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IOTW – Projects that can be mined on IoT equipment

IOTW - Projects that can be mined on IoT equipment

IOTW is a project to make it possible to create a network with IoT devices at home, with the problem that block chain technology does not penetrate the general households .

It is distinctive that it uses proprietary Proof of Assignment (PoA) for consensus formation and micro mining etc.

In this article, I will introduce details from the outline of this project called IOTW in detail.

Overview of IOTW

Overview of IOTW

ICO information and token metrics

IOTW ICO information

WhiteList
standard ERC 20?
payment ETH
Issue number 2,560,000,000 IOTW
ICO procurement amount the amount 65,000 ETH
Private Sale 42,778 ETH
Private Sale 20,000 ETH
Public Sale 2,222 ETH

Detailed description of the features of IOTW!

IOTW - Projects that can be mined on IoT equipment

IOTW is a project aiming to create a network with smartphones and IoT devices that everyone has.

This is done by solving problems such as dissemination to the general public and power consumption by solving the mining which was conventionally performed using enormous electric power such as ASIC and GPU by using the IoT device in the immediate vicinity and dispersibility It is a very breakthrough technology that can also be maintained.

Two technical features that make it possible to realize such a network IOTW aims are “Proof of Assignment (PoA)” and “Micro Mining”.

Outline of Proof of Assignment (PoA) and Micro Mining

IOTW - Projects that can be mined on IoT equipment

Proof of Assignment (PoA), unlike the mainstream Proof of Work (PoW) and Proof of Stake (PoS), was created for application to IoT devices such as home appliances and devices.

In past PoW and PoS, high-spec computers with high throughput are required, so there was a big barrier for people in the general population to mining . In addition, problems such as enormous power consumption and concerns about environmental loads have been pointed out.

PoA, on the other hand, enables micro-mining by simple cryptographic processing that is possible even with IoT devices like those in ordinary households .

Furthermore, no new hardware cost is required to start micro mining, you can just start upgrading the software of IoT equipment at home .

As a result, anyone can perform micro mining with IoT home appliances, IoT devices, etc., which leads to the penetration of block chains into ordinary households .

System structure of PoA

In the conventional block chain, there was only a mesh network of the ledger server under the API server, but in PoA there are multiple network layers under the mesh network of the ledger server, It is subdivided into three: device node , ( 2) trust node, and ( 3) ledger server .

(1) Device node (Device Node) A device node is an IoT device that performs micro mining in an ordinary house, requests block chain data from the trust node, and performs transaction authentication.

(2) Trust node (Trust Node) The trust node is a node that can access the ledger server in response to a request from the device node, and monitors for illegal transactions. It acts as an intermediate network between the device node and the ledger server.

③ Ledger Server (Ledger Server) The ledger server manages all transaction history on the block chain.

IOTW - Projects that can be mined on IoT equipment

In the block chain, the fewer the number of ledger servers is, the weaker it becomes to 51% attack, the more we have to pay attention to the timing of the operation start of the block chain, but PoA manages ledger data and access right This problem is cleared by distributing it to different nodes .

The entire system of IOTW is managed in cooperation with AnApp Blockchain Technologies Limited and each affiliated partner, and each partner will also serve as the owner of a trusted node and ledger server. In order to realize transactions under better security, the above-mentioned features make the IOTW ecosystem in the early stage of operation non-open system.

The above video is a movie carrying out micro mining with IoT device in 200’s.

Benefits of PoA

Compared to conventional algorithms, PoA has many merits not only in technical design but also in terms of its performance.

Significant increase in remittance speed

The more IoT devices doing mining, the more approval of the transaction (transaction), that is, the remittance speed becomes faster .

If IOTW spreads to general households all over the world, the number of IoT devices to be mined is enormous and the remittance speed will be steadily increasing. The transaction approval time is set to 1 second or less, and in the future it aims at 1 million transactions / sec .

Mining fee and rights equality

No initial investment such as hardware is required for micro mining with PoA, and anyone can start mining immediately . In addition, the processing capacity and the hash rate (mining speed) of the mining machine are not problems, so everyone can receive mining fees equally .

Significant reduction in power consumption

Unlike PoW which requires special machines that consume huge amounts of electric power, PoA using IoT equipment such as home appliances and devices dramatically reduces power consumption by mining .

Currently, Bitcoin mining consumes 0.14% of the world power consumption, consuming more electricity than some developing countries. PoA is also expected as a solution to such a problem concerning environmental burden.

51% Risk reduction of attack

PoA reduces the risk of 51% attack by managing ledger data necessary to tamper with block chains and distributing access rights to different nodes .

Disadvantages of PoA

There are various merits in PoA, but there are also concerns.

Although I explained that the entry barriers are lower compared to algorithms such as PoW, this means that returning backwards is lacking in supporting values .

From the fact that each can perform micro-mining using its own IoT device, it can be said that it is very good with respect to construction of a mechanism widely spreading to the public, but there is a premise that this is worth It will be a story.

It certainly seems that the problems of Bitcoins and other virtual currencies are clearly cleared up, but mining is not only a function such as maintenance of ecosystem, but also as a kind of economic activity under economic rationality People are deciding to enter and withdraw.

If it is a Bitcoin it is worth as a financial product (/ settlement means), as well as an enterprise as a financial product (/ platform), so we can expect a cash inflow from the legal currency, but the IOTW token It seems that the point is how the user finds value in itself .

IOTW ecosystem

IOTW - Projects that can be mined on IoT equipment

Due to the penetration of block chains in general households by PoA and micro-mining as explained above, the IOTW aims to form the IOTW ecosystem.

In this ecosystem, users, producers, various service providers can be connected by block chains and enjoy profits .

With micro-mining using IoT devices, users can begin mining without cost and earn IOTW coins. This coin can also be used for repair of home appliances, etc. and for purchasing services and goods at the store.

Producers can obtain big data on user’s device usage and can use it for future development.

Various service providers can acquire customers and vendors through a block chain network, which can also obtain user’s big data.

In this way we aim to form an ecosystem in which each of the three can enjoy the benefits of the block chain.

Explain the use case / future of IOTW!

Anyone can easily start mining

Speaking of conventional mining, you need an ultra high-spec computer that can handle huge arithmetic processing at high speed, and there are impressions that people in the general and families are not quite familiar.

However, at IOTW anyone can start micro mining as long as there are IoT devices such as home appliances and devices . Furthermore, there is no need to purchase a new IoT device compatible with micro-mining, just by downloading and updating the software for micro-mining to the currently owned IoT device, it is possible to start micro-mining immediately without cost Yes .

Also, unlike mining by PoW which requires enormous power consumption, micro mining by PoA realizes green mining with less burden on the environment.

Usage of IOTW token

Described in the commentary on the IOTW ecosystem, the IOTW token acquired by micro-mining will be used in the future for purchasing content such as games, videos, music, purchasing excess inventory items, and furthermore, IoT devices and home appliances It is planned to be able to use it for purchase / repair .

A large amount is necessary for repairing or replacing large electric appliances, and if devices such as smart phones and tablets are recently being replaced by a few years is becoming less common, it will be very convenient to use I think.

AI optimizes power consumption

IOTW is also focusing on the development of artificial intelligence, and it seems that AI will optimize the power consumption of the user’s home based on the data from the IoT equipment in the IOTW ecosystem .

Data of each user is gathered throughout the network of the IOTW ecosystem, and by optimizing the power consumption in a wide area based on the big data obtained as a whole, energy saving on the regional scale It also leads to .

In addition to PoA micro-mining with low power consumption, if AI that optimizes power consumption is implemented, it will be a powerful solution to the problem of enormous power consumption of PoW that has been pointed out so far.

Confirm the roadmap of IOTW!

season Contents
February 2018 Implementation of DPS chip on large household appliances
Launch and operation of IOTW computing platform
March, 2018 Prototype of IOTW block chain and mining software
2018 ICO 3Q
6 months from ICO Launch of IOTW block chain
Started operation of platform for end users
12 months from ICO Release of the simple version of big data collection system and AI software
Release of SDK for IOTW
Firmware release
18 months from ICO Hardware and software release with AI
Official release of DPS chip for large household appliances
Store stores for maintenance on open source IOTW
24 months from ICO Search engine and more advanced AI release, aim for further optimization

[2018 – March] Prototype of block chain and mining software

February 2018 Implementation of DPS chip on large household appliances
Launch and operation of IOTW computing platform
March, 2018 Prototype of IOTW block chain and mining software

It seems that implementation of DPS chip to IoT home appliances, launch of the computing platform, operation start, and trial production of block chain and mining software are already completed at the present moment.

【6 months from ICO】 Launch of block chain

6 months from ICO Launch of IOTW block chain
Started operation of platform for end users

It seems that it will be launched launch of the main IOTW block chain in half a year from ICO.
At the same time, we are also beginning to operate the platform for end users, so it’s important to note whether the launch of the block chain and the operation of the platform are going smoothly.

【12 months from ICO】 Simple version AI and Firmware release

12 months from ICO Release of the simple version of big data collection system and AI software
Release of SDK for IOTW
Firmware release

A year after ICO it is a simplified version, but AI which collects big data will be released. I am concerned about how this AI optimizes power consumption based on big data.
In addition, it is also noteworthy that IoT equipment will be updated so that micro-mining can be performed normally by releasing firmware.

【18 months from ICO】 Installation of AI and official release of DPS chip

18 months from ICO Hardware and software release with AI
Official release of DPS chip for large household appliances
Store stores for maintenance on open source IOTW

One and a half years after ICO, hardware and software with AI is released, and at the same time, DPS chip for large household appliances is officially released.
This will eventually lead to increased expectations as micro-mining by IoT equipment at home and finally optimization of power consumption based on user’s big data by AI will be done.

[After 24 months from ICO] Further optimization by search engine and AI

24 months from ICO Search engine and more advanced AI release, aim for further optimization

Two years after the ICO, we plan to further optimize the IOTW block chain and its ecosystem by releasing search engines and developing more sophisticated AIs.

Confirm the IOTW team members

Let’s check the history of the team members.

Frederick Leung / founder / CEO

IOTW - Projects that can be mined on IoT equipment

It is a joint developer of Proof of Assignment and has over 10 patents acquired in the past
Bachelor of Science degree from California State University San Diego
Mosway Technology 3 years 2 months
Diodes Inc. 2 years 11 months
Adaptive Digital Power 10 months

Marcin Dudar / founder

IOTW - Projects that can be mined on IoT equipment

Block chain expert who developed PoA with Mr. Fred
University of Szczecin Economics
Casual Sight 1 year 5 months
Sandmartin (ZhongShan) Electronic Co., Ltd. 6 years 2 months
ALi Corporation 6 years 4 months

Peter Chan / CTO

IOTW - Projects that can be mined on IoT equipment

Proof of Assignment co-developers with more than 20 patents
Hong Kong University Electrical and Electronic Engineering
IOTW CTO 9 Months

Tony Chan / founder · CFO

IOTW - Projects that can be mined on IoT equipment

High-tech investor who experienced more than 10 IPOs
Anapp Technologies Group (IOTW) 1 year 2 months

Dr. Patrick Hung / Founder and Control System Advisor

IOTW - Projects that can be mined on IoT equipment

Former Stanford University Associate Professor Co-founder of Alta Sicuro Technology
Dr. Philosophy of Electrical Engineering from Stanford University
MyIT-School 4 year 1 month
CPO Technologies Corporation 10 years
NEC Electronics 1 year

What is the advantage over competing and similar projects?

IOTW - Projects that can be mined on IoT equipment

Like IOTW, IOTA can be cited as a project to focus on IoT devices.

Let’s quantitatively compare the performance of each project to objectively judge the project.

Comparison of IOTW and IOTA

IOTW IOTA
Mining Proof of Authenticity N / A
Hardware cost No use of DPS chip / low cost Computer board required
TXs speed Immediate Immediate
Chain structure Block chain distributed DBs DAG
Token usage Data / goods / services buying and selling
Micro transaction
Micro transaction

IOTW aims at building a network composed of IoT devices all over the world as a solution to the problem of penetration of block chain technology into general consumers.

Meanwhile, IOTA is concerned with the amount of data that increases year by year and the situation where that data is accumulated in the data silo, and trying to solve this problem by distributing this data locally among the IoT devices doing.

While focusing on the same IoT device in this way there is a big difference in that approach.

In terms of the structure of the chain, both IOTW and IOTA can be said to be very distributed.

Since Proof of Assignment adopted by IOTW is mining as each device becomes a node, the number of TXs also increases in proportion to the number of nodes (the number of devices), so it is judged that it is a very excellent algorithm concerning scaling, security, and dispersibility can.

Regarding partnerships, etc., IOTA already has many large companies backed up, so I would like to pay attention to how IOTW will proceed with development and dissemination.

Summary

I introduced a project that uses an IoT device called IOTW.

Although it is a big project between scales, it seems to be a major driving force for realizing cryptocurrency widely penetrating into society if it realizes.

If you would like to know more about IOTW please also check official website!

Author: Daichi – Source Post: https://crypto-times.jp/iotw_ico-2/

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