IOV blockchain (IOV) is a platform that aims to offer smart internet solutions to the vehicle industry. IOV blockchain seeks to provide decentralized blockchain applications to the automobile industry and vehicle users. The platform also aims to offer IOV data exchange, digital identity, and many more.
Decentralization refers to a process wherein there are no third-party involvements in processing transactions. IOV blockchain aspires to decentralize and enrich the user experience with an autonomous ecosystem for the Internet of Vehicles, or IoV.
The Internet of Vehicles works as a distributed network to support data generated by connected cars and other vehicular networks. The platform aims to develop an infrastructure model that has four layers of control:
The platform also uses a layer2 protocol with three layers. The first layer is the on-chain layer, the second layer supports off-chain transactions, and the third layer supports the cross-chain transactions.
According to the whitepaper, on-chain is a valuable protocol in recording the code and data on the blockchain. IOV token is the ERC-20 token offering from the platform. IOV tokens also come with the following facilities:
The platform aspires to offer community contributor incentives to those users who actively participate in activities, such as car consumption and information.
The platform aims to offer a total of fewer than ten billion tokens in the market. Out of this, 35% is set aside for developmental activities, another 35% for contributor incentives and 30% for community contributors.
