Summary of yesterday’s live event
The live broadcast celebrating the release of our DAG test network was a great success. We are grateful for your participation!
For those that missed the live show, we have summarized what Peter (Lyu) Xinhao, cofounder of ITC, and Liang Ran, blockchain expert, have shared with us in the following article.
A small surprise from our testnet release is that IoT Chain is actually a public blockchain. The public blockchain, based on a DAG data structure, has realized functions such as Transaction Sending, Transaction Validation and Issue Tokens.
Similar to the test net of Ethereum, local test nets can be deployed using the code on Github: https://github.com/IoTChainCode/itc-ts
The following are our top priorities:
The ITC test network currently supports 1,000 transactions per second. Our technical team has experience with scaling to a magnitude of 10 million so this is just the beginning. Our goal is to reach to 100,000 TPS before the main net is implemented — 100X our current capacity!
Current DAG public blockchains, such as IOTA and Byteball, are not decentralized enough. IoT Chain is focused on achieving greater decentralization. Using DPoS, we can increase the security of ITC’s DAG structure. In other words, ITC will be as fast as DAG and as secure as DPoS!
The PoW infrastructure of Bitcoin is the first realization of a decentralized consensus algorithm. More recently, consensus algorithms like PoS and DPoS have been optimizing the blockchain. We believe a blockless structure based on DAG may take the place of traditional blockchain consensus. The high-performance of DAG is exactly what is required to make blockchain adoptable by demanding industries.
Today, user data is often collected and traded without permission. This not only presents problems for data security and sovereignty but it also affects users’ data capital. IoT Chain proposes that data sovereignty belong to the user. In the ITC ecosystem, user data ownership remains clear, and the related capital is secured along with user privacy.
What more can you expect from us?
The official IoT Chain website will be updated soon. We are also producing comprehensive, explanatory videos to help others understand the underlying technology of IoT Chain and its impact on the Internet of Things.
Stay tuned! We are just getting started!