IOTA Foundation Introduces Chronicle Permanode Solution
IOTA Foundation announces the introduction of a distributed fault-tolerant Permanode solution called Chronicle.
Chronicle is the official solution that IOTA foundation has been working on to provide more storage for node owners in their databases. It will make storage of all IOTA Price transactions in a distributed database easier, fast, secure, and scalable.
Why the Need for Permanode Solution
IOTA Protocol is the first blockchain-based open-source distributed ledger built to power the future of the Internet of Things (IoT). It allows a free exchange of value between humans and machines using Tangle distributed ledger.
Tangle distributed ledger represents transactions as a stream of individual transactions that are entangled together. All users can secure data free on the Tangle and verify it to third parties.
Users on the Tangle are known as node owners. Users transacting on the distributed database can fill up their storage allocation if they have limited storage.
This raises a problem for IoT in cases where IOTA is trying to integrate with low-level devices that are constrained for resources. It, therefore, became necessary for node owners to delete old transaction data to maintain small Tangle databases after using local snapshots.
There are several types of data — some need to be kept for long periods while others for a lifetime. Iota foundation developed Permanode building block to cater for such cases.
Chronicle Permanode Solution
Chronicle permanode scales out and up and is designed and developed in a fully tested Elixir/Erlang ecosystem. In the announcement, IOTA foundation stated:
“Chronicle is used to store the unbounded data flow of the Tangle and make it queryable. In other words, a Permanode enables indefinite storage of the Tangle’s entire history and makes that data easily accessible at scale.”
One unique Chronicle feature is that it allows Tangle data to be offered as a query service by businesses and IOTA Protocol community members.
Minor improvements to the Permanode will see node owners make money by charging tokens to provide access to historical Tangle data. Data integrity will be uncompromised since internal and external nodes quorum are queried to access the data.
As a crucial building block, the Chronicle will be ported to Rust programming language and be readied as a production building block under maintenance of IOTA Foundation.
Users can set up their own Permanodes by visiting IOTA Node Software website.
Future Improvements on Chronicle
Chronicle is expected to share runtime with IOTA’s next-generation Node Software, Bee. After integration with Bee framework, Chronicle will be audited by a third party to ensure it is ready for production level.
Chronicle also plans to extend grants to their user community for the expansion and development of the Permanode. IOTA Foundation stated:
“The functionality of chronicle can be extended further through Multiplex networks, building microservices for each layer that can communicate with public and private dataset(s) under different policies.”
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About The Author
Wayne JonesAm Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.
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