Our new chain, the Nodle Chain—dedicated to the Internet of Things—is LIVE.
Unlike other IoT blockchains, the Nodle Chain focuses on features that truly enhance the landscape of IoT by introducing a set of tools that will play a major part in privacy, decentralized identity and micropayments.
If you’ve read previous posts, we had started to build out our network using the Stellar Blockchain; however with the rapid growth we experienced (including processing 1.2M transactions per day), moving to the Nodle Chain will better support our original White Paper goals.
The Nodle Chain is built on Parity Substrate, a web application framework made for building distributed or decentralized systems such as cryptocurrencies.
Among the first features we’re rolling out:
- A robust Identity System; where users can set names for their own accounts. You’ll see huge improvements in UX and usability of the Nodle Cash app and the Nodle Chain compared to other networks in general. For reference
- Social Key Recovery; where we have a built in recovery system into our chain. Nodle Cash users can invite some of their friends and rely on them to recover their accounts in the event they lost their keys.
- Proof of Connectivity, which rewards users in the form of Nodle Cash, for the Bluetooth data packets they’ve collected from nearby IoT devices and sensors.
- PKI (Token Curated Registry + Root Of Trust); as mentioned in a previous Medium post by Nodle’s Blockchain Architect Eliott Teissonniere, a ‘Token Curated Registry is a list for which people debate the addition of new entries…In our case, a group of people (Nodle Cash token holders, or a specially selected jury) vote on the decision to include or reject a certain entity from the registry. Because the votes are weighted by the amount of tokens one owns or is able to lock, we say the votes are “token-weighted.”’ And as part of our new security and identity stacks, we have a decentralized certification system built into the chain where the Nodle Chain is a ‘root of trust.’ This lets third parties generate parent and child certificates for certifying things (physical things like smartphones or watches) or documents. In addition, the system supports an easy key revocation and is supported by a grant from the Web3 Foundation. See Eliott’s recent medium post.
- The Nodle Chain is supported by an innovative governance model which we can extend upon.
- The chain can upgrade itself through this governance model.
How Coin Generation Works
- Nearby Bluetooth data packets collected by users auto-send to the Nodle Network.
- Nodle creates a proof (Proof of Connectivity) based on each data packet that passes through a user’s phone (like a secure IoT gateway), and generates a reward based on a secret formula.
- Nodle submits the proof to the chain that then allocates the Nodle Cash to a user.
What’s On-Chain and Off-Chain
- Nodle Cash rewards are on-chain, but rely on off-chain data and proofs.
- Parent certificates are on-chain, but child certificates are off-chain