IOV

What is IOV

The Blockchain has brought a number of promises to the world and is expected by many to disrupt and transform financial services, organizations and global exchanges. Those promises will likely impact many industries like Finance, Healthcare, Consumer Goods and Governments. The blockchain appears now to be the solution to fix many technological problems like smart contracts or proof of ownership. Even so, the problem of the most basic and common use of the blockchain, which is to easily and securely receive or send a token like a bitcoin, is yet not solved by the industry.

Within this context, the IOV community is bringing blockchains to the people. We are committed to delivering a protocol and an application that empowers the end-users when it comes to sending, receiving and holding tokens.

Major challenges of the blockchain

The usage of a blockchain is not a user-friendly concept designed for most people. It was initially designed for cryptography enthusiasts and professionals. On the other hand, when it comes to the actual end-users and people, blockchain platforms haven’t been able to demonstrate a reliable, smooth, simple and secure experience to exchange different values and tokens. A combination of human error issues, the complexity of the experience and the non-interoperability of the chains are a major problem for the end-user. For those reasons, many individuals don’t want to use the blockchain and are skeptical about its usability.

The human error problem

A large number of transactions end up in errors and loss of funds. Even if the blockchain itself is secure to send a digital from one user to another, there is always the possibility of human error. It can be very easy to lose or waste tokens by sending them to an address not present on the blockchain. As of today, nearly 30% of the total Bitcoin created is likely to be lost or put out of circulation, due to human errors.

Exchanging tokens is a painful experience or the interoperability problem

Today, it is quite challenging for the end-user to turn a token to another. The process in most circumstances is extremely dependent on third parties for the exchanges and the effect has been counterintuitive. Some fundamental goals of blockchain were to limit the transactions costs and remove the necessity of the middle man. Meanwhile, exchanges have constantly increased their fees and created dependence on themselves to users. Furthermore, platforms are now blocking some accounts without explanation. The result is an experience similar to a traditional bank, controlling access to accounts and how those accounts can be used.

IOV’s Solution

Delivering a tangible solution to the people. As entrepreneurs, experts in cryptocurrency, and digital technologists, we believe the time has come to deliver the promises of the blockchain to the real world and to re-empower the people with this technology. Our goal is to fix three major problems of the blockchain today when it comes to sending, receiving and exchanging tokens:

The IOV Wallet, the first generation of wallets designed for Everyone

The IOV Wallet will be the first wallet to implement our Blockchain Communication Protocol, or BCP. It is able to send, receive and exchange any kind of cryptocurrency from a single address of value. As soon as a blockchain implements the BCP protocol, its token will be transferrable via the IOV Wallet.