I/O Coin Plans Release of Decentralized Identity Sidechain Using Blockchain-Based DNS
Blockchain tech project I/O Digital has announced that it will release a decentralized identity sidechain using a distributed blockchain based DNS system.
The system, known as Decentralized I/O Name Server or DIONS, will apparently utilize I/O Digital’s blockchain to attach identity credentials to a specific Bitcoin or I/O Coin (IOC) address.
The name server will essentially allow users to register any username instead of a Base58-encoded string in addition to avatars and documents that are transferable between users. Businesses for example can register brand names or specific IDs for customer, invoice, or reference numbers.
For security, DIONS will utilize a RSA cryptosystem with a 2048 bits long key. The ststen will also support a decentralized messaging system, which will enable usersto send encrypted private messages and the the option to broadcast messages to the wider world via a decentralized Twitter-like micro-blogging service.
I/O Digital plans to service holders of intellectual property, rights management, certificates of authenticity and condition reports. A hash value included in an I/O transaction can serve as Proof of Existence for any digital file, be it a legal document, an application’s source code, artwork or a piece of music. The timestamp of the block that the hash value is included in, becomes a timestamp of the file itself, creating immutable proof that it existed in that form at that particular moment in time.
The I/O Digital team has developed a HTML5 cryptocurrency wallet that doesn’t use the classic Bitcoin-QT wallet. Allowing for a more user friendly front end and a more versatile wallet system.
I/O Digital reports that it will try to alleviate data bloat and enable bitcoin users the ability to use DIONS by introducing a project codenamed “I/O Chameleon”. Developed over a twelve-month period, I/O Chameleon is a framework designed to create any number of unique and interoperable I/O Digital sidechains. These auxiliary blockchains will each have unique properties suited to the particular set of services and applications that they will support.
According to the project team, the framework itself will collate data from the various chains and allow the application of generic control policies via an API. End users will have access to a large range of functions, applications and services from a single interface – a web front end for managing an array of decentralized applications.
Though the blockchains comprising the Chameleon network will initially be limited to I/O Sidechains, they will incorporate a 2-way Peg to the Bitcoin Blockchain, that will allow Bitcoin users the ability to use the DIONS system. In the near future, it will be technically possible to include other projects, should another project develop an especially secure, useful feature or application, the development team with consensus from the community, may choose to integrate it into Chameleon so that I/O Coin and Bitcoin users may also benefit from it.
I/O Coin was founded in July 2014 by Joel Bosch, the CEO of an Apple IT Services company and who leads the project team, which includes Lead Developer Derek Hatton, POS Security & Systems Management Sam Gabsi, HTML5 Wallet Developer Pat Smuk and Community & Investor Relations Richard Groen.
The I/O Coin is a Proof-of-Stake cryptocurrency that was launched in July 2014, ranked 64th on CoinGecko’s list of cryptocurrencies.
The first altcoin fork of Bitcoin, Namecoin, was founded around four years ago to implement a decentralized DNS, which supplies .bit domain names.