IOHK is a technology company found online at IOHK.io. Find out everything you need to know about the company today in our review.
What Is IOHK?
Founded in 2015, IOHK is a technology company that aims to use peer-to-peer platforms to provide financial services to the three billion unbanked individuals around the world.
The company is developing cryptocurrencies and blockchains for enterprise use – including for academic institutions, governments, and corporations.
IOHK is best-known among the cryptocurrency community for leading development on Ethereum Classic (ETC).
IOHK claims that “cascading disruption” is their founding principle. Cascading disruption is the idea that most of the structures that form the world’s financial, governance, and social systems are inherently unstable, and that means minor perturbations can cause a ripple effect that “fundamentally reconfigures the entire system.” IOHK is dedicated to identifying and developing technologies “to force these perturbations in order to push towards a more fair and transparent order.”
With that in mind, IOHK has a number of projects in development.
IOHK has six core projects in development. Overall, the company aims to study new tools and paradigms for cryptographic research and the architecture of cryptocurrencies. With that in mind, they’re creating an open-source library for universal composability while also doing for-profit work in regards to enterprise use of blockchain technology.
The six core IOHK projects at the moment include:
Cardano is a blockchain platform currently in development. IOHK claims the blockchain has “more advanced features than any protocol yet developed”, and was the first blockchain to “evolve out of a scientific philosophy.”
The blockchain is being developed by a team of engineers and researchers around the world. The team started their work by “deconstructing the concept of a cryptocurrency”. Then, they implemented a proof of stake algorithm called Ouroboros.
Other key features of the blockchain include a settlement layer with a unit of account and a control layer with smart contracts. That control layer will be programmed to recognize identity, assisting compliance and allowing blacklisting, among other purposes.
Overall, IOHK’s Cardano blockchain is designed to be a privacy-focused blockchain based on peer-reviewed scientific research. It’s also built to be adaptable for the future. The blockchain has a built-in soft fork upgrade mechanisms, for example, and a treasury system to “ensure the sustainability of the protocol.”
Cardano is also open source and patent free. IOHK, like many others in the blockchain community, emphasizes collaboration and open source development.
Ethereum Classic, or ETC, is a continuation of the original Ethereum blockchain. ETC split with ETH after The DAO incident. Part of the Ethereum community supported rolling back the blockchain, while another – the ETC crowd – supported an untampered version of that blockchain free from any external interference.
IOHK’s website describes ETC as “a decentralized platform that runs smart contracts”, with smart contracts being “applications that run exactly as programmed without any possibility of downtown, censorship, fraud or third party interference.” Obviously, this is very similar to how Ethereum works.
IOHK wants to continuously upgrade ETC’s blockchain over time for better security, consistency, and immutability. They see potential in the future of ETC in regards to decentralized apps.
Daedalus is an open source cryptocurrency wallet described by IOHK as “the most advanced wallet for the most advanced cryptocurrency.”
That cryptocurrency is called ADA, which is the currency of the Cardano network. Daedalus is the only wallet that supports ADA. You can use Daedalus to redeem ADA and secure your funds.
One of the key features of Daedalus is the unlimited accounting. You can manage an unlimited number of wallets with the platform’s hierarchical deterministic (HD) implementation. The wallet also has a backup system.
As a Deadalus wallet owner, you remain in control of your keys. Your keys are never held by IOHK. The entire wallet is built on top of Electron.
Qeditas is a project designed to apply blockchain technology to support the construction of a library of formalized mathematics. It’s a revival of the QED project, which is based on a snapshot of the bitcoin blockchain.
Scorex is a platform that combines consensus protocols, transactional structures, and networking infrastructure. The platform consists of a core and various modules that complement the core.
A variety of blockchain solutions and experimental prototypes can be implemented into the platform – say, if you want to build an experimental (or production-ready) cryptocurrency.
Like all IOHK projects, the Scorex platform is freely available to developers open source.
RS Coin, also labeled as RS|Coin, is a proposed framework to implement centrally banked monetary systems based on cryptographic methods. In more straightforward terms, the project seeks to find a way to add national fiat currencies like the US Dollar onto the blockchain.
RS|Coin aims to create a platform with massive scalability and transactional capacity. They aim to create a payment network comparable to MasterCard or VISA. That system would be auditable, allow rapid payments, and ensure compliance, among other benefits that are important to monetary organizations.
Who’s Behind IOHK?
IOHK has a decentralized team located all around the world. Developers differ between each project. Each developer – or team of developers – is listed on the project page.
IOHK was founded by Charles Hoskinson (CEO) and Jeremy Wood (Chief Strategy Officer) in 2015. Full details about the team, including all executives and developers, can be found on their website.
IOHK is a unique blockchain development company that aims to create decentralized solutions to solve problems around the digital and virtual world. Founded in 2015, IOHK consists of a geographically-distributed team of engineers, scientists, business professionals, and more. The projects are available open source, and IOHK builds its projects in a collaborative environment.
To learn more about IOHK and their ongoing work, visit the company online today at IOHK.io.