IonChain : All of Features

http://ionchain.io/

About IonChain

The principles of IonChain’s design including increasing scalability but at the same time making sure that decentralization and security are paramount. Creating cross shared transactions seamlessly to give user quality of experience (QoE) within an ecosystem that is incentive driven is key to IonChain, being able to support different platforms and providing users with an easy to use account. Our design will allow for scalability to be in line across the requirements of maintaining high security with a good level of decentralization.

Current blockchain technology has two different basic functions in every block within a chain – the ledger, including the state of the current ledger, and the confirmation, which is required to confirm the transaction from a ledger and then mine blocks to reach desired difficulty levels (proof of work or POW).

Positioning

Since the IonChain network is more decentralized than other blockchain systems the level of security is also much higher, with 50% of the hash power allocation held on the base chain. Sharding technology allows the ability to increase capacity depending on how many transactions need to be processed, optimizing time with ease. 

This is beneficial for: 

- Allowing the network to scale as needed without compromising on time or efficiency.

- Creating a higher level of decentralization than a normal blockchain. 

- Security is created by maintaining 50% of the hash power in the base chain.

Core Features of IonChain Network

- An important core feature of the IonChain network is that it has been designed from the outset with scalability in mind. 

- Horizontal Scalability – The network runs each node as a super full node which allows the same level of security against malicious attacks as traditional blockchains. 

- The network is easy to use, safe, and allows for public participation with the ability to link weak miners together. 

Sharding

Sharding is the partitioning of data from a large database into smaller databases. This is the most common way in which centralized systems reach their scalability needs. For example, Ethereum supports cross-shard transactions and has been noted as integrating sharding for their scalability needs. One complication which arises for existing blockchains is the ability to integrate sharding if it was not planned for at the outset. Challenges that surround sharding include cross sharding transactions, scalability issues and security issues such as single shard takeovers. Since the user’s account would need to have multiple accounts to keep up with the sharding for the purpose of completing a transaction. 

Scalability 

There are different ways to scale a blockchain, including either using a lightning network, multiple blockchain or sharding. Lightning networks act to defer the frequency of transactions across a fixed number of parties until every party has finalized their transaction. After that, only one of the parties will need to post the final result without the need to create multiple transactions of a historical nature. This type of network requires at least two transactions – one to complete the payment channel and one to destroy it. The lightning network is not good for use in all purposes, being made for a group of users to create repeated transactions between them.

Decentralization

The ability to decentralize trading and storage creates an ability to reduce necessary expenses which allows normal people to be able to leverage the technology the same as a large company would. It also gives the blockchain the security which it is known for. It is being reconsidered from a practical perspective however, with many mining pools forming for a POW based blockchain which allows even the weakest miner to collect a proportional share of block reward in the same timely manner as larger miners, instead of waiting to collect block rewards. This type of mining people helps centralization which in turn creates a risk to the decentralized POW blockchain.

 Security Features 

Security issues can be dealt with by prioritizing the issue through the provision of a decentralized ledger. This adds to the basic security which is already inherent in blockchain and addresses the vulnerabilities on any transactional platform. Peer to Peer (P2P) blockchain networks have a requirement of being updated regularly in order to keep all the nodes in sync. For a POW based blockchain, 51% of total hash power is needed to complete the double spend ability for reversing any transaction. This type of attack is dependent upon the level of decentralization in the network with more decentralization being harder to attack. Blockchains that are decentralized to a sufficient amount will create a high expense for any single miner or mining pool, in order to reach the required 51%.

All transactions in the IonChain system will be protected through running a consensus algorithm across the base and shard networks, with a POW system being ran on the base chain whilst simultaneously a “base chain first pow algorithm” is being ran across the shard networks. Platforms such as Ethereum and Bitcoin use the POW system, with the additional base chain first POW algorithm being unique to shard network platforms such as IonChain. The latter operates by determining which of two shards will survive by having a node compare corresponding base chains and going on to allow the longer fork to survive. An attack on this system would be much more difficult since there would be the requirement of gaining at least 51% of the hash power to perform.

The IonChain Network is a highly sophisticated network solution which maximizes network simulations within shards. 

There are 10 minor blockchains which operate in the IonChain network system with a base blockchain target of 100s duration and target block durations of 10s. This allows the overall system to operate at a level 10x above any single shard which creates even mining. Minor blockchain height reaches 4000s in close proximity to one another with similar work allowing the mining to be split evenly between shards. Base blockchain work is just under the 1.5m expected half hash value, at 1.2m. All of the minor chains complete 10k of work each 10 second interval with minor chains 10x shorter than the base blockchain. 

The IonChain network deals with super full nodes problem by implementing multiple honest nodes in cluster form which runs like a cluster of super full nodes. Each node can only validate a subset of the chain, with the union of subsets covering the base chain. This also means if one node crashes the rest will still run and validate blocks by being able to have any two form a cluster. Cluster formation will be encouraged through miner incentives which will make miners want to work together.  

 More information, you can direct to them used this links :

Website : http://ionchain.io/
Whitepaper : http://ionchain.io/whitepaper.pdf
ANN Thread : https://bitcointalk.org/index.php?topic=3641957
Bounty Thread : https://bitcointalk.org/index.php?topic=4547460.0
Facebook : https://web.facebook.com/chainion/?_rdc=1&_rdr
Twitter : https://twitter.com/ion_chain
Telegram : https://t.me/joinchat/Iw9TNUWZmVt_8CAuW_dc9Q

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