ContractNet is the new permissionless blockchain which is built for the storage and sharing of IoT data streams. Providing its users with a platform to host their businesses, using blockchain, smart contracts, and IoT technology. Currently, within the technical spectrum, certain challenges have arisen, with scalability, speed and latency, coding errors, management and monetization options becoming a daily struggle.
During the 2017 Consensus blockchain conference in NYC, a well funded and widely known car company detailed a roadmap for developing blockchain-based autonomous vehicles. The spokesperson for the company went on to explain that, to perfect this software, it would take over a trillion miles worth of data to be accumulated — and, up to this point, the car company has a little over several million miles worth.
If it were made possible to access similar data from competitors and to share this data, the target could be reached. This could benefit the industry as a whole.
Always A Blockchain Solution
As blockchain continues to push through our ecosystem as a highly desirable and adaptable piece of technology. Blockchain is able to solve the problems with ownership and integrity of data and credibility of vendors. Using smart contracts to set up any condition for sharing and payment, a native currency can provide for the monetization of data.
Additionally, IOT protocol devices can provide data streams to be shared among the industry as a standard. The Institute of Electronics and Electrical Engineers has defined a comprehensive list of standards that encompass the IoT. The current marketing problem is attracting IoT device owners, developers, miners, and adopters.
ContractNet and The Solution
As the whole ecosystem is slowly shifting, ContractNet is redefining the way we are exposed to these issues, taking a number of different decentralized technologies and combining these solutions into a hybrid model which addresses all the problem areas that ultimately uses separate storage for the blockchain.
Firstly the solution is to separate the storage from the blockchain and implement their own unique virtualchain, as an intermediary between that and the storage layer. The primary use of the ContractNet Blockchain is for transactions, execution of smart contracts and storage of access control data, putting data structure into streams, individual sensors will provide each stream of data.
Optimizing IPFS (Interplanetary File System) technology for this storage. ConnectNets data stream will be encrypted using a key generation protocol from the virtualchain, having used the same stream to the ID committed blockchain. Using this method of storing data on the blockchain will work out to be 2,000 – 8,000 times cheaper than cloud storage.
ContractNet proposes to use a wide range of methods to address the challenges we are currently facing within the cryptocurrency ecosystem. The ContractNet blockchain is a fork from Ubiq and Ethereum. Initially, it had been formulated to target a block-time of about 19 seconds, with a capacity to process 6,000 transactions per block.
Smart contracts require processing and exist over time, it is vulnerable to attacks and can be stricken with confidentiality and integrity issues. Using the FSolidM technology will, to a large extent, remove these problems.
Miners are able to earn the ConnectNet native token CNET in return for their computational power in the Proof-of-work consensus mechanisms underpinning the blockchain, all while additionally earning the CNET for providing storage capacity on their computers.
The ContractNet philosophy and reason for existence is to be the global exchange of IoT data, and the platform for some of the most exciting applications on the decentralized web. Providing a solution to many of the current problems associated with combining blockchain, smart contracts, and IoT technologies.