Investment

Microsoft released a beta version of bitcoin based ID tool ion

June 13, 2020

Ion is the acronym for identity overlay network, which uses bitcoin blockchain in its design. Due to the encryption features of bitcoin, ion project provides scalability by providing a bitcoin ledger reference number for each person’s data chronology. Large amounts of data are actually stored between ion nodes using the interstellar file system (IPFs). Whoever anchors the data pays a small fee to the bitcoin miners to record the reference numbers.

The project also uses the decentralized characteristics of blockchain technology to eliminate the user name requirements of the decentralized identifier in the biometric system. These identifiers are similar to private keys in cryptocurrency transactions and represent ownership.

According to the announcement, the project developer said: “we are pleased to see ion leap forward on the public beta of bitcoin. Ion is an open, public, unlicensed layer 2 network, built on open source code, which can be viewed and run by anyone. From the beginning, ion has been developed as a decentralized network designed to operate independently of centralized parties and trusted intermediaries, including Microsoft. Ion does not rely on special tool tokens, trusted verifier nodes or other consistent mechanisms; the deterministic process of bitcoin linear block chronology is the only consensus it needs. “

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