Interbit was developed with a multichain design following unsuccessful attempts in 2016 to deliver the functional immutability that blockchain systems should have in pilot projects utilizing the Ethereum platform.
In these 2016 pilot projects -the first of which was with Visa and a group of European banks – the required pace of creating new immutable records at the pace the customer’s banks needed was not possible. In addition to this scalability issue there was a privacy issue whereby it was not possible to keep sets of immutability private and apart for each customer bank.
Experiments were done to try and use multiple Ethereum blockchains to overcome both this scalability and privacy issue but there was mechanism whereby such chains would be able to communicate together.
This drive to create and use multiple chains led to the creation of the vision for Interbit and the concept of chain joining
What is chain joining?
In a decentralized blockchain environment , applications transform data as the data is transported between nodes. Critical to the vision of Interbit was the invention of chainjoining that permitted secure sharing of data between different blockchains . Prior to the invention of chainjoining to securely share data using blockchain, multiple nodes had to be part of the same chain and/or the data had to be encrypted which is not always desirable nor efficient.
Version 3 is targeting the ability to deliver Interbit solutions that could require up to 1 million blockchains or more. The recently announced Citizen OS venture with Xinova will target cities with a population of roughly 300,000. Depending on the services required by a partulcar city , the number of blockchains required in the Citizen OS solution might be as many as 20 or more blockchains per Adult citizen; thus requiring many more than 1 million chains.
The design and technology for Interbit 3 involves using chain joining throughout the internal and external dimensions of the software creating less friction.
Last April 2018 the test version of Interbit V2 was released and subsequently upgraded over the remaining months of the year. The ambition of venison 2 was to target solutions that required multiple blockchains with an upper end target of 1000-1500 blockchains per solution.
In addition to the patent filed for Chainjoining , there were five other new technologies that the Comapny filed patents for protection over – the Hypervisor (virtualization blockchain) , Payload layer, Chainception, Side Effects Hyperconvergence, and Chain Suicide.
There was an Interbit V1 which was built in 2017 for a pilot project undertaken by the Energy Companies British Petroleum, EnI and Wein Energy. This V1 was a very simple version of the Interbit multichain technology and alongside it was developed an App called Connection. Together this early multi chain blockchain platform and app combined to demo a natural gas trading platform pilot that secured a second round of project advance that added seven additional oil producing and trading Companies (see below) into the project which continued into 2018.
Edge computing is a distributed computing paradigm in which computation is largely or completely performed on distributed device nodes known as smart devices or edge devices as opposed to primarily taking place in a centralized cloud environment. Edge computing is often presented in tandem with or as a developmental consequence of the rollout of the pending 5G telecommunications rollout.
The eponymous “edge” refers to the geographic distribution of computing nodes in the network as Internet of Things devices, which are at the “edge” of an enterprise, metropolitan or other network. The motivation is to provide server resources, data analysis and artificial intelligence (“ambient intelligence”) closer to data collection sources and cyber-physical systems such as smart sensors and actuators.Edge computing is seen as important in the realization of physical computing, smart cities, ubiquitous computing and the Internet of Things, IoT devices.
Estimates vary but most forecasters place the number of IoT devices connected today at 8-9 billion . Forecasters such as Gartner beleive that by 2020 assuming the rollout of 5G there will be between 20-25 billion devices in the IoT universe most of which will be requiring very low latency.
Edge computing is related to the concepts of wireless sensor networks, intelligent and context-aware networks and smart objects in the context of humanâ€“computer interaction. The Internet of Things and edge computing are variously classified as sub-disciplines of the other, but edge computing is more concerned with computation performed at the edge of networks and systems whereas the Internet of Things label implies a stronger focus on data collection and communication over networks. Both disciplines are instrumental to the nascent Fourth Industrial Revolution and industry 4.0,
Edge computing pushes applications, data and computing power (services) away from centralized points to the logical extremes of a network thus completely changing the data transport routes of a centrally based, cloud centric data flow system. By definition the data transformation and transport challenges posed by the emergence of Edge computing will demand a new profile of services and technologies.
5G is the fifth generation of cellular mobile communications. It succeeds the 1G (voice only) , 2G (texting) and 3G (smartphones), and 4G ( connected systems, video etc). 5G performance targets high data rate, reduced latency, energy saving, cost reduction, higher system capacity, and massive device connectivity. The first phase of 5G specifications in Release-15 will be completed by March 2019 to accommodate the early commercial deployment.
Verizons Ultra-Wide Band 5G network will allow up to 100 times better throughput, 10 times longer battery life and 1,000 times larger data volumes, all while increasing reliability 10 times over 4G.Latency will also be dramatically lowered. On 4G, latency was cut in half from 3G, with response times of 15 and 60 milliseconds, versus 120 milliseconds on 3G. On 5G Verizon is targeting that latency could drop to 1 millisecond or less, which woul make lag times impossible to detect.
With its combination of greater data transfer speeds and heightened processing power, 5G will enable even more technology to connect, leading the Internet of Things to be deployed on a truly massive scale. Todays estimates of 8 billion IoT devices could climb as high as 20-25 billion devices by 2020 according to Gartner Research.
The massive improvements in 5G cellular technology will help usher in the deployment of Edge Computer.