- Securely facilitate the transfer of cryptocurrency payments while associating KYC and KYT data via the trusted, distributed ivyKoin network
- Securely store an immutable reference to supporting transaction data in a public blockchain
- Embed more KYT & KYC information into the transfer than traditional payment methods
- Able to be integrated into existing banking software
- Offer easy integration into accounting software for bookkeeping efficiency
- Provide revocable access to KYC/KYT data to financial institutions, accountants, company managers and others, depending on the information they require
BLOCKCHAIN TECHNOLOGY APPLICATION
The Company envisions the ivyKoin Private Network as consisting of validation nodes sponsored by entities other than itself. The ivyKoin Private Network will be validated directly by financial institutions and intermediaries, who are independent, yet aligned. This will greatly reduce thelikelihood of network spam and aligned incentives removes the need for block rewards that typically incentivize public blockchain networks.
For consensus, it is anticipated that a scheduled byzantine fault tolerant algorithm, such as Istanbul BFT will be used. In this consensus algorithm, each participant creates blocks on a scheduled, round-robin basis and submits its results to the rest of the network, which must vote with a 2/3 majority to approve the leader’s block calculation. Specific benchmarks of Istanbul BFT indicate that it is capable of ~1000 transactions per second, which reflects the total estimated network of interagency transactions that happen today between FedWire, SWIFT, and ACH today.
Look for more updates on IvyKoin and more coins of the month.