There are already over 15 billion IoT devices in the world. These devices carry lots of data usage statistics that could be very valuable to the right companies. The problem until recently is that it’s almost impossible to collect all of this valuable data in an organized way. But now the experienced team at IOTW has invented a way to easily connect any IoT device to their blockchain. Once connected, the IoT device becomes a node and mines IOTW tokens as a reward to the device users. The usage data is then collected and sold to companies in exchange for IOTW tokens.
Based in Hong Kong, IOTW is a product of the groundbreaking Blockchain company, AnApp Blockchain Technologies Ltd. The IOTW blockchain software will operate an open-SDK, allowing any device to load the blockchain app and gain access to the IOTW blockchain ecosystem.
In order to incentivize users to connect their IoT devices/appliances to their blockchain, the hard working team has developed 2 unique new protocols; “Micro Mining” and “Proof of Assignment.” Together, these protocols allow every household to join the mining community without restrictions. Each device they connect will become a node, and each node will have the same chance of being selected to mine as all the other nodes in the network. No whale power on this chain.
How it works:
- Download their software through firmware upgrades to connect any device to the IOTW Ecosystem.
- Start mining with very little power consumption.
- Redeem rewards. “IoT device owners will be rewarded with IOTW coins which the devices can use to call up services or spare parts. The owners can also use the IOTW coins to buy goods, services and media content in open markets.”
- Sell your data for more IOTW tokens. “IOTW blockchain will collect big data. Allowing global, city-wide, and district-wide energy saving optimization.”
Here’s a 7-minute video we were linked to by their Telegram mod. It does a great jump of explaining why IOTW is such an exciting project. The video has already received an impressive 56,000 views, and is worth checking out.
In addition, IOTW plans to allow for the development of decentralized applications on IoT devices. And they will establish a decentralized purchase network for IOTW holders to bypass the middlemen and purchase directly from device makers and service providers.
Also, the team invented a Digital Power System chipset (“DPS chipset”) that replaces traditional analog power systems in small appliances with digital power systems. From the company:
We believe the DPS chipset will be able to see adoption by a certain number of device manufacturers for saving costs while increasing device functionality. We have already filed a patent for the DPS chipset design. We plan to file a few more patents for this new product.
IOTW will have the following utility:
- Device users receive IOTW token as rewards for mining, as well as for selling their usage data.
- Device makers, research institutes, government agencies, and other organizations can purchase usage data with IOTW.
- Goods and services providers will sell through the online mall accepting IOTW as a payment method.
- A percentage of IOTW will be taken as a processing fee for each transaction.
The Proof of Assignment protocol requires way less power for mining than Proof of Work. And node mining capability does not depend on how many tokens the node has. Each node has a fair chance of being selected.
- 26% Crowdsale
- 14% Reserved by company
- 10% Founders
- 2% Advisors
- 3% Pre-seed Investors
- 2% Promotions
- 43% Mining
Use of Funds:
- 9% Big Data Collector
- 14% Other IoT applications
- 14% DPF chips
- 11% AI software
- 23% IOTW blockchain development
- 29% Marketing and Operations
There are 5 founders, all with impressive resumes, decades of experience, and several patents. They just invent things constantly, and it’s really impressive.
Frederick Lueng- He served 3 years as CEO of Mosway, 3 years Director of Marketing at Diodes Incorporated (a leading global manufacturer dealing with semiconductor markets.) and 8 years as AVP at Ali Corporation (over 1600 employees).
Marcin Dudar- He is the head of hardware and production at Nixplay (digital picture frame company in Hong Kong with over 80 employees). He has 6 years as Software Design Manager at the massive semiconductor company Ali Corporation (over 1,600 employees).
Tony HT Chan – He will be the CFO. He has plenty of quality finance experience; Sealing Trading, Rabobank, Ananotech Limited.
Peter On Bon Chan – He will also serve as CTO. He has 35 years of experience in D&D. He was involved in the establishment of one of the first 3 wafer fabrication plants in Hong Kong. He was the project leader of establishing and operating of the first fully HOKLAS accredited EMC testing laboratory in Hong Kong.
Patrick Hung- He has been the President of Velosti Technology (a leading semiconductor design house) for the last 8 years and was president for 10 years at CPO Technologies, He assembled world-class semiconductor technology experts, providing consulting services to a number of high-tech companies in San Francisco Bay Area.
A total of 16 more employees are listed. We quickly checked through each of their LinkedIn pages and can confirm they are talented.
There are 12 advisers with impressive resumes.
Denis Lam is the founder and CEO of IoTBlock. He served 2 years as CIO of R & C Technologies, an IoT electronics and hardware manufacturer and solutions provider with offices and manufacturing based in Asia, Europe, and United States. He scaled the company to a $100M valuation.
“Blockchain reaching tens of millions is no longer a dream. The IOTW micro-mining software is being ported into chipsets and IoT devices, that are shipping hundreds of millions units per year.”(WP)
In a recent YouTube interview, Kartik Mehrotra (Head of Business Development) explains how the main goal of IOTW is to make cryptocurrency adopted into the mainstream. He says if this project gets popular, he sees the average household making between $2,000-$5,000worth of tokens from mining with their normal at home devices/appliances. He also says the IOTW test chain can already do “3,000 tps per second from HongKong-USA, and 100,000 tps all local”. If true, that’s a major accomplishment that would put them in the top 10 blockchains in terms of speed.
- IoT devices aren’t very secure. In the above interview, Kartik explains a “witnessing protocol” they developed to stop double spending. Who knows if it will work or not, its never been done before as far as i know. -0.8
- The token metrics are really different. Only 29% of the tokens will be distributed in the private and crowd sales combined. 43% of the tokens are reserved for miner rewards. This could cause a dump, especially early on before the project gains in popularity.-2
- No staking. all the ICO tokens and mined tokens will be flowing. None of the tokens will be locked up. -2
- They have a launch-date goal to provide a marketplace linking household appliance product manufacturer, agents, services providers, and end users.+2
- The already have some solid partnerships and backers, like the Stanford University connected G2H2 Capital. +2
- The 5 founders combined hold more than 20 patents in semiconductor and electronics designs. +2
- The Chip Set they invented can turn any device into an IoT device. +2
- Plans for allowing for the development of decentralized applications on IoT devices.+2
- Large cap projects, IOTA and Electroneum, share similar economic concepts with IOTW, but this reviewer rates IOTW higher than both of them in terms of potential.+2
Investment wise, I compare this to the #45 ranked coin in crypto, Electroneum. Electroneum allows everyone to mine their tokens on their phones. It currently has a $173 million market cap, and a huge fan base. 7.2/10
- Symbol: IOTW
- Blockchain: Their own
- Total Supply: 2.56 billion
- Token Price: $0.055
- Hardcap: $20 million
- Private Sale: Starts Sept 15th (25% bonus)
- Crowdsale: December 2018 (exact date TBA)