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: 1. Securely facilitate the transfer of cryptocurrency payments while associating KYC and KYT data via the trusted, distributed ivyKoin network 2. Securely store an immutable reference to supporting transaction data in a public blockchain 3. Embed more KYT & KYC information into the transfer than traditional payment methods 4. Able to be integrated into existing banking software 5. Offer easy integration into accounting software for bookkeeping efficiency 6. Provide revocable access to KYC/KYT data to financial institutions, accountants, company managers and others, depending on the information they require 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.
The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining. Satoshi Nakamoto, the designer of bitcoin claimed that design and coding of bitcoin began in 2007. The project was released in 2009 as open source software. The network requires the minimal structure to share transactions. An ad hoc decentralized network of volunteers is sufficient. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will. Upon reconnection, a node downloads and verifies new blocks from other nodes to complete its local copy of the blockchain. A bitcoin is defined by a sequence of digitally signed transactions that began with the bitcoin's creation, as a block reward. The owner of a bitcoin transfers it by digitally signing it over to the next owner using a bitcoin transaction, much like endorsing a traditional bank check. A payee can examine each previous transaction to verify the chain of ownership. Unlike traditional check endorsements, bitcoin transactions are irreversible, which eliminates the risk of chargeback fraud. Although it is possible to handle bitcoins individually, it would be unwieldy to require a separate transaction for every bitcoin in a transaction. Transactions are therefore allowed to contain multiple inputs and outputs, allowing bitcoins to be split and combined. Common transactions will have either a single input from a larger previous transaction or multiple inputs combining smaller amounts, and one or two outputs: one for the payment, and one returning the change, if any, to the sender. Any difference between the total input and output amounts of a transaction goes to miners as a transaction fee. In 2013, Mark Gimein estimated electricity consumption to be about 40.9 megawatts (982 megawatt-hours a day). In 2014, Hass McCook estimated 80.7 megawatts (80,666 kW). As of 2015, The Economist estimated that even if all miners used modern facilities, the combined electricity consumption would be 166.7 megawatts (1.46 terawatt-hours per year). To lower the costs, bitcoin miners have set up in places like Iceland where geothermal energy is cheap and cooling Arctic air is free. Chinese bitcoin miners are known to use hydroelectric power in Tibet to reduce electricity costs. Various potential attacks on the bitcoin network and its use as a payment system, real or theoretical, have been considered. The bitcoin protocol includes several features that protect it against some of those attacks, such as unauthorized spending, double spending, forging bitcoins, and tampering with the blockchain. Other attacks, such as theft of private keys, require due care by users.