On September 17, 2019, there was a big announcement by IOTA. The foundation presented a new Permanode solution called Chronicle. IOTA focuses on the Internet of Things (IoT) in the development of its DLT technology. The IoT consists of many resources such as small, devices with limited resources. Therefore, there is also a limit to the size of the database.
To keep the size of the database, the so-called Tangle, compact, there are so-called snapshots in IOTA. These remove all used addresses that have no credit. Of course, this information is lost. The history of the transaction has gaps, relationships may not be reconstructed.
Chronicle is the IOTA Foundation’s official permanode solution. It makes it simple for node owners to collect all IOTA transactions in a quick, reliable, scalable, and distributed database. Chronicle is utilized to put the unbounded data flow of the Tangle and make it queryable. In other words, a permanode allows unlimited storage of the Tangle’s complete history and makes that data quickly accessible at scale.
Monetary incentives for IOTA
IOTA wants to solve this problem with the new Permanode solution . Permanodes are special nodes that store the entire transaction history and are available on demand. Interesting in the concept are the incentives that one would like to offer to a permanent establishment operator. This can provide the data via a retrieval service for a fee. As a result, the otherwise toll-free IOTA network will have a component that includes monetary incentives and thus contributes to decentralized security.
When data is requested, matching with multiple permanodes can verify their integrity, similar to an oracle. Chronicle is part of a new Node software “Bee”. The technology lover and Linux user can ever test the alpha version .
In addition to the first insights into the game Caer Sidi, which is soon to run on the Tangle and the integration of IOTA cryptocurrency in the payment Zeux, the news about Chronicle was one of the great news of the last days. The IOTA price has increased in the last 24 hours by almost 10%.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.