Okay, it’s two years later. Let’s see what happened:
We built applications on the EVM for now.
“If you can’t beat 'em, join 'em” they say. Well, we stayed compliant with regulations so we weren’t able to raise enough to build the Intercoin Protocol… yet. (Although we know exactly how it would be built and even discuss the bigger picture.)
So we built all the Intercoin Applications on top of the EVM, which is the most widely supported compilation target in the world for smart contracts. (Same reason that Qbix built on top of PHP)
Since nearly every blockchain out there now supports the EVM, our apps can be easily ported to all of them. But also, we will be buiolding build new cross-chain solutions bridge from Bitcoin and CityCoins, meaning we can actually make actual city currencies, voting and other applications on a turing-complete virtual machine like the EVM.
We’re building a front end interface
The Intercoin App is aiming to make crypto mainstream. You’ll be able to manage your own community, governance, and issue your own currency, see what the money it’s being spent on, and make decisions as a community by participating in ongoing voting and polling – having the decisions be reflected entirely on-chain.
Blockchains are not the ideal back-end technology for what we’re trying to do, but they’re good enough. The front end wallets also have a major flaw: allowing users to export private keys (causing scammers to trick them into paste private recovery phrases to websites etc.) The keys should never leave the wallet+device combination, but rather the user should be able to manage keys in a keychain, authorizing new keys and revoking certain keys when they get compromised. The key to access the blockchain should be generated either by secret splitting or without even a trusted dealer, e.g. using BLS Signatures. Sadly, I’m not sure we can use these techniques to provide valid ECDSA signatures, but there are ways to keep the keys extra secure.
The Qbix authentication protocol can be used to bridge blockchain, web, and your native phone apps. We can use the Groups app with its 9 million users as the jumping-off point. Get all your contacts to share their own addresses on various EVM chains, etc. and prove ownership privately to each other by signing a given challenge phrase. Then we can have an actually user-friendly wallet that integrates with your address book, and the rest of the Qbix social operating system and its applications
Intercoin Base-Layer Protocol
So what happened to the Intercoin Protocol? We’ve completely designed it. Now all that remains is to build it, over the next couple years. But there’s no hurry, since blockchains work well enough, and it would have to be made compatible with EVM for anyone to care. (Or by the time it launches, probably with EWasm for Ethereum 2.0)
In the meantime, if you want to read about it, click on the “Technology” section