With the advent of multiple cryptocurrencies that offer their own set of fundamental, strategic and technical advantages over others, the cryptocurrency market is enjoying new found diversity and flexibility. To facilitate the transfer from one digital asset to other, crypto-exchanges have been launching user friendly multicurrency wallets in the recent times. As convenient as that might be, imagine if you owned a single token that can represent any cryptocurrency available and can be transacted on its blockchain system. Exactly this is what “Internet of Coins’” new initiative “Hybrid” is all about. Let’s dive into the modus operandi of the system and its slick advantages over your traditional cryptocurrencies:
What exactly is Internet of Coins and Hybridd:
The Internet of Coins developers are launching the construction of an inter-systemic and cross-blockchain token called a ‘hybrid asset’. This token allows for the transfer of value between ledger systems without the need to update or adapt existing cryptocurrency source code. Termed as an environment for ‘Personal Finance’ it is a decentralized platform which enables an optimally inclusive financial network, interlinking all digital forms of value. The platform allows you to trade digital assets and currencies peer to peer, with an easy to use interface and the opportunity to earn fees by participating as an allocator.
The best part about the platform is that you need not reconfigure your wallets to match the requirements of the autonomous decentralized network. The key idea is to integrate all the digital currencies into an interconnected and financially liquid web.
How IOC will achieve this:
The IOC team aims to attain the network dynamics through modularized interconnectivity of blockchain systems. A node to node network connectivity platform, named ‘hybrid’ allows them to connect value systems and synchronize by a way of scalable data chain. This innovation is being termed as ‘weave chain’. Their goal to let every cryptocurrency autonomously become part of a massive swarm of decentralized global financial interaction. They will be represented by hybrid tokens and the programming code for this would be open source. The network is ensured of highest security. Every non-proprietary blockchain or value system can be hooked into this evolving network. A unique allocation schema ensures that currencies with a small marketcap receive the needed liquidity to support one’s exchange and relevancy within a healthy cryptosphere.
The reason for such an initiative:
The existing cryptocurrency industry has become centralized to an extent and is being influenced by political factors. The main aim of the initiative is to keep the transfers decentralized and blockchain agnostic. By opening up inter-cryptocurrency transfers, it becomes very easy to form a web of financial transfers that have varied advantages basing on the cryptocurrency. It also becomes a viable option for investors to quickly shift assets in case of negative market conditions.
The crowd funding has started on 21st of March,2017 and 293654.03 hybrids have been assigned till date.