IPSX is a decentralized exchange meant for sharing IPs and framework for building applications, on existing IPs shared by the people in the IPSX community and also established data centres. What this basically means is that people, or ‘providers’, can rent out their IPs for others to use for a basic fee.
A smart contract based, blockchain protocol and utility tokens incentivised mechanism of sharing IPs with people all over the world to enable the build of their application requires a safe, reliable open source environment and IPSX intends to provide its community members with just that.
How Does it Work?
The main vision behind this project is to make the internet a ‘free place’. By free, IPSX means a truly free internet that has no censorship, restrictions, etc. IPSX believes, for now, making IP addresses from different regions accessible to people is a step towards making the internet truly free.
The actors in the IPSX community will be:
- Human/Bot administrator of a device that will either request or provide an IP.
Based on the nature of the administrator, the user is further classified into two parts; the ‘provider’, the person/bot providing the IP address and the ‘requester’, the person who is in need of the IP.
- A Java API that will act as the interface with IPSX system and;
- A third party VPN application
The technology of the platform is also split into three layers:
- The Ethereum Layer
The Centralized Smart Contracts will manage the wallets, profiles and the token balances.
- The Application Layer
The IPSX’s Java Application that will look after the user interface and the synchronization with the Ethereum layer.
- The Service Layer
The third party VPN application that is used to instantiate VPN connections between the actors.
The Blockchain Aspect
The payment aspects of the entire project is supported on the Ethereum blockchain. And all the commission payments that will take place on and to the platform will be carried out in IPSX utility tokens.
This token too, like all other tokens, adheres to the ERC20 standards which makes it compatible with existing wallet technologies and also makes it that much easier for it to be converted into traditional cryptocurrencies.
The company has made no official statement on when the plan to conduct their ICO because the product is still with the company’s legal team. However, the company tentatively has hinted towards an ICO at sometime towards the end of the year.
The main vision of the company is to make the existing internet free. By which the company does not mean in terms of money alone, but by removing restrictions, putting a stop to censorship, etc. But for such a thing to happen, it involves a lot of groundwork and a lot of perception change which could take a long, long time.
So in the meantime, the company believes that making IPs available for rental use is a large step in that direction because it is a legal way around regulations imposed and the lack thereof privacy on internet usage.
Another very important effect of such a community is that it breaks the monopoly that data centres have held onto in this field. Because up until now, the only way a person could rent or buy an IP was from a data centre. But IPSX has taken that and plans to give the option to even the average homeowner with an IP to rent it.
However, IPSX is a product that is one of a kind and it will take some time for it to setup and have a decent community. But all said and done, this is a product that has the potential to change the IP and framework market and is an ICO to watch out for.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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