SIDERA: USING IoT AND BLOCKCHAIN TECHNOLOGY TO REVOLUTIONIZE THE SHARED ECONOMY THEREBY MAKING PAYMENT MORE CONVENIENT WITH WEARABLE DEVICES.

Mithun Geekiyanage
Sep 2, 2018 · 7 min read

SIDERA: USING IoT AND BLOCKCHAIN TECHNOLOGY TO REVOLUTIONIZE THE SHARED ECONOMY THEREBY MAKING PAYMENT MORE CONVENIENT WITH WEARABLE DEVICES.

PRELIMINARY

A wearable device is a technology that is worn on the human body which has become a more mutual portion of the tech world as establishments have started to evolve additional types of devices that are small enough to wear, which comprises powerful sensor technologies capable of collecting and delivering information about their environments. These devices are also called wearable technology, wearable gadgets, or basically wearables. They are mostly used for tracking a user’s vital signs or pieces of data associated with health and location, fitness, or even individual biofeedback signifying emotions. SIDERA will be taking a different dimension in their wearable innovation from the common ones, which I will talk about later. Wearable device models may be dependent on short-range wireless systems like Bluetooth or local Wi-Fi setups.

Illustrations of wearable devices consist of several types of high-tech wristwatches like the fitness tracking devices Apple iWatch, and the revolutionary Google Glass, the first device of its kind to be embedded in a pair of glasses. However, SIDERA will make payments easier and convenient with wearable devices via their innovated wearable exchange.

Most problems around wearable devices consist of privacy, the degree to which they change social communications, how users look when wearing them and countless challenges with a user-friendly design. SIDERA will use blockchain technology to bring new designs of wearable in a different style from the normal conventional devices giving users a functioning super high-tech user-friendly interface, convenience and securing users privacy.

According to research, “Wearable Technology Market by Product,” the wearable technology market is estimated to grow at a CAGR of 15.51% between 2016–2022, from USD 15.74 Billion in 2015 to reach USD 51.60 Billion by 2022.

The introduction of cryptocurrency is one of the world’s best innovation but not excluding some impediments, the use of cryptocurrency as a standard means of payment is acknowledged by few globally. Individuals who possess digital assets (cryptocurrency) uses it principally to purchase other cryptocurrencies, why a majority of people have no association with this processes and no awareness or interest. Using these digital currencies for day-to-day use in the real world is not possible in terms of purchase of items in our locale. Most individuals are incapable of managing their wallet private and public keys, they are swindled and could be effortlessly phished by using malicious links, billions of individuals even most high class may hardly able to operate a smartphone, may not have the concepts of blockchain and also expose their privacy.

A renown Project Envisioner, Camillo Piscitelli once said that “Sidera combines the best of two worlds, blending the revolution of Blockchain technology with the innovation of IoT wearable devices.” This innovation will enable SIDERA platform to consumerize cryptocurrencies by facilitating their users access retail Point of Sale (POS) via wearable devices — a smartwatch and contactless smartband.

WHY SIDERA?

SIDERA is the first physical decentralized wearable exchange that does depend on any centralized authority. They created an ecosystem for users to conveniently and securely trade cryptocurrencies with peer to peer via decentralized wearable devices. The platform will use the blockchain technology as a real application, Open Governance and incentivization that will allow for the rapid global expansion of the solution — consumerizing cryptocurrencies by empowering their use in retail Point of Sale (POS) via a smartwatch and a contactless smartbands. The network will eradicate the difficulties faced by crypto enthusiast by providing them with a modest, quick, transparent and more convenient means of using digital assets (cryptocurrencies) as a standard approach of payment for services. The smartphones and smartwatches (smartbands) will facilitate payments in more convenient and secure ways.

The platform is a comprehensive end-to-end solution for contactless and smartwatch retail point-of-sale (POS) comprising a full-stack reference implementation of all the mechanisms such as mobile application and point-of-sale (POS) terminals that are at present in distribution. These gadgets will be made available globally via open source and open specifications. When the full-stack reference implementations are unconfined as an open source and open specifications, SIDERA will enable ever-present worldwide distribution of the Sidera protocols and guarantee the prompt expansion of the value of the Sidera Network.

Sidera has created an ecosystem where users will be incentivized via providing hardware to retail stores in the early target terrain in Europe, incentivize to partake in the Sidera network via user-friendliness and ease of use, with the convenience of mobile payments and the effortlessness of a smartwatch.

More so, by way of a solution that declines complexity and adds the importance of cryptocurrencies to end users, the platform will experience the fast mainstream implementation of cryptocurrencies and the integration of the crypto-economy with the considerable greater mainstream economy.

In the near future, Sidera will be building a widespread of convenience stores, shopping malls, retail shops, chain outlets, cafe, restaurants and countless outlets. The network will use Sidera and SmartBit apps to coverage a countless number of smaller sellers with a core purpose for users to be able to buy and spend cryptocurrency worldwide with a modest smartwatch as seen below.

The SMARTBIT empowers users to send, receive and manage their assets ranging from Bitcoins (BTC), and other cryptocurrency or ERC-20 compatible token from their wrist in a beneficial and secure system. The smartwatch is integrated into a companion app which handles features like contacts, addresses, blockchain sync and many more.

The core purpose of the SmartBit project is to allow cryptocurrencies become more eye-catching and fully scalable, with a stress-free and satisfying way to handle transactions, strengthening at the same time its security. SmartBit will be developed in three explicit versions:

  • BitBand: multi-color interchangeable wristbands with a touch display.
  • BitWatch Premium: 3-color elegant smartwatch with a touch display.
  • BitWatch Visionary: elegant smartwatch with a touch display and multi-layer security with facial recognition and a biometric sensor.

The picture below shows the features of SmartBit.

ADVANTAGES

  1. Users assets are stored off-chain by means of the Bitcoin/ERC-20 wallet on the wrist, with military grade multilayered encryption
  2. Users get mobile notifications on transactions
  3. The Sidera system features auto-detect transaction addresses, ghost mode, customize watchfaces, QR generator, price alerts, trading and other countless features.
  4. With built-in NFC POS payments system, the SmartBit device will facilitate users to spend their funds in any shop globally.
  5. The system allows users to send and receive EQS and cryptocurrencies via wrist-to-wrist offline transactions.
  6. Irrespective of how careless a user is with his wearable device, Sidera’s secure anti-theft system will make it impossible for user’s fund to get stolen or hacked, even when a user loses his SmartBit or private key.
  7. The SmartBit is fully decentralized and super secured by the blockchain.
  8. The use of IoT will facilitate the sharing of Sidera’s existing devices, vehicles, buildings, and many more, by embedding sensors and network connectivity that enable their system to collect and exchange data.
  9. The integration of blockchain technology into the IoT architecture will enable the system to be an unchallengeable ledger of all shared transactions.
  10. The system can share without necessitating a trusted third party, which meritoriously eliminates the ‘middleman’, permitting sharing applications to operate in a decentralized peer to peer (P2P) mode.

TOKEN INFORMATION

The Sidera token eQUOS will be used across the platform as a mode of transactions for purchases of items in large and smaller retail shops and many more.

FULL NAME: SIDERA

TICKER: eQUOS

TOKEN TYPE: ERC-20 COMPATIBLE (ETHEREUM)

TOTAL SUPPLY: 51,000,000 eQUOS

SOFT CAP: $1,500,000

HARD CAP: $15,000,000

PRICE OF 1 eQUOS: $2

TOKEN ALLOCATION:

ADVISORY BOARD & PARTNERS: 3%

RESERVE: 4%

COLLABORATIONS: 6%

TOKEN HOLDERS FOR FOUNDERS & TEAM: 15%

DONORS: 72%

FUNDS ALLOCATION:

CHARITY: 1%

RESERVE: 5%

LEGAL: 5%

SECURITY: 5%

EXCHANGE DEVELOPMENT: 10%

MARKETING: 12%

GLTD REQUEST: 15%

OPERATIONS: 20%

DEVICE DEVELOPMENT: 27%

FINANCIAL PARTNER

DE ASSET MANAGEMENT

PARTNERS

INSCOIN FOR KNOX | CREDITS | NEXQO | SECURITY BROKERS | RIGHTS COMMERCE | TOKENSIM AG | SPIRIZ COIN

FOUNDERS

DEVELOPMENT TEAM

ADVISORY BOARD

GET IN TOUCH WITH SIDERA

mhpg19960612 https://bitcointalk.org/index.php?action=profile;u=2164645;sa=summary

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