Use Case: Real-life demonstration of IvyKoin / IvyNetwork that enables cryptocurrency transactions associated with rich KYC / KYT contextual data.
As we focused on these initiatives, it quickly become clearer with each market shift, ongoing feedback from financial institutions and our partners, and difficulties facing others — including well-funded custom projects, like Ripple — that we had to approach our growth leveraging a flexible and responsive development methodology. Within this model of development we’ve been able to identify and create products that will allow us to scale in a responsible and agile fashion.
Ivy’s initiatives have been addressed as palatable chunks, or modules, as follows:
- IvyKoin 1.0:
This is the first version of IvyKoin — an ERC-20 Utility Token (IVY) on the Ethereum blockchain and is available on the HitBTC, Cryptopia, Coinbene & Idex exchanges.
There were a few key reasons we went with Ethereum and built out the Ivy utility token as a ERC-20 token:
- Ethereum/Solidity is a well-documented and popular application development platform.
- Powerful APIs for accessing transaction data, which is associated with our KYC / KYT contextual data.
- The ability to offer Utility Tokens to token buyers bound to Ether.
- The ability to link IvyKoin transactions — allocation and transfers — directly to smart contracts.
This imbues the Ivy token with three powerful utilities:
- The ability to make payments using other cryptocurrencies using IvyKoin 1.0 as an intermediary.
- Enables us to raise capital for Ivy at a future date, while rewarding Token Holders with IvyKoin 1.0 Utility Token
- Enable real-world goods and services to be paid out in IvyKoin, using ERC-20 Smart Contracts.
IvyNetwork 1.0: We have broken down our technology into five core modules that all use the IvyKoin- which together make up the Ivy Network:
IvySend — A set of applications that enable the creation, allocation, or transfer of IvyKoin as a result of cryptocurrency transfers or the execution of ERC-20 smart contracts. Currently IvySend enables eight cryptocurrencies to be transferred to IvyKoin 1.0 and a generic uploader for ERC-20 contracts being tested.
IvyPay — A set of powerful applications that enable IvyKoin 1.0 as payment for real-world goods and services — bills, credit cards, and bank account transfers. IvyPay is live on HivEx.
KYC/KYT Contextual Data Collector — A set of applications (APIs) that record details of IvyKoin transactions generated by IvySend and IvyPay and ultimately will store that KYC / KYT information, with industry-encryption standards, on a Ivy-built blockchain. We’re set to begin development on the collector towards the end of Q1 2019.
IvyDash- A Dashboard that lets IvyKoin 1.0 holders view and manage IvyKoin transactions through IvySend and IvyPay, and view appropriate KYC / KYT data. We have an early demo version registration system available as we continue to build out this module’s ability to view and manage transfers.
Ivy Treasury — A set of financial instruments — cryptocurrencies and others — used to back IvyKoin 1.0 transactions — currently under development.
We thank you for your continued support. Over the next month we’ll be heads down finalizing technology specifications for all of these products and will continue to share public updates on the progress of the Ivy Project.