What problems is IOTW trying to solve in the Blockchain and IoT Industries?
IOTW project is building a blockchain-enabled IoT Data unifying platform and aiming to solve some key problems surrounding big data and blockchain. Currently IOT big data across various brands is only available in the hands of a few tech giants such as Google, Apple, and Amazon Web Services. Big data security and privacy are some of the most discussed topics in tech today. Cloud hosting of big data is expensive and the general public does not directly benefit from blockchain technologies. Very few understand the technologies well.
However, given the utmost importance of big data in the Internet of things and artificial intelligence spaces and that 50 billion of IoT deployments will exist in the market by 2020, IOTW offers a unifying system built on native blockchain technology that connects different brands of IoT devices and applications to make big data tangible to all who seek it. Any IoT manufacturers can gain easy and efficient access to the data points and insights along with the analytical tools for deciphering the data. Hosting big data in the IOTW network is decentralized and cost-effective, reducing 95% of costs and hosting fees that small manufacturers typically pay for in AWS. IOTW also resolves the big data privacy issue by using private key encryption on IoT devices.
We extend our IoT Device Reference Design solutions to manufacturers to turn non-IoT devices into IoT devices easily. Once embedded, the devices will become IoT and join our blockchain network via micro-mining. Additionally, using such IoT devices at the household level allows everyday consumers to participate in IoT adoption and micro-mining. This also raises the public’s awareness of what blockchain can accomplish on a basic level.
All the solutions are based on IOTW’s patented technologies, Proof of Assignment (PoA) and Micro-Mining protocols, which connect the cross-sectional devices to our blockchain network without changing their hardware and minimal electricity cost. This is what’s special about the technology in comparison with other projects.
Additionally, the PoA and micro-mining protocols are created to solve other critical problems facing the blockchain industry. Firstly, the mainstream consensus protocols such as Proof of Work and Proof of Stake require relatively high power consumption and computing memory. As a result, they are not suitable for IoT devices. IOTW’s PoA enables any IoT device to mine without changing hardware and without adding additionals costs. This is the green way. The annual electricity costs of each IOTW-enabled device is only $0.50. Secondly, the centralized mining problem employed by mainstream protocols remained unresolved, whereas PoA enables every miner to have equal and unbarricaded access due to the employment of a random queueing system. Thirdly, IOTW solves the blockchain scalability issue via enablement of instant transactions across the Pacific with high speeds at a low latency of 1–1.5 seconds; this encourages IoT micro-transactions to take place without connectivity hindrances.
What are the real-life applications of IOTW Tokens?
Some blockchain projects in the world seem to be building a network of simple sharing rather than an efficient ecosystem by which tokens and coins are traded for larger purposes. The former can make those involved become less confident in using cryptocurrencies; if we continue along this path, the public might feel that there are a lack of real-life applications for IOTW tokens and blockchain technologies as a whole.
However, IOTW tokens are created for diverse real-world applications. What are IOTW’s tokens’ use cases? These use cases include rewarding end users of IOTW-enabled devices and IoT manufacturers and different IoT brands through micro-mining. The utilities are as follows:
- Instant Payment
- Purchase of Big Data
- IoT Device reference designing
- Masternode staking
- Data hosting
In IOTW’s Mainnet, the integrated IOTW mobile app will be launched that allows end users to do instant payment transaction and remote control of IoT devices, and purchase in the decentralized marketplace. The end users can use the mined IOTW coins to purchase goods available on the decentralized marketplace, and receive IOTW coins by selling their behavioural data to IoT device makers, market research firms, and government research institutes, who can make more informed decisions based on the cross section of valuable big data.
IOTW (https://iotw.io/) is building a fast-growing Blockchain-enabled IoT Data Platform in the world, where Big Data is unified from a cross section of IoT devices and different applications based on a native blockchain technology using Proof of Assignment (PoA) and micro-mining protocols. The blockchain software can run on different IoT devices to mine cryptocurrencies. The micro-mining software can be embedded into different IoT chipsets and also downloaded into existing IoT devices through a firmware update without changing their hardware. The founding team has about 30 years of experience working in the Silicon Valley, semiconductor, and IoT hardware industries, which can help make IOTW real business globally at a rapid scale. It has been backed up by 500 Startups accelerator program, one of the topmost incubators and VCs in the US.
Token details: https://iotw.io/token-details.html
Join IOTW TestNet: https://iotw.fun/
Join IOTW Community: https://t.me/iotwcommunity