Internet of Value Omniledger is a platform that wishes to protect the private or personal data of its users through the blockchain technology while incentivizing them for the data they choose to reveal. IOVO is built on Directed Acyclic Graph (DAG) with the implementation of Proof of Value (PoV) which is a modification of Proof of Stake (PoS) implementation.
Human data= Human Value or Life
Man is known partly by his identity or biodata and partly by the decision he makes. Man’s identity (biodata) cannot change but his decisions can. To control a man’s life you need to take charge of his decisions. The internet today has been a groundbreaking enhancement that has changed the course of history altogether. Through the innovations on the internet, man can have most of his life online. The internet itself has evolved from what it was from the beginning, through stages that cannot be overlooked.
The internet of Information
The internet began, solely for information. Through interconnected computers (or storage) all across the globe, information can be shared from person to person. But there is a take, the information cannot be sent except there is a powerful intermediary through which information must be relayed (source). This means that we only receive a second-hand information when a certain person ‘private messaged’ us on the internet. The message must pass through certain computers before reaching the final destination. This is well before the advent of peer-to-peer (P2P) messaging and encryption.
The internet of things
After so many years, devices with internet services start to roll out. And it was made possible to interconnect these devices together. This means that your home devices like Television, Cable, air conditioner, laptop, phones (if they are internet enabled) can be controlled from just a device with the internet of things.
Add the internet of Value to Make the Internet of Everything
Since every of human’s devices, files, biodata, credit card are now interconnected, there is an increasing need to protect the personal data of internet user. The internet has grown so are its disadvantages, according to an article written by Faisal Khan ‘Your personal Data is at risk in this multi-billion dollar industry’, where he mentioned that personal data is the ‘new oil’. He mentioned that 2018 in alone, there have been accounts data breaches which have affected millions of users through centralized companies not leaving out digital money losses by investors of blockchain technology. If the Internet of Everything will be possible then breaches of personal data must of necessity be adequately dealt with. Natasha Bertrand also noted that hackers make more money from personal medical data than any credit card fraud.
Your personal Data is needed
Apart from the fact that hackers are after your personal data, your personal data such as browsing history are used by large organizations to show you advertisements. The essence is that they try to understand what your interest are (your most visited pages, your internet search words, your online shopping habit, etc.) and they bring you advertisements to that may likely interest you through an Artificial Intelligence analysis. Thus, the decisions of men are controlled by large companies controlling their lives as earlier stated. Companies through which these personal data are gotten make a lot of money, yet the people who create or own them have nothing- it’s sad.
Few days ago, I needed some help on some operations on my Namecheap backend so I took to google to search for answers. I was so surprised that in less than few hours of my search, all ads that I saw for the rest of the day from visited pages became Namecheap. This should connect the dots in your heart.
Large Organizations Needs personal data
Large organizations need personal data from their customers to try and understand them so they can provide more appropriate services or goods. They need their advertisements to yield good results, they need survey analysis on how to go about this to bring effective results. If they need data or bring out
I can’t really remember when last I willingly fill a survey for any of my service providers.
Without these data, they cannot make plans on expanding or moving forward. Therefore they turn to black markets to try and get data for analysis. Getting data from black market comes with a lot of risks which majorly circles around accuracy, but they have no choice but to go with whatever they have (half a loaf is better than none).
Applications needs Personal Data
A lot of applications that are being built today needs data. From social media applications, to credit scoring applications, to medical applications needs personal data from people which must be accurate else the applications will be a failure. When building Artificial Intelligence (for no matter what purpose) data of all sort (depending on the proposed final use of the AI) are needed to train the AI.
Internet of Value Omniledger- IOVO
Internet of Value Omniledger is a platform that wishes to protect the private or personal data of its users through the blockchain technology while incentivizing them for the data they choose to reveal. IOVO is built on Directed Acyclic Graph (DAG) with the implementation of Proof of Value (PoV) which is a modification of Proof of Stake (PoS) implementation. IOVO values the anonymity of its users as it envisions to be the Omniledger where value can be stored. With the full implementation of the innovations of IOVO, combined with the Internet of Information (IoI) and
IOVO will allow each user to store their personal data on the platform, secured with private keys, the data stored are solely controlled by the users. Users can as well decide to share part or all of their data with anyone requesting it at a fee. This means that the personal data of each user stay under the control of each user who can also decide to monetize these data at a fee. Depending on the data stored on the platform, each user is assigned a Value Score, depending on the parameters set at each time. The platform allows users to stay anonymous as their data are secure.
Large Organizations which are looking for data for analysis can come on the platform to request for users data at a fee to be paid to each user. It is made sure that the data given by the users are accurate with the aid of ZERO KNOWLEDGE PROOF (ZKP) which is available on the platform. Accurate data will help companies or Organization to improve on their data and help them to be made known to a large number of users on the platform.
Do you know about Zero Knowledge Proof?
Zero Knowledge Proof (ZKP) is an implementation that allows a party (prover) to prove to another party (verifier) that they have a set of information without revealing what the actual information is. This is an implementation that formed the basis of ZK-SNARK which is used in Zcash. Read more here.
Decentralized Applications can also be built on the platform’s implementation of Value. Data requested from the users (at a fee) will help developers build applications which are
- Influomy: This application will help users to exchange assets which are personal other than money.
- Insurance Scoring System
- News D’App: Which pays users when they submit news
- Banking and Finance Scoring
- Food Quality and Distribution Scoring: This application will facilitate the tracking and distribution of food. This will be a very great advantage in the Food and Agricultural Sector.
It was recorded that an epidemic broke out in a region making so many people sick. After diagnosis, it was discovered that it was a certain food eaten by those people that caused the disease. Professionals need to then investigate all the numerous sources of food to understand where the problem came from- This surely took a long period of time to complete. This is why the blockchain technology will be of great help in tracking and distribution of food and food items. Read more here on the usefulness of the blockchain technology in the food sector.
Some Use Cases of IOVO implementation
When studying the concept of the Internet of Value Omniledger, I was fascinated as I know it will be of great help to some D’Apps which I have interacted
SANCOJ: Sancoj is an application (or platform) that wishes to help users tap into their hidden abilities by helping them to analyze their skills and expose them to available opportunities all over the world. Sancoj needs each user to give all their personal data like Biodata (date of Birth, gender, etc.), Skills (profession, father’s occupation, etc.), etc. Sancoj, with the help of AI on the platform, uses the given data and opportunities available all over the world to analyze and give the best business or course of action each user can take for maximum profit. Read more about SANCOJhere. However, if users give no accurate data, the AI may not work as effectively as it has been designed to be. Users of Sancoj platform needs to be sure that the data they give for the AI to analyze is secure and only in their control. This is where IOVO can come in to secure the private data of all SANCOJ users while ensuring that all their data stays under their control at all times. Sancoj, with the help of IOVO, can also be sure that users give accurate data to the AI to analyze for adequate results.
- LENDLEDGER: Lendledger is another platform that seeks to connect financial service providers, borrowers, and Financiers. Lendleger sees that financiers are unwilling to give loans to small and medium scale enterprises (SME’s) without their credit scores. Many of these SME’s in developing countries are stranded as they do not have a credit score, it also takes a lot of time for banks to process small loans which they need from time to time to keep their businesses running. Lendledger wishes to use the daily transaction of these users (SMEs) which are done with their financial service providers (e.g. mobile money), to calculate their credit score and prove to their financiers that they have a viable business. AgainIOVO will be of a great help to secure the financial history of each of the users. IOVO will make sure that their financial history stays with each user and in their control at all times. This means that any financier who requests for their financial history (or credit score) can also be sure that they are providing accurate data through the Zero Knowledge Proof that is on the IOVO platform.
The IOVO Blockchain
Directed Acyclic Graph (DAG)
This an implementation that will be used by IOVO for the completion and confirmation of its transaction. DAG is a pretty new concept which is used by
Proof of Value (PoV)
This allows validators to confirm transactions and check for the correctness of the information provided. They are incentivized for their work according to their stake and their value score. PoV is related to PoS in that the validators are rewarded based on the number of stakes they hold. PoV does not consume energy as PoW (BTC implementation), and it does not require mining.
IOVO has a lot of security measures put in place (like private keys, etc.) but the most intriguing to me is quantum security. This security is put in place in case quantum computers are designed. Quantum computers are not yet in existence but if built they can crack most securities within a short period of time. IOVO quantum security uses Learning with Errors (LWE).
The next phase of the internet is one which adequately protects the data of its users and IOVO is implementing a background for the next phase of the internet.
All images not sourced are from the IOVO white paper
For further information on IOVO, you can Visit:
All information provided above are the results of some of my personal findings. This article was written for information and education purposes, they should be taken and used as such. This is not a financial advice, you should contact your financial advisor for such. All project names and details mentioned are existent and Ok to the best of my knowledge. STAY SAFE.