An App is attempting to solve PoW and PoS mining algorithms with an innovative “Proof of Assignment” protocol.
Let’s face a simple fact; blockchain solutions that exist today are struggling to implement the technology with internet connected devices, period. Most existing blockchain platforms that have a significant reliance on the reliance of Proof of Work (PoW) and Proof of Stake (PoS) algorithms share a common problem; they are heavy weight and require large memory space.
Amongst millions of Internet-connected devices out there, when they connect and share data on these platforms, the data is not adequately utilized. First IOT devices require micro-transaction, which existing PoW solutions cannot provide. Second, most IoT devices only have limited computational power so they normally cannot run on traditional blockchain software that consumes a vast amount of power.
IOTW endeavors to resolve these bottlenecks and reward IOT devices for sharing data and engaging in micro-mining.
IOTW is the ICO that is poised to streamline the way blockchain technology is applied to IOT. Built by the stellar team at AnApp Blockchain Technologies limited, IOTW (IOT World) is an innovative blockchain solution that combines “Proof of Assignment” and “micro-mining” protocols to accelerate the implementation of blockchain applications on IOT devices.
Think of IOTW as a blockchain-based data economy that enables micro-transactions between machines, IOT devices, and service & parts providers.
Sounds great, right? But here’s more.
IOTW is trying to bring blockchain to IOT to make our lives easier. The revolutionary Proof of Assignment (PoA) and micro-mining algorithms do not require high computational power, which means a very little amount of electricity is consumed when mining. With Proof of Assignment, it is now possible to conduct “green mining” in a socially and environmentally responsible way.
In addition, the patented algorithms are highly secure and memory light with near zero add-on costs. IOT devices that adopt IOTW blockchain will be able to enjoy instant transactions at low fees along with cutting energy costs.
And the best part is IOTW blockchain software will be free to download for all IOT devices.
Which devices need IOTW?
IOTW ecosystem is ideal for white goods (refrigerators, washing machines, air conditioners etc) and small electrical appliances. These devices will be able to leverage IOTW blockchain ecosystem to conduct intelligent sourcing for accessories, after sale services and product suppliers autonomously. Even more interesting is that smart appliances will be able to utilize this technology to upgrade to autonomous appliances seamlessly.
How does IOTW blockchain ecosystem work?
When an IOT device like a refrigerator gets connected to the IOTW blockchain ecosystem, the device automatically monitors itself and requests services as needed. These devices collect big data such as energy consumption analysis, consumer behavior etc. which can then be traded on the blockchain.
Furthermore, the IOT devices can carry out micro-mining concurrently, and earn IOTW coins, helping their owners cut cost on electricity.
Upon becoming “smart” and IOT-enabled, the electrical appliance’s energy consumption rate can be reduced by applying artificial intelligence to optimize its usage.
Still, IOTW blockchain allows for seamless collaboration between small service and parts providers and manufacturers. In that case, IOTW provides a platform for these parties to work together to deliver innovative IOT products for the benefit of consumers.
This is the advent of the true internet of things decentralization. If being a part of how the IOT world will coexist with blockchain technology in the future is important to you, get involved with AnApp IOTW at www.iotw.io, today!