German ledger non-profit tech company Iota Foundation announced on Twitter last Sept. 18, its newest innovation, Chronicle.
Iota’s Permanode Solution called Chronicle allows easy, fast, and secure storing of data and transactions. One of the pioneer scalable data storage solutions in the unbounded data flow is Chronicle, which stores the entire history of a database and makes it easier to access without errors.
This new technology is designed to scale out and up the battle-tested Elixir or Erlang ecosystem. In the blog posted by Iota, the highlight of the Chronicle is the ‘opportunity for community members and even businesses to offer the Tangle data query as a service.’ To put it simply, this technology makes use of querying a quorum of internal nodes, which make storing data securely.
Unlimited Amount Of Storage
IOTA hopes that the Chronicle can be used by node operators to have an unlimited amount of storage space in Tangle distribute the database. In addition, this technology becomes handy in case IOTA users need to store data and access whenever they are.
The tech company previously introduced a short-term storage solution that allows node owners to increase storage space by deleting old transactions. However, for businesses who need to backup files, this system isn’t efficient.
IOTA states, “Financial data must be stored for a decade in some cases, and identify data needs to be kept for a lifetime of the identity. To support these types of use cases, the IOTA Foundation has been working on one vital building block; a Permanode, which is Chronicle.”
Integration Process And Quality Check
Chronicle undergoes a series of test to ensure there will be no loopholes in the production. Recently, it was distributed to Bee to test its framework. It is a third-party project, which will use the Chronicle to its system and detect possible weak points for IOTA to improve.
After the successful integration, Chronical still needs to be audited by a third-party company to declare if it’s ready for production and distribution.
IOTA also plans to get the help of the community to detect issues that need to be improved. In the press release, the company said that it will issue grants in developing and expanding the notion of permanodes.
IOTA was founded in 2015 with the aim to create tech innovations that can be useful for the future economy of Germany and the rest of the world. It receives funding from the government but also accepts donations from enterprises and individuals.