General

What is Internet of Coins?

Currently, a simple, safe and secure wallet for your cryptocurrencies. You can try it here!

In the future, the Internet of Coins client will also offer a decentralized exchange to trade your cryptocurrencies and tokens. Read more about upcoming features.

What is the weavechain?

The weavechain is the decentralized network behind Internet of Coins. The weavechain connects the blockchains of cryptocurrencies without the need for a centralized authority. All transactions using Internet of Coins take place on the original blockchain of the cryptocurrency. Data on the weavechain is stored temporarily to communicate between the blockchains.. Read more about weavechain.

What is a HYBRID token?

HYBRID tokens serve mainly two purposes.

First of all, they provide a coherent store of value across multiple blockchains, diversifying risk.

Secondly, they serve as the vehicle to swap value between the different chains a HYBRID token is registered on. This will allow you to exchange value with users without the need for a centralized external third party, such as Mt. Gox. Or Cryptsy. Read more about the HYBRID tokens.

Internet of Coins wallet

How do I use the wallet?

Creating your wallet

Head over to https://internetofcoins.org/wallet on your Windows, Mac OS, Linux, iOS or Android device. If you have not created a wallet yet, you can do so by clicking “+Create a new account”.

Follow the instructions to generate your unique Account ID and a medium or high-security password. Select whether you would like to have a medium or high-security password generated. The medium-security password is shorter and easier to remember. We recommend the high-security password.

Please save these login credentials in a secure place. If you lose them, you cannot access your wallet ever again. We are not able to recover the keys for you!

Accessing your wallet

Enter your credentials to sign into your wallet and access the Dashboard view. You can select your favorite assets to be displayed here. Your current balance of these crypto-assets is displayed here.

Using the wallet

Head over to the Assets view to view current crypto-assets.

Add or remove assets to this screen
  1. Click Manage Assets
  2. Select assets you would like to add
  3. Save changes
Add cryptocurrency and crypto-assets to your wallet
  1. Select the Receive button next to the currency or asset you would like to add (on mobile devices, press Actions → Receive). Your wallet address of the currency or asset is displayed on the screen, together with a corresponding QR-code.
  2. Head over to the wallet or exchange where you have currently stored your crypto-assets and send them to the address displayed on your Asset view.
  3. In the next few moments, the crypto-assets will be transferred to your safe Internet of Coins wallet.
Send cryptocurrency and crypto-assets from your wallet
  1. Select the Send button next to the currency or asset you would like to add (on mobile devices, press Actions → Send).
  2. Enter the target address and the amount you would like to send. The network fee for processing the transaction is displayed.
  3. Press Send transactions
How do I check my current balance?
  1. Enter the Assets view
  2. Make sure all the cryptocurrencies you hold in the Internet of Coins wallet are added to the Assets view
  3. The system will calculate your current balance

Tip: Display your favorite assets in the Dashboard view:
  1. Head to My Assets in the Asset view
  2. Select the star next to your favorite asset
  3. Your favorite asset will be displayed in the dashboard view

I’m totally new to Bitcoin, cryptocurrencies and cryptowallets. What do I do with Internet of Coins?

Right now, Internet of Coins provides a wallet to store over 300 different cryptocurrencies and tokens. In the future, you can trade tokens and coins from different blockchains, decentralized. No need to trust a third party for managing and trading your assets ever again.

I cannot log into the wallet

If you cannot click the Sign in button, the Account ID and Password are incorrect. Please, make sure the Password is correct. In the Password, the numbers "0" and "1" are never used; instead the capital letters "O", "I" and "L" are used.

If you still cannot log in, try clearing the browser's cache and/or try using a different browser. Some users have experienced issues with Safari on iOS and macOS.

What are the fees for using the wallet?

We do not charge fees for using the wallet. The fees for transactions are the transaction (or network) fees that the network imposes on transactions.

For example: when you want to transfer ETH from your Internet of Coins wallet, a transaction fee has to be paid to the Ethereum network. Your Internet of Coins wallet calculates this fee automatically.

This is also true for tokens. When you want to transfer ETH.XHY (or any other token distributed on the Ethereum network), an ETH fee is imposed to pay the Ethereum network for the transaction. This means you need to have ETH in your wallet to pay for an ETH.XHY transaction.

The same is true for the other blockchain systems supported in the wallet.

My (HYBRID) tokens disappeared!

A recent update of the wallet resulted in some wallets not properly displaying HYBRID and other tokens. This is because the preferences have been reset.

Luckily, you can fix the display of tokens manually very easily, by following these steps:

  1. Log into the wallet (with the credentials we provided you)
  2. Go to the Assets tab
  3. Click Manage Assets
  4. Search for your tokens in the search bar. (In case of HYBRID, search for 'XHY')
  5. Add all ###.XHY assets
  6. Save changes.

Why did my current balance disappear (N/A)?

Sometimes your amount can seem to disappear in the current wallet. The wallet will display N/A. This means the API for that blockchain is too busy to respond.

Some cryptocurrencies have this more than others. For example: Counterparty (XCP) and Omni (OMNI) often respond very slow.

Your tokens and coins are not gone. They are still there, and can be sent when the blockchain responds again.

Is my financial data safe?

Yes. Because of how the system is built, we can not have access to your financial data. All your keys and data are created client-side, and only stored where you write them down. We can not see what’s in your wallet and your password is never sent over the network.

Which cryptocurrencies and tokens are supported by Internet of Coins?

Currently, we support over 380 different coins and tokens. We are blockchain agnostic and will continue to adapt new coins, tokens and blockchains. We believe in a diverse and plural crypto-ecosystem and want to support as many blockchains, coins and tokens as possible in our decentralized network.

What is the difference between Internet of Coins and other decentralized exchanges?

Internet of Coins will facilitate inter-blockchain swaps. You will be able to swap for example Ethereum for tokens on the NXT chain and vice versa. This will improve liquidity and accessibility to blockchain initiatives across all projects.

Another difference is that we do not store your data and coins: only you do. We have developed Internet of Coins so that we are not physically or digitally able to access your wallet or your data. The device you use will function as a node in the network.

Next, all code is open sourced and donated to the public domain via the Commons Conservancy.

Internet of Coins is held accountable to how collected funds are being spent by the appointed NGO, the NLnet Foundation. This is to safeguard donations made to the project; to make sure the funds are spent in a responsible manner.

Can I put tokens and coins from different blockchains together in one wallet?

Yes! All supported crypto-assets can be stored in one Internet of Coins wallet.

Are mobile devices supported?

Yes. Currently, the Internet of Coins wallet is accessible for iOS and Android devices in your browser.

How do you manage your funding?

We store most donations to the project in various cryptocurrencies. We believe in a positive future for the cryptocurrency sector.

The NLnet Foundation holds Internet of Coins accountable for how donated funds are spent. This is to safeguard the donations made to the project.

What happens to cryptocurrency donations?

Funds are primarily used to compensate team members, software & hardware expenditures, legal and financial assistance, marketing and development bounties. Before crowdfunding started in 2017, developers and team members have been compensated by the Dutch SIDN Fund (1, 2).

You can publicly track the state of our reserves at the following donation addresses:

If you do not see the full table, try scrolling horizontally.

BTC14aV8dULoL67i6xQncfmFsbFaEtpRKskC2
XCP1BshWVmV1o4ZPWRvTGVMGsXMmQaV1qAouw
ETH0x197A920123DDa17040A065457Ef0c01B28A54045
NXTNXT-FCXQ-K5NB-EA5E-CF36G
XEMNB6TCTRBT7KUN5T5337LBSBIAYHL375VHCFZNOAU
WAVES3P6xW7z9rjfGcoTeEiitoWfHWMbZ5j2GZkN
BTSinternet-of-coins

Can I earn money with the Internet of Coins wallet?

Once the decentralized exchange features have been implemented, it will be possible to serve as an allocation node in the network and earn fees from other users.

How can I serve as an allocation node on the network?

Not yet. This is a feature which will be implemented at a later stage.

Can I mine HYBRID tokens?

The short answer is no. We don't have that option since we did not choose a 'mining' release model.

You will, however, be able to participate actively in the network and serve as an allocation node, which will earn you fees for swapping cryptocurrencies for others. See our timeline for an indication of when these features will become available.

How fast will transactions be?

Transactions will be as fast as the slowest underlying blockchain transaction time. So transactions between different Ethereum tokens on the Ethereum blockchain will take (according to Ethereum) at this time of writing roughly 20 seconds.

Facilitating inter-blockchain transactions is one of the features we are working on (i.e. Litecoin to Ethereum, or vice versa). They will take as long as the slowest blockchain of the two. For example Litecoin has a transaction time set of 2,5 minutes. In case of a transaction between Litecoin and Ethereum, a transaction will take a minimum of 2,5 minutes.

Can I use the Internet of Coins wallet on iOS or Android devices?

Yes. You can use our wallet on iOS and Android in your browser.

Did you find anything not working correctly? Please let us know!

Technology

How does the weavechain work?

A weavechain is the decentralized storage system for Internet of Coins containing a sequence of interwoven block streams that can store different types of data. It is a priority-based data retention system which stores cryptographically secured blocks on a decentralized network of computers.

Like a blockchain, a weavechain can function as a public ledger of transactions that have been executed on a decentralized network. The first working example of a blockchain is Bitcoin. However, its constantly growing chain size has been perceived by some as a problem that grows more urgent over time.

As ‘completed’ blocks are added to a weavechain block strand, data is retained based on the capacity of the machine the weavechain is running on. Certain strands that have lower priority may be dropped to conserve storage space. When needed, this data can be pulled from machines that have more storage space for all priority strands.

Blocks are added to the weavechain strands in parallel. Every strand records blocks in a linear, chronological order.

Is the number of supported blockchains in the Internet of Coins wallet limited?

No. You can track the supported blockchains here.

Some popular ones are Bitcoin (BTC), Ethereum (ETH), Counterparty (XCP), NXT Platform (NXT), New Economy Movement (XEM), Waves Platform (WAVES) and BitShares (BTS).

We are blockchain agnostic: by that, we mean that we will make the platform accessible to all crypto-assets and blockchains. We believe in a diverse and plural crypto-ecosystem. We want to support all non-proprietary blockchains and tokens on our decentralized network.

Will Internet of Coins eventually support all cryptocurrencies?

If it would be up to us: yes!

Right now, we are working on standardized recipes to make it easy for blockchain projects and crypto-assets to be implemented in the wallet. We are blockchain agnostic, we do not discriminate between projects.

Will you work on implementing an exchange function?

Internet of Coins will become a decentralized exchange.

I dig the whole concept. Is there any way I can help out Internet of Coins?

Yes, please! The easiest way is to spread the word of Internet of Coins around on Twitter, Telegram, Facebook or Reddit.

If you are interested in code contribution, you can get in contact with the developers via Slack. Check out the GitHub respectively.

I know or have an awesome blockchain project. How can we be included in the Internet of Coins wallet?

The easiest way is by doing a pull request on the GitHub or to send us a message on Slack. If the blockchain you are using is not supported yet, please send us a message via Slack so we can look into incorporating your initiative.

How does Internet of Coins make use of multiple blockchains?

Internet of Coins uses multiple data streams to connect cryptocurrency blockchains in a construction called a weavechain. Our consensus model for this chain is called Proof-of-Allocation, as users that allocate their own cryptocurrencies in the Internet of Coins are automatically supporters of the network.

This can be done next to mining or staking cryptocurrencies on their own respective blockchains. However, it provides an additional incentive to run their own node. Allocators are rewarded with decentralized exchange fees that users of Internet of Coins pay each other when exchanging one token for another.

What encryption are you using?

Financial data is encrypted and protected twofold.

We use NaCL encryption libraries to encrypt and protect data using multiple tunnels of public and private key cryptography. We call these Upsilon channels.

On top of that, we distribute data streams over alternative decentralized networks, like TOR and I2P. The combination of these security systems enables data transport over the network completely sealed and encrypted.

Do you make use of sharding?

No. We do not make use of sharding ourselves because we do not need to make use of sharding. Sharding is generally used in blockchains to make scaling possible. One of the advantages of our weavechain is that it does not keep growing in size.

How are exchanges handled in this ecosystem?

To handle exchanges, Internet of Coins will make use of hybrid assets.

Hybridd, our network daemon, ‘glues’ crypto-assets and coins together into a hybrid asset. To form these hybrid assets, Hybridd passes around data sets and rule sets: the data sets (or tables) contain identification information about each individual blockchain-based asset; the rule sets govern their relationships. A FIFO (first-in-first-out) blockstream is used to share and verify data.

This results in assets that have the flexibility to pass their value from blockchain to blockchain, or from system to system. An owner may transfer an asset to another blockchain by cryptographically proposing a transaction to which any other peer on the Hybridd network may respond.

The 2017 crowdfunding campaign

How are HYBRID tokens distributed?

First, the beta wallet is released on March 31, 2018.

HYBRID tokens are distributed into Internet of Coins wallets.

To make sure the distribution goes as smoothly as possible, please make sure you still have:

  1. Access to the email address you used for the donation to the crowdfund
  2. The exact date, time and amount of the transaction
  3. The transaction ID

Try to find our crowdfund confirmation e-mail, and keep a copy of that.

Two weeks after the wallet release, everyone who participated in the crowdfund receives an email with instructions how to access their Internet of Coins wallets and collect their HYBRID tokens.

HYBRID tokens will be evenly distributed over a range of supported blockchain systems. Provided that there are no major unforeseen technical difficulties, we will distribute tokens over the course of 7 weeks. During this period, we aim to distribute the HYBRID tokens in the wallets on a new supported chain every week.

The amount of HYBRID tokens you will receive as a crowdfund reward has been communicated in a confirmation email after your donation in the crowdfund. This amount will be communicated as well during the distribution.

Also note: we do not link to any other domain than https://internetofcoins.org or https://ioc.re!

I followed the steps in the email, but the requested URL was not found

Due to spam protection, a batch of invitations for claiming HYBRID tokens has been retracted. These links result in a "URL Not Found" error. We will contact everyone who received this error. If you encounter more problems during the confirmation process, you can restart the process by clicking the link in the invite email.

I do not have the same IP address as I had during the crowdfund

This is not a problem. Please, make sure you do not change your IP address during the validation process. This does not need to be the same as the one you had during the crowdfund, it just needs to be consistent during the 20-minute process. So, if you use a VPN service that keeps the IP consistent over the 20-minute process, it will not be a problem to confirm your account.

I have not yet received an invite to collect my tokens

The invite link is sent out in different batches over multiple days.

If after April 20th you still have not received an invite email from us, please, contact us on support@internetofcoins.org. We will process these queries after May 27th.

I do not have access to the email address used in the crowdfund (anymore)

Please, send an email to support@internetofcoins.org. We will process these queries after May 27th.

How can I receive my HYBRID tokens?

When will I receive my HYBRID tokens?

How many HYBRID tokens will I receive?

What is HYBRID and how does it work?

The HYBRID is a set of blockchain agnostic tokens, issued by Internet of Coins. They mainly serve two purposes.

Basically, HYBRID tokens will serve as a vehicle to 1) swap value from one blockchain to another without a centralized party and 2) diversify portfolio risk across different blockchains.

First of all they provide a coherent store of value across multiple blockchains, diversifying risk. Secondly, they will serve as the vehicle to swap value between the different chains they are registered on. This will allow you to exchange value with users without the need for a centralized external third party. The network can split and divide escrow transactions, swarming them over network users to confirm transactions.

Why is HYBRID not listed on CoinMarketCap or a comparable index website?

HYBRID is a utility token for the Internet of Coins decentralized exchange. The exchange is not up yet, so there is no traffic from the platform yet to be tracked by CoinMarketCap.

What is XHY?

XHY is the tracker for our HYBRID token on the Ethereum blockchain.

Where can I find HYBRID tokens?

The HYBRID tokens are released on a range of blockchain systems. For example: Bitcoin (BTC), Ethereum (ETH), Counterparty (XCP), NXT Platform (NXT), New Economy Movement (XEM), Waves Platform (WAVES) and BitShares (BTS).

For every blockchain, a compatible HYBRID token is released.

For example: The HYBRID token on Ethereum can be found under the tracker XHY/ETH; the HYBRID token on Waves can be found under HYBRID/WAVES.

If you do not see the full table, try scrolling horizontally.

BlockchainTrackerAddress
EthereumXHY/ETHContract address*: 0x2F4BAeF93489b09B5e4b923795361A65a26F55E5
Bitcoin/OmniHYBRID/OMNIProperty ID: 142
Bitcoin/CounterpartyHYBRID/XCPIssuer: 1KWsPEb3bp7nQuodUtZYHQsXmBCDZ9dtPz
BitSharesHYBRID/BTSIssuer: internet-of-coins
WavesHYBRID/WAVESIdentifier: 4BAkbmAhaTN5BFBD1WjTLS3ijrDmH9XCz4twnhr3HQum
NXTHYBRID/NXTAsset-ID: 17179021398403681515
Issuer: NXT-FCXQ-K5NB-EA5E-CF36G
NEMHYBRID/NEMNamespace: internetofcoins

*Our old contract has been deprecated. It was listed at 0xb0ef360dcf2141be4fad80209b3fee31d5ae5df6.

On which exchange can I find HYBRID tokens?

Eventually, the HYBRID assets can be used on the decentralized exchange of Internet of Coins. (HYBRID is a utility token.)

How can I get HYBRID tokens?

During the 2017 crowdfunding campaign, users could receive HYBRID tokens as a reward for their donations, to use in the upcoming Internet of Coins decentralized exchange. We do not provide these anymore, but you can swap them with others.

I have not received my tokens, and have not received any message regarding the token release. What do I do now?

We have thousands of supporters for the Internet of Coins project. If you haven’t heard from us after a month after the token distribution, please get in contact with our support team and make sure you still have:

  1. 1. Access to the email address you used for the donation to the crowdfund
  2. 2. The exact date, time and amount of the transaction
  3. 3. The transaction ID
  4. 4. The confirmation email received at the time of the crowdfund

Due to the high attention for the project, it may take some time to resolve your inquiry.

What is the supply of HYBRID?

The total supply is 7,000,000 HYBRID. This will be split into two parts: distribution to the donors and a reserve for the crowdfund rewards. The residual will be burned publicly.

The distributed amount forms the circulating supply within the Internet of Coins decentralized exchange. The total circulating supply for HYBRID is just over 900,000 HYBRID. As of writing, this amount is distributed over 7 different blockchains.

10% of the circulating supply will be kept as a reserve for the crowdfund rewards.

How does the 2017 crowdfund reward allocation work?

The reserve for crowdfund rewards will be used to reward 2017 crowdfund donors, provided that the project can proceed as planned. Crowdfund token holders receive crowdfunding rewards in the three years following the fundraiser.

  • In 2018, 5% of reserved tokens
  • In 2019, 3% of reserved tokens
  • In 2020, 2% of reserved tokens

In addition, donors from the 2017 campaign receive 5% of the tokens for every new blockchain asset system officially hooked up to HYBRID by the Internet of Coins team.

What is (or was) Coinstorm.net?

Coinstorm.net used to be the website for all main communication regarding our 2017 crowdfund campaign. For the sake of consistency, we have decided to transfer our website, blog and wallet to the internetofcoins.org domain.

When did the initial crowdfunding for the project take place?

Between March 21st and June 21st, 2017.