Internet of Coins has announced the launch of the beta version of blockchain agnostic decentralized cryptocurrency wallet platform. The Amsterdam based non-profit organization has developed the open and autonomous platform, supporting 17 blockchains and 380+ cryptocurrenies.
For the past few months, the developers had spent considerable time in making the platform faster, with easy access to the wallet.
How does the decentralized wallet works?
The Internet of Coins wallet is determinstic and runs locally on users device. The platform creators do not store any keys or account data on their servers. So, the users are in complete control over their wallet and the key stored in the password manager. The wallet can be used to make transfers. In the future, the developers are planning to facilitate peer-to-peer trading by setting up a specialized exchange. The browser based wallet works on any device. So it can be accessed from any location.
The wallet utilizes a completely decentralized storage system that retains data based on Proof of Work delivered by a user’s browser. This makes it possible for a user to store preferences encrypted and decentralized. This happens automatically and in the background while the wallet is being used.
The Internet of Coins decentralized wallet and (future) exchange will link crypto-ledgers together using node-to-node networking daemon called hybrid agent and scalable data chain referred to as “Weavechain”.
weavechain is the decentralized storage system for Internet of Coins containing a sequence of interwoven block streams that can store different types of data. Like a blockchain, a weavechain can function as a public ledger of transactions that have been executed on a decentralized network.
The developers have used Proof-of-Allocation (PoA) as consensus method for the weavechain. Users that allocate their own cryptocurrencies in Internet of Coins are automatically supporters of the network. Consensus is established using Raft.
The Hybrid tokens provide a coherent store of value across multiple blockchains, diversifying risk. The tokens will serve as the vehicle to swap value between the different chains they are registered on. This will allow you a user to exchange value with other users without the need for a centralized external third party.
The company had raised $1 million through crowdfunding.
HYBRID token distribution
Those who have participated in the crowdfunding process will receive an email containing instructions on how to receive their HYBRID tokens in an Internet of Coins wallet. The HYBRID tokens will be distributed in phases for each blockchain over the next seven weeks.
The developers estimate that approximately 900,000 HYBRID tokens will be distributed in total. These will initially be distributed over 7 blockchains. In total, the developers will create around 7 million HYBRID tokens.
About Internet of Coins
Internet of Coins is a not-for-profit organization and part of a registered NGO (NLnet Foundation) which controls expenditures. This is to safeguard the donations and makes sure the donations are spent in a responsible manner. With this organizational structure, the developers aim to continue the project for as long as possible. The program code of this platform will soon become open source and accessible for everyone.