What Is IOV?
Internet of Value or IOV is a blockchain-based communication protocol and name service that provides for the empowerment of the next generation blockchains and wallets. Under the blockchain communication protocol, IOV will allow for the access of blockchain in an efficient and standard manner without having to know the technical details and have many immediate consequences. On the other hand, the blockchain name service will work to implement the BCP protocol and register the names and definitions within blockchain.
- IOV token- the IOV token will allow for the registration and transfer of the human readable names within the blockchain ecosystem, names and user value address names
- Name service- the blockchain-based DNS service (BNS) that lists all participant blockchains, their tokens and apparent IP addresses of their nodes.
- IOV wallet- the IOV wallet implements the BCP mechanism to provide for templates and the deployment of tools for new blockchains implementing the protocol.
- BCP- the Blockchain communication protocol forms the basis of implementation in blockchains and wallet providers looking to gain the immediate benefits.
How IOV Blockchain Name Service (DNS) & Wallet Protocol Works
The Blockchain Name service works as blockchain to enlist all active blockchain within the crypto scene with their apparent tokens and the bootstrap nodes for use. A more natural understanding of the concept entails the Value Name Service to have an analogy role of a DNS example on the internet. Just like how DNS manages to list domain and websites names and URLs, the Value Name service will list access to tokens on any blockchain under a simplified and decentralized approach.
- Interoperability of blockchain wallets since users will be able to handle multiple digital currencies and tokens.
- With IOV-compatible wallet, token holders will have the opportunity for a safer exchange of tokens across wallets and apparent different blockchain networks
- Elimination of human errors- with most blockchain value addresses made up of multiple figures and letters, IOV provides for a more comfortable option of searching for the address and making the transaction less prone to errors.
- IOV provides for an atomic cross swap which is means safer exchange of tokens across different wallets implementing the BCP protocol.
IOV Token ICO Details
- Pre-sale- starts from 31 March 2018 till the end of June at a price of 0.08 EUR
- Pre-sale one starts off at the end of the first presale with general dates listing mid of August as the end.
- The public sale will roll out once the round two token sale is complete. The end date will be after two weeks of the token sale at €0.10 per IOV
- Ticker- IOV
- Platform- Ethereum
- Accepts- ETH, BTC, Fiat
- Price-1 IOV= 0.10 EUR
- Token supply- 271,000,000
- Hard cap- €25 million
- Soft cap- €2 million
- Investment restrictions- USA, China, New Zealand
IOV provides for a somewhat unusual option for users to solve the persistent problem of complexity, errors and lack of compatibility we often witness when exchanging or trading digital assets on the blockchain. However, there isn't enough proof of how IOV intends to get their initiative to work as most of the products are still in theory. Despite this, IOV remains as a unique project and probably the first of its kind to utilize a DNS-based model for blockchains and wallets.