Bitcoin Press Release: Newly founded organization Internet of Coins is developing an infrastructure supporting inter-blockchain transactions between different cryptocurrencies.
Internet of Coins strives to create a decentralized, self-sustaining economy by implementing intersystemic connectivity sustained by a hybrid P2P meta-network. The system will help to leverage each of its participant’s strength in numbers hence supporting both the stability of alt coins and the cryptocurrency community as a whole. Internet of Coins had an official Whitepaper launch party on the 3rd of January at the Bitcoin Embassy Amsterdam. The Whitepaper is available for download on http://internetofcoins.org. Internet of Coins has partnered-up with security oriented cryptoexchange and service provider Bitalo since November of last year for continuous development and funding of the project. The open source system will soon be released for non-commercial purposes and be easily accessible to the public; supporting continuous decentralization and empowering the cryptocurrency ecosystem to evolve.
Internet of Coins will be offering an inter-systemic and cross-blockchain solution using ‘hybrid assets’ allowing users to make trust-less transactions in a cryptocurrency of their choosing while remaining anonymous. It will be possible to connect to the Internet of Coins decentralized network and make transactions without the need to update or adapt existing wallets, blockchains or value systems. Businesses also benefit by the new infrastructure which will allow them to accept a wider range of cryptocurrencies hence reaching more potential customers or clients.
Internet of Coins will offer a peer-to-peer, distributed, inter-systemic and inter-blockchain exchange server to mediate the transfer of value between digital currency systems replacing the trust model. This will solve multiple problems that occur when cryptocurrencies are transacted using trusted third parties like in many exchange and transaction models seen today. The trust model causes a re-introduction of the constructional weaknesses of the traditional centralized financial model. Another issue that Internet of Coins will combat is the risk of price manipulation that is possible when different altcoins are isolated from each other.
With the detailed release of Internet of Coins Whitepaper and the anticipated release of an open source system that can support inter-blockchain transactions without the influence of third parties; Internet of Coins might very well soon be an integral part of the wider Bitcoin and cryptocurrency ecosystem.
For more information please visit: http://internetofcoins.org
Name: Robert de Groot