IOTW takes the plethora of Internet of Things devices and works to create a blockchain ecosystem for transactions that will include the full value chain for electrical appliances. The process will begin with the typical household appliances before expanding to include industrial appliances, as well. IOTW will include the full process, such as obtaining raw materials, the sales, and post-sales services, such as maintenance and repairs. The IOTW Ecosystem will use the IOTW coin for mining and transactions.
The Internet of Things
The Internet of Things (IoT) is found everywhere via physical devices, such as home appliances; vehicles; and other types of electronics that exchange data via sensors and software. It applies to bringing internet connectivity to devices that are not considered “standard” for using it, so anything other than tablets, smartphones, and computers. In 2017 alone, the amount of IoT devices reached 8.4 billion, an increase of 31 percent year over year. Experts predict that by 2020, this figure will reach 30 billion with a global market value of $7.1 trillion.
What Problems with the IoT Does IOTW Address?
The team behind IOTW decided that a solution was necessary due to various issues. The team and others feel that blockchain technology and the Internet of Things work together seamlessly, with IoT being the ideal use case for blockchain. One of the issues is that the average person does not have enough knowledge to understand the complicated nature of the blockchain. This is because although the technology itself is not too challenging to understand, you must have a much deeper understanding to take part in blockchain ecosystems.
Additionally, IOTW points to the issue that the average person is driven by experience, price, or both. IOTA and similar companies add hardware to IoT devices to take advantage of the blockchain, but this increases the product cost at purchase and requires the use of more memory and electricity. This makes the blockchain almost a deterrent for IoT consumers, preventing mass adoption.
IOTW team members also see problems with the most commonly used algorithms in crypto: PoW and PoS. They see PoW as encouraging everyone to work against each other for a block reward, while PoS works like a lottery by increasing the likelihood of a block reward if you have more tokens. Simply put, the IOTW team does not feel that either of these algorithms are actually fair.
What Is Proof of Assignment?
Since IOTW finds flaws with PoS and PoW, it developed proof of assignment. This new method of mining will use less computational power, making it possible for even regular electrical appliances to mine without a significant increase in electricity usage. This is crucial since traditional mining consumes substantial amounts of electricity, leading to high bills.
Additionally, the type of “micro-mining” with proof of assignment does not require expensive processors. The IOTW blockchain software will also be open SDK, making it possible for any connected smart device to download the blockchain app to join the ecosystem. In this way, IOTW is incredibly accessible for the average person.
Proof of assignment also plays a key role in the scalability of IOTW. PoA is able to process thousands of transactions each second. However, the target is as much as 1 million tps. The current figures already have PoA well ahead of major players, like Ethereum and Bitcoin. Once PoA reaches the target, it will be able to process even more than Visa. To add to its benefits, PoA can work on all IoT devices without risks of memory or power loss and is greener than other methods due to its decreased electrical consumption.
What Are DPS Chips?
DPS Chips are new digital power system chips invented by IOTW. These chips can simplify traditional power systems found on electrical appliances. Compared to these traditional power systems, DPS Chips are more energy efficient, more programmable, more IoT-enabled, and cheaper, plus easier to handle. One crucial factor for ease of use is that any electrical appliance with a DPS Chip can automatically join the IOTW Ecosystem.
Who Does IOTW Benefit?
Small service providers can bid on projects, while small manufacturers can launch innovative products to compete with bigger manufacturers. Those who have electrical appliances in their home can take advantage of mining. Any IoT object can be used for this mining, including washing machines, fridges, air conditioners, coffee machines, and TVs. Instead of the mining reward going to a mining farm, the IoT device owner receives it.
Additionally, commercial market planning groups can collect and buy data related to energy consumption. This same energy consumption data can also help with smart city planning.
IOTW Coins
IOTW coins are the method of exchanging value in the IOTW Ecosystem. Those who own IoT devices will earn IOTW tokens by micro-mining or selling their data. They can use these coins to buy services and goods. In the preliminary stages, they can use these to buy content like music, videos, and games, something that also benefits sellers, who are now able to sell their products internationally. Initial adopters can also use their IOTW coins to buy overstock goods that suppliers provide, which lets those suppliers liquidate their stock quickly. The team behind the project plans to let the IOTW network deliver communication between machines and make online purchases, such as devices automatically ordering parts.
How Is IOTW Different from IOTA?
IOTA is currently the best-known crypto project related to the IoT, but IOTW makes major differences. IOTA did make a decentralized network, but it does not use a blockchain. By contrast, IOTW not only uses a blockchain, it also delivers a greener, faster, and better product. Additionally, unlike IOTA, IOTW will have its own marketplace that creates a real ecosystem.
Token Sale
If you’d like to find out more about the IOTW Token Sale, you can do so here.
IOTW Tokens:
- Total Supply : 5 Billion
- Token Price: 1ETH = 5,000 IOTWs
- Hard Cap: 100,000 ETH or USD45 million. whichever hits first
- Unsold Tokens: Burnt
Conclusion
IOTW is an ecosystem that takes advantage of the abundance of Internet of Things devices found everywhere to provide benefits for all parties involved. It is simple to use IOTW on any IoT device, and device owners can make profits from mining and selling data. Companies can then use that data for market information, city planning, and more.
1 Comment
Nice project, it would be nice to bring it to Italy too.
People could also buy Italian wines using the token of Followine, the winecoin.
All these wines, however, will then also be protected: this is what the anti-counterfeiting system of bottles based on blockchain wine made by Followine!
To find out more, visit www.followine.eu