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Every day, blockchain technology continues to inch closer toward where we want it to be, fraught with both technical and resource challenges. From scalability to speed, coding errors, latency, management, and monetization, blockchain and its underlying vehicle of exchange, cryptocurrencies, has been dogged by myriads of problems that makes wide-scale adoption a daunting prospect. These problems is what ContractNet is set to address through its permissionless blockchain that successfully integrate IoT devices on the blockchain, backed by smart contracts.
ContractNet’s permissionless and turing complete blockchain is aimed at implementing smart contracts on IoT devices, optimized for lower memory devices. These IoT devices will be able to securely exchange data with smart contracts through peer-to-peer channels either by directly interfacing with the network, or oracles acting as intermediaries between the devices and the blockchain.
The Trouble With Sharing Data
Recently at New York’s Consensus 2017 Blockchain conference, a reputable car company postulated that the development of Blockchain-based autonomous vehicles will require about a trillion miles worth of data for their machine learning algorithms. Despite accumulating several million miles worth of data, the company was still short of its target due to the challenges associated with accessing similar data from fragmented sources.
While blockchain technology eliminates the traditional problems associated with data ownership, integrity of data, security and credibility of vendors, and smart contracts enables users to navigate the murky waters of sharing and payments, these solutions are too widely dispersed to be of value to those who need it.
The ContractNet Solution
ContractNet is redefining blockchain-based solutions for data ownership and secure exchange through its hybrid blockchain through separate storage. The network’s separate storage system implements its own unique virtualchain that is different from the blockchain, serving as an intermediary between that and the storage layer. With data being structured into streams, individual sensors will provide each stream of data. Each stream will have a clearly identified owner, allowing ContractNet’s Blockchain to exist solely for transactions, execution of smart contracts and storage of access control data. This dramatically reduces the bloat and clogs found on another blockchain network.
ContractNet will implement an optimized IPFS (Interplanetary File System) technology for data storage. Every data stream will be encrypted using a key generated from the virtualchain for optimal privacy. This technology will be 2,000 – 8,000 times cheaper than the current blockchain storage mechanisms available and is set to eventually be cheaper than cloud storage.
The ContractNet VirtualChain.
ContractNet blockchain is a fork of Ubiq and Ethereum with a block-time target of about 90 seconds and 6,000 transactions per block. The network uses the Flux Difficulty Algorithm to mitigate against centralized attacks, dynamically adjusting the difficulty when there are rapid changes in the hashrate. This algorithm also ensures more consistent block times during volatile/variable hash rates.
ContractNet addresses the vulnerability of smart contracts to attacks, integrity and confidentiality issues by employing the innovative FSolidM technology. In addition to this, the ContractNet will secure the integrity of it entire network through mining. The platform’s native CNET token will serve as the medium of exchange on the platform and also as monetization options for participants. By providing computational power for the network’s Proof-of-Work consensus mechanism, miners will be able to earn CNET. They can also earn additional tokens for providing storage capacity on their computers. Additionally, IoT device owners will be able to sell their streams of data to developers or other users.
About ContractNet
The ContractNet philosophy and reason for existence is to be the global exchange of IoT data, and the platform for some of the most exciting applications on the decentralized web. Providing a solution to many of the current problems associated with combining blockchain, smart contracts and IoT technologies.
Visit the Website: https://contractnet.com/
Read the Whitepaper: https://contractnet.com/ContractNet.pdf
LinkedIn: Amie Lin | Darren Wong
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GitHub: https://github.com/ContractNetLabs/go-ContractNet
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