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IOTA Debuts Permanode Solution Called Chronicle

  • Alex Dovbnya
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    IOTA makes it easier for node owners to store full transaction history with Chronicle   

IOTA Debuts Permanode Solution Called Chronicle
Cover image via news.u.today
Contents

IOTA has just introduced its permanode solution dubbed “Chronicle” that allows node owners to seamlessly store all transactions and quickly access necessary data.

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The limited storage problem

The IoT-based cryptocurrency project strives to make it easier for humans and machines to communicate. However, node owners often face inconveniencies that are linked to limited storage.

Once transactions fill up the database, they are not able to store new ones. This feature was partially resolved with the advent of local snapshots that allow running a node without storing the whole transaction history.

Still, the solution was not suitable for those types of data that need to be stored for a long period of time (for instance, financial records).

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IOTA’s permanode solution

Chronicle allows node owners to store an unlimited amount of data. Moreover, they could charge IOTA tokens for providing access to their transaction history.

By querying a quorum of internal and external nodes the absolute truthfulness of the data could be ensured.”

In the future, IOTA will continue working on enhancing the capabilities of Chronicle. It will encourage its community members to take part in the process by offering grants.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Nationwide Blockchain of China Finally Preparing for Launch

  •  Denis Sinyavskiy
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    China launching nationwide blockchain service in beta mode until March 2020. It must push forward digital economy and smart cities

Nationwide Blockchain of China Finally Preparing for Launch
Cover image via www.123rf.com

China continues to take steps toward the digital economy and smart cities by officially releasing a nationwide blockchain service network, XINHUANET says.

Blockchain service network expectations

UnionPay, State Information Center (SIC), China Mobile and three other organizations worked on a system that will help China lead the blockchain technology market. Blockchain beta testing has already been announced and will last until March 2020, and all content and services will be available for free till that date.

BSN is expected to accelerate the development of digital technology and smart cities, as well as foster the development of new technology and industries.

What about CBDC?

Earlier, U.Today reported, that China has come close to creating its own cryptocurrency and may even launch it this fall, but then there was information that the national digital currency will appear later.

But China will not become the first country to introduce a national cryptocurrency. The Kingdom of Bhutan has already done it this month, as we already reported.

So, what do you think? Does the launch of China's national blockchain mean that the country will become a leader? Write what you think about this in the comments section!

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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