At the core of a crypto currency lies the blockchain technology that is transforming the way that data is held in networks and organizations. Blockchains de-centralize data transactions and ledger storage, and facilitate currency transfers amongst many peers within computer networks joined together by the internet.
This de-centralization brings many benefits such as transaction anonymity, lack of oversight by regulatory bodies and governments, and a democratization of currency and money flows. It is these features that underpin the success of crypto currencies.
There is a problem, though, and that is blockchain transactions occur in the cloud rather than within the closed networks you would see in banks, so currency transactions are occurring in a non-secure environment, but require high levels of security to protect the integrity of the blockchain ledger and prevent tampering and theft.
This is where an emerging technology can play an important role in the future, and a new crypto currency, topiacoin.io, has been developed to provide a means to pay for it.
One of the security challenges that must be faced by cloud-based systems is to containerize applications so that one application does not steal the resources, or interfere with, another completely unrelated application. Maintaining strict containerization also greatly enhances the security of each application, which is vital when conducting blockchain financial transactions.
It is important that by providing strict containerization, transactional performance times so not suffer, particularly when these transactions are occurring in the cloud across the internet and are already subject to network latencies.
A security technology called SDFS has been developed which meets the two main requirements of providing a security layer and which does not degrade performance significantly. Topia Technology, a company with a long history of developing secure data transmission systems for the military and other government organizations, is using its skills in encryption to allow the secure movement of data around the SDFS network.
Highly secure transactions
Building and maintaining the SDFS network requires computational resources so this is where Topia Coin will play its part in building an economy that will underpin the SDFS network. The coin will be used to pay for secure data transmission across the SDFS network, and also to reward users who facilitate the health of the network by building and maintaining containers.
Topia Technology, who are developing Topia Coin, also intend to reward users who discover and report bugs by gifting Topia Coins which can be used to buy further services within the SDFS network.
It is not currently the aim of the coin developers to allow Topia Coin to become subject to the inflationary pressures seen with Bitcoin, but this is a great example of a crypto currency being used to develop a closed economy that facilitates large scale data transfers within the cloud environment, but with an emphasis on ensuring high levels of security.