What is Ivykoin (IVY)

Bruno Cerqueira
August 19, 2018
Coins / Tokens Library, Explained, News

Ivy is a blockchain-based technology for FIAT & cryptocurrency business transactions which require extensive verification in the international monetary system. The Ivy network utilizes Ivy (IVY) tokens which carry KYC & KYT data points critical for Financial Institution validation.

Advantages of Ivy Network over traditional payment networks

Securely facilitate the transfer of cryptocurrency payments while associating KYC and KYT data via the trusted, distributed ivyKoin network
Securely store an immutable reference to supporting transaction data in a public blockchain
Embed more KYT & KYC information into the transfer than traditional payment methods
Able to be integrated into existing banking software
Offer easy integration into accounting software for bookkeeping efficiency
Provide revocable access to KYC/KYT data to financial institutions, accountants, company managers and others, depending on the information they require.

More Know Your Customer (KYC) Data

Ivy is designed to collect more transaction specific information than traditional payment networks, to enable it to be easily accessible to financial institutions

More Know Your Transaction (KYT) Data

It is anticipated that Ivy will also allow for more than 120 KYT data fields to be sent with transactions

Advantages of Ivy Network over Ripple and other cryptocurrencies

Ivy platform has planned architectural improvements compared to Ripple, it’s closest peer and the global leading Altcoin.

RIPPLE

KYC/KYT/AML not included in core design
KYC and KYT data not associated with cryptocurrency
Centralized system of transaction validation
Public coin economics not transparent; large, privately held reserves

IVY

Designed to break KYC/KYT/AML barriers between cryptocurrency and existing financial system
Up to 74+ KYC, 120+ KYT data points and customer files per transaction
Decentralized system of transaction validation
Public coin economics driven by utility transaction volume on public ledger

OVERVIEW OF ARCHITECTURE

It is intended that the Ivy Network will function through the use of a dual network architecture, where senders of Tokens operate on a public network (Ivy Public Network), and parties that provide the financial settlement to fiat currency participate on a private network (Ivy Private Network).

KYC/KYT/AML data supporting transactions will be captured in cryptographic containers that are generated from the Ivy Public Network interaction with the Ivy Network smart contracts and support the activities of the Ivy Private Network participants in facilitating transaction settlement.

This data will be stored and accessible by the financial institution and governing regulators of the fiat balance recipients.

BLOCKCHAIN TECHNOLOGY APPLICATION

The Company envisions the Ivy Private Network as consisting of validation nodes sponsored by entities other than itself. The Ivy Private Network will be validated directly by financial institutions and intermediaries, who are independent, yet aligned. This will greatly reduce thelikelihood of network spam and aligned incentives removes the need for block rewards that typically incentivize public blockchain networks.

For consensus, it is anticipated that a scheduled byzantine fault tolerant algorithm, such as Istanbul BFT will be used. In this consensus algorithm, each participant creates blocks on a scheduled, round-robin basis and submits its results to the rest of the network, which must vote with a 2/3 majority to approve the leader’s block calculation. Specific benchmarks of Istanbul BFT indicate that it is capable of ~1000 transactions per second, which reflects the total estimated network of interagency transactions that happen today between FedWire, SWIFT, and ACH today.

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