Together We go Beyond Smartness

The Internet of Things (IoT) is an emerging topic of technical, social, and economic significance. Projections for the impact of IoT on the Internet and the economy are remarkable, with some anticipating that as many as 100 billion connected IoT devices, as well as a global economic impact of more than $11 trillion by 2025.

However, there are still significant challenges that could stand in the way of IoT reaching its full potential. Headlines about the hacking of Internet-connected devices, surveillance concerns, and privacy fears have already captured the public attention. Luckily, this is where blockchain comes in. Blockchain technology is the solution to many of these concerns. A blockchain network creates a secure and permanent method of recording data processed by IoT devices. This network of interconnected devices will be able to interact with their environment and make decisions without any human intervention, in addition to storing the data it collects safely and securely without the threat of that data getting leaked.

There are three key benefits that come with using blockchain in IoT: Trust, Cost reduction, and Acceleration of transactions. These benefits have the potential to solve two most critical problems right now in IoT business, i.e. scalability and security.

- Scalability - Currently, IoT is a centralized architecture with many bottlenecks preventing large-scale expansion: soaring costs, system congestion, reduced reliability, and server vulnerability. The IoT devices can communicate and interact with each other in a peer-to-peer fashion under the trust built upon the blockchain network, which makes the IoT network infinitely scalable.

- Security - Any failure in an IoT ecosystem can expose multiple devices and huge amounts of highly personal data. Such security flaws typically revolve around three areas: authentication, connection, and transaction. By using blockchain to manage access to data from IoT devices, any attacker would have to bypass an additional layer of security that is reinf

The vision for our CanonChain project is that all the devices worldwide could be united and can run efficiently as a super computer. They achieve this by collaboration, not only by sharing their computing power or storage, but also sharing their data. With these innovations, the users, devices and services are all connected in a decentralized way without going through the central server. CanonChain is ultimately evolving into an ecosystem combined with both hardware and software.

To fulfill this vision, the CanonChain team has setup the goal to push the boundary of blockchain technology in the following three dimensions.

  1. Higher throughput and unlimited amount of storage - In IoT, massive amount of transactions and data should be processed rapidly and stored securely, which is the fundamental requirement for building an IoT infrastructure.
  2. Broader coverage - Any type of IoT device, that is not limited by its hardware or software, could be connected to a blockchain network. For example, many edge devices have a very tiny amount of computing power and storage space, but they handle important data, and thus, to increase their security, they should be a part of a blockchain network.
  3. Efficiency and fairness - Any type of devices is able to connect to CanonChain and share the benefits of the whole ecosystem. A blockchain has to provide incentives to all the devices to share their resource and data. The incentive mechanism has to be well designed so that the devices can collaborate in the most efficient way.

The CanonChain team has made lots of innovations and break-throughs with the state-of-the-art blockchain technology. Here are a few highlights.

  1. Novel R-DAG design and CanonChain Testnet had achieved throughput beyond 1500 TPS (transactions per second) in the peak.
  2. Not as EoS, the amount of consensus maker could surpass 100, which is a nearly fully decentralized consensus algorithm.
  3. New smart-contract design to accommodate both on-chain and off-chain events so to enable value exchange between inside and outside of the chain.
  4. Enabled zero transaction fees on light-weighed transaction
  5. PoP (Proof of Participation) incentive program that all the participants of CanonChain ecology are rewarded fairly.
  6. Ultra-light weighted node. It is possible because of the deterministic finality, so only a very short transaction history needs to be converged for future consensus.
  7. Trustiness and strict data security solutions

Check out these topics here.

Key milestones have achieved since the launch of the program.