Questions to Founders of Internet of Coins

May 24, 2017
OpenLedger DEX

Welcome to our first Spotlight Article, where we delve deep into the brains of the people behind the Internet of Coins to find out what makes them tick, and why their Blockchain based, decentralized company has a strong future. We interviewed the two co-founders, Robert de Groot and Joachim de Koning, for these insights.

Essentially a wallet, the Internet of Coins is a secure way to store cryptocurrencies and smart contracts, and trade them without centralized exchanges. With an easy-to-use interface to manage multiple coins and assets, users of Internet of Coins need no advanced technological knowledge to work with cryptocurrencies. Furthermore, the platform acts as an interface to smart contract systems, decentralized communications, and distributed notary functions.
Existing wallets will need no changes or adaptations to have their blockchains and value systems connected to this decentralized network.

Question 1: What is the major issue, problem, or obstacle have you seen in the market?

Centralized exchanges and brokers often prove to be untrustworthy with customer funds. Internet of Coins enables decentralized storing (in short, a wallet) and swapping of value, with deterministic cryptography, so the user always stays in complete control of their funds.

Question 2: Tell us the short story behind your journey.

In 2012, Joachim, the Founder of Internet of Coins, often experienced troubles when trading cryptocurrencies on centralized exchanges. Many of these exchanges like MtGox, Vircurex, Crypto-Trade and Cryptsy put their user’s funds in jeopardy. Joachim and Robert decided this problem should be solved once and for all, by designing a user-friendly system to enable decentralized liquid value exchange between peers.

Question 3: So you came up with the Internet of Coins concept. What are the attributes and why people should be interested in taking note.

Initially, Joachim created a token asset configuration on multiple decentralized cryptocurrency exchanges that had a tied pricing mechanism. This hybrid asset financially connected the tokens across the first DEX’s, which at the time were only the NXT Platform and CounterParty.

This hybrid asset was controlled from a centralized server, however, and Joachim started seeing the potentials of creating a completely decentralized version of it. This would effectively mean the inception of a decentralized portfolio of cryptocurrency value with the technical support of multiple blockchain systems. A resilient portfolio asset with completely new properties.

At the same time, we were frustrated with the lack of user-friendly solutions in the growing cryptocurrency industry. They decided to create a transactional operating system with a user-friendly wallet to bridge the gap between users and blockchains, in which also hybrid assets could be used. Thus, the concept of Internet of Coins was born.

The attributes of Internet of Coins are:

  • an easy-to-use environment for personal (crypto) finance
  • universal design for a broad range of financial applications
  • decentralized approach: even the browser can become a network node
  • comprehensive asset swapping: it should be easy to exchange value
  • deterministic encryption: keys are not shared with third parties

Question 4. What are your backgrounds (Joachim and Robert’s) work background, and experiences, plus how do you see Internet of Coins disrupting things in this space.

Robert de Groot: Robert is educated in public administration and has hands-on experience in the financial world, having previously worked at Rabobank. Bringing together the right people to form strong teams and creating reliable partnerships are his forte, as is connecting to businesses, and working with financial API’s. Robert takes part in cryptoculture by connecting knowledge to action, regularly visiting symposia and crypto-community events to communicate the latest developments and dynamics to those looking to take cryptocurrency mainstream.

Joachim de Koning: Before working on Internet of Coins, Joachim was a developer for financial application in the foreign exchange market, and developed on the NetAidKit, a project recently showcased at CCC in Germany. He is also working on a system to counter large scale DDoS attacks for Radically Open Security. He has extensive experience in financial markets, including foreign exchange, commodity trading, and automated accounting systems, and is an early adopter of blockchain technology and cryptocurrency. His work has been recognized by Dutch internet protection organizations SIDN Fonds, and the NLnet Foundation.

Joachim wanted to launch Internet of Coins to offer an alternative to the monopoly of banks and exchanges when it comes to money and value. Just like the personal computer revolutionized the computing industry, and the internet completely changed the communications sector, Joachim hopes blockchain technology and the Internet of Coins will change the way people think about, and interact with, value and money. When exchanging and transacting value becomes as easy as sending an e-mail, and can be done in just about any token, Joachim believes the way we think about money can become more diverse, and aimed at qualitative development, instead of only quantitative growth.

We believe the time for Internet of Coins is right, seeing that the latest high-speed developments in blockchain and cryptocurrency are creating platforms that are technically advanced, yet still far-removed from the average user. This is a gap that can be bridged. Also the recent discussions about centralization of mining power in the cryptocurrency world show that more is needed for cryptocurrencies to remain decentralized. There is a need for decentralized diversity, and a system to support this, instead of the current one-coin-to-rule-them-all mentality.

Question 5: Anything else he would like to add on how progress has been made to date in getting Internet of Coins primed for this crowdfunding project and what you hope to achieve?

  • Our team has been laying the groundwork for the Internet of Coins platform for more than two years, by creating a transactional operating system (TOS) to handle inter-blockchain transactions.
  • In 2015, they received financial support from the SIDN Fund, which was established by the independent non-profit foundation that manages the .nl domain in The Netherlands. (The .nl domain happens to be the first country code top-level domain given to an organization outside of the U.S.)
  • In the past six months a group of people that are setting up Eco villages in the Netherlands have started testing the Internet of Coins environment and its alpha GUI, by sending back and forth value. They want to use cryptocurrency in their day-to-day activities and trade between the villages, instead of the euro. They are providing feedback for its further development.
  • Recently the team presented their development efforts at A-Lab in Amsterdam, by giving a live demo of the system, and the alpha graphical user interface.
  • We have just passed the $500,000 USD mark in our ITO. Our ITO ends the 21st of June.

Question 6: Can we have details on how to participate via the relevant web links.

Yes – more information can be found here:

www.internetofcoins.org

https://blog.internetofcoins.org

Crowdfund terms are here:

https://coinstorm.net/terms

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