6 Reasons why IOV is changing the Blockchain Game
Blockchain technology has the potential to transform organizations, financial institutions and our economy. Every person in the world has the right to exchange values in an easy and independent way. With the advent of blockchain technology, the need to involve a third-party in financial transactions is no longer an issue. The problem is that the entire process is still highly complicated for non-experts in cryptocurrency.
That is where IOV comes in. IOV wants to bring the blockchains to the people and empower end-users by making the exchange of values a simple and easy process. It is very important for the world at large that blockchain technology becomes easily accessible. With IOV, all participants should be able to send, receive or exchange tokens without issues.
In order to solve many of the existing problems of blockchain technology, IOV has come up with some groundbreaking solutions. Here are 6 solutions that IOV is bringing and that will revolutionize the blockchain world:
1) A Universal Address that is Easy to Remember
Instead of the typical type of address systems currently used in blockchains, which are complicated and often times includes many mixed case characters and numbers (for example: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2), IOV proposes a simple Value Address, such as john*newyork.value.
Not only is an address like that much easier to remember, it also has far less potential for errors when typing someone’s address into a token transaction.
2) One Wallet for All Your Tokens
The fact that users need to download a new wallet every time they want to handle a different token is a huge burden for many users. IOV makes it possible to store and exchange multiple types of values, with each value always present in the same wallet. This is far more efficient and practical!
3) Exchange Tokens Between Different Blockchains
With IOV, users can query balances from as many compatible blockchains as they want. They can also make transfers and exchanges between different blockchains (as long as the blockchains implement the IOV specification). Thanks to the atomic cross swap offered by IOV technology, it is possible to make blockchains interoperable and to exchange tokens without the need to use a third-party exchange.
4) The First DNS for Blockchains
One of IOV’s main features is the Blockchain Name Service, which is basically the DNS (Domain Name System) for Blockchains. Just like DNS resolves the IP address of a domain name, the Blockchain Name Service provides you the IP address of the blockchain that a token belongs to. The ultimate goal is to have a directory of all active blockchains, their respective tokens in the world, and their bootstrap nodes. This way, anyone can exchange any kind of values in the world using a secured, decentralized and intuitive user experience.
5) The Blockchain Communication Protocol
Once all the blockchains are listed through the Blockchain Name Service, it is necessary to have a standard way to communicate with them. Right now, because the blockchain technology is somewhat new, there are still some crucial limitations to overcome to make it usable. There is no standard in the way each blockchain is defined and this creates technical problems when it comes to interoperability. That is why a set of specifications to be implemented by all blockchains will be very helpful and why IOV created the Blockchain Communication Protocol. It’s a set of standards to ensure token creators that their tokens and blockchains are visible and can be exchanged in a global and easy way.
6) Create a New Blockchain or Token in a Simple Way
When using the Blockchain Communication Protocol, a creator that decides to develop a new blockchain will have access to a developer kit provided by IOV. By using these tools, the creation process of a blockchain will be very fast and simple. There will be no need to start from scratch every time a blockchain is going to be created.
These are just some of the benefits that IOV is bringing to the table. Do you like what you see?