IOTA, the cryptocurrency designed for use in the Internet of Things (IoT) ecosystem, recently announced Chronicle, a solution based on permanodes.
Through this solution, the IOTA Foundation wants to offer unlimited storage space to maintain all transactions in its Tangle network.
Unlimited transaction storage
As explained in the post on its official Medium blog, Chronicle is a solution that will allow node owners to store all IOTA transactions in a fast, secure and distributed database with unlimited storage space.
This will allow IOTA users to store data indefinitely and to access it whenever they wish.
Prior to the introduction of this solution, the IOTA Foundation had tried to mitigate the problem of scalability through local snapshots. They allowed a node to eliminate older transactions in order to maintain a leaner and faster database.
However, in some cases, this solution quickly proved to be inefficient.
For example, in many business use cases, data must be stored for long periods of time. Financial data must be retained for 10 years and identity data must be retained for the duration of the identity.
Chronicle, according to IOTA, is a distributed, scalable and fault-tolerant permanode, designed and developed in an Elixir/Erlang ecosystem.
The project will be later brought to Rust and will also be managed by the IOTA Foundation.
What makes the Chronicle protocol unique is the opportunity for community members, and even businesses, to offer full access to all of the data on Tangle.
With a few small additional developments, node owners could earn money by charging IOTA tokens for accessing Tangle’s historical data.
According to the IOTA Foundation, querying a quorum of internal and external nodes can ensure the absolute truthfulness of the data.
The entire IOTA Chronicle project is open source and its source code can be viewed on the dedicated GitHub page.