Hello Crypto! IDEP⚛️ Here 👋
It’s safe to say you haven’t heard about IDEP, we have not been very public about the project until now. In fact we’ve been flying extremely under the radar throughout the past year, as we have been building out the network and setting up the legal framework, testing the technical foundations and building our MVP that demonstrates IDEP’s power in the NFT crypto-sphere.
So it’s time for our first blog post, which will be the first of a series of many updates that we will share with you along our journey. Our posts will usually be more about the technical aspects of things, but in this post we will go a little into ‘story-time’ mode.
The IDEP Network project started out with an idea in 2020. We thought a lot about how we can get the current world to adopt such a breakthrough technology like Blockchain and Non Fungible Tokens. As all of us at IDEP watched the crypto-sphere evolve, it became more and more obvious to us that the future for any industry with Blockchain lies within the creation of their own industry focused networks for multiple reasons! We call those networks that are directly started for or by a specific vertical — industry based Blockchains.
With this idea the IDEP project was born, a public Blockchain specifically launched for the NFT 2.0 and decentralized digital media.
Why a specific network for NFTs? 🤔
The answer lies in milieu. 🥖
Throughout the short history of crypto we have seen many alternatives or clones to Bitcoin popping up starting in 2013, Ethereum was the first one to bring a new technological breakthrough to the Blockchain ecosystem, the one of decentralized applications (DApps). Ethereum became so successful in fact that today we see so many new Blockchains competing with Ethereum. They offer smart contract functionalities while also creating alterations in consensus and architecture promising to be the ‘Next Ethereum’ They are mostly built around the main core innovation from Ethereum, it being the Ethereum Virtual Machine (EVM).
Now don’t get us wrong, we think this technological experimentation and competition is important in the crypto-sphere, but in the case described above, it brings little concrete steps and commitment to current industries and businesses. This leaves these industries exploring their future path with Blockchain fraught with confusion, indecision, and lack of optimization.
This is where IDEP Network comes in. Instead of messing around with Layer 2 solutions or private chains, IDEP creates a truly trusted ecosystem for all participants of the decentralized media industry to build, explore and experiment with use cases that are innovative and useful for the industry without requiring a shady and oftentimes greedy middle man.
A truly decentralized public Blockchain allows individuals to trust and understand its infrastructure and rules, as they themselves are able to run and verify the network openly. This creates an ideal venue for use cases that carry real world tangible value and impact. From monetary value like easy payments, and in-game currencies, to ownership of digital items and transparent channels of communication between developers and consumers of items in the digital industries.
Network
Creating a separate and unique network also allows for real-world use cases with a large number of available resources that current generic(multiple usecase) public networks can not offer, due to the simple fact that multiple sectors and industries are demanding unique attention to their ever growing list of specific industry problems.
For example in Ethereum’s case, the proposed layer two solutions that are in the works and new architectures like sharding will help improve that scalability, but unfortunately even at best case scenario with an increase of a whopping 1000x in transactions per second it will still not be enough for the whole world to run on one single Blockchain any time soon (perhaps never).
IDEP is built using the Tendermint Consensus Engine that uses Delegated Proof of Stake to reach consensus. We are building our modules with Cosmos SDK, we are also proud to announce one of the modules is an implementation of an EVM.
The network will launch with on-chain governance that will be based on staking and delegating voting power to validators. The initial IDEP network will allow for 345M transactions per day, or ±4,000 tx/s, (being conservative) that is enough to run a lot of core module transactions and smart contracts in production. With future upgrades proposed by Tendermint, this number can be increased to 10,000 tx/s. The possibilities of what we can do are truly amazing! ⭐️
By using an EVM module our Blockchain utilizes all the tools built for the Ethereum network, incredibly all knowledge bases and tutorials equally apply for the IDEP Network as they do for Ethereum. This allows for a super easy transition of any Ethereum based project to the IDEP Network.
Modules
The IDEP Network Blockchain allows decentralized applications to be created via Cosmos SDK and smart contracts to be deployed via the EVM and COSMWASM, this plethora of choices for developers will enable and incentivize value transfer for all new kinds of applications in the Digital Media and Gaming industry. Tokens being an obvious one. This enables game currencies, community specific items , to Non-Fungible-Tokens (NFTs) like in-game items, rewards and event-driven badges.
Standards
IDEP Network is not only a Blockchain infrastructure but also an incubator for new and interesting projects, ideas, and standards. We have seen over the last couple of years, and especially 2020 with defi dapps, how a simple smart contract can create a whole new industry and disrupt and revolutionize processes like banking or community finance! The same innovation is direly needed in the digital content and gaming industry, to set standards for decentralized publishing, to verify the origin and ownership of all current and upcoming in-game items. With new purpose driven standards a plethora of innovation can move digital media to its decentralized future self. Blockchain in itself fundamentally allows for the formation of verifiable communities and gives those communities real tangible value. That’s what IDEP is meant for, and we look forward to bringing the Blockchain to the masses!
