We recently spoke to Internet of Coins.org – an innovative member of the digital currency space. While acknowledging that bitcoin is a game changer as far as asset transfer between parties is concerned, IOC point out that the necessity of a trusted third party to facilitate transactions (as is the case currently) exposes bitcoin and other digital currencies to the inherent weaknesses associated with traditional, fiat methods of asset reallocation. In light of this, IOC are working on an innovative new solution to these potential weaknesses – more specifically, a peer-to-peer, distributed, inter-systemic and inter-blockchain exchange server to mediate the transfer of value between digital currency systems.
The company has published (and is continually updating) a whitepaper that outlines the concept and technicalities of the solution – you can read this here.
In our opinion it is well worth a look. While we are very much behind bitcoin as the future of on (and off) line value transfer, we acknowledge that it is a nascent concept, and as with all such concepts, there is room for improvement in certain elements of its execution. We believe that organisations such as IOC that are actively addressing these elements are as important as those companies working to build the infrastructure that will support digital currency in the future. So – do us and them a favour – take a look and let us know what you think!