1. IOTW Introduction
IOTW is building a fast-growing Blockchain-enabled IoT Data Platform in the world. It is a Big Data unifying system built on native blockchain technology using Proof of Assignment (PoA) and micro-mining protocols, making the collection of data from a cross-section of IoT devices and different applications simple and efficient. It has been backed up by 500 Startups accelerator program, one of the topmost incubators and VCs in the US.
With 50 billion IoT deployments by 2020, IOTW aims to unify Big Data from households’ IoT devices with IOTW technologies via two real business approaches. IOTW can just provide firmware update for IoT devices so that they can become IOTW-enabled to mine IOTW coins without changing their hardware and minimal electricity cost (only 0.5 USD per device annually). Additionally, IOTW’s Digital Power System chipset offers IoT device reference designs to convert non-IoT devices to become IoT, such as light bulbs, power plugs, and many other white goods by simplifying the power system hardware, making the cost lower than using traditional analog power systems in appliances.
With the strong founding team who has over 20 years of experience in semiconductor and IoT industry, the real business can go to market efficiently and quickly: IOTW only provides chipsets embedded with IOTW technologies to manufacturers and IoT device brands who will help promote the IOTW-enabled devices to end users.
2. What Problems are IOTW’s technologies solving?
IOTW project is building a blockchain-enabled IoT Data unifying platform and aiming to solve some key problems surrounding Big Data and blockchain.
Currently, IOT Big Data across different brands is only available in the hands of a few tech giants such as Google, Apple, and AWS. Big Data security and privacy are one of the most concerned issues. Cloud hosting of Big Data is expensive. The general public does not benefit from the blockchain technology, nor do they fully understand it.
However, given the utmost importance of Big Data in IoT and AI space and 50 billion of IoT deployments in the market by 2020, IOTW’s solution, is a Big Data unifying system built on a native blockchain technology to connect different brands of IoT devices and applications. Any IoT manufacturers can gain easy and efficient access to these Big Data. Analytics tools will be provided for them to decipher the data. The hosting of the Big Data in IOTW network is decentralized and more cost-effective, by reducing 95% cost compared to the hosting fees in AWS for small manufacturers. We also solve the Big Data privacy issue by using IoT device private key encryption.
We extend our IoT Device Reference Design solutions to manufacturers to turn non-IoT devices into IoT devices easily. Once embedded, the devices will become IoT and join our blockchain network through micro-mining. To raise the public’s awareness of blockchain, coin mining on the devices at households will act as an IoT adoption encouragement.
All the solutions are based on IOTW’s patented technologies, Proof of Assignment (PoA) and Micro-Mining protocols, which can connect the cross-sectional devices to our blockchain network without changing their hardware and minimal electricity cost.
Additionally, the PoA and micro-mining protocols are created to solve other critical problems facing the blockchain industry. Firstly, the mainstream consensus protocols such as Proof of Work and Proof of Stake require relatively high power consumption or computing memory. Because of this, they are not suitable for IoT devices. IOTW’s PoA enables any IoT device to mine without changing hardware and additional cost in a greenway. The electricity cost for each IOTW-enabled device is only $0.5 annually. Secondly, the centralized mining problem of those mainstream protocols is not solved, while under PoA every miner has similar yields as it is a random queueing system. Thirdly, IOTW solves blockchain scalability issue with high-speed instant transactions across the Pacific with low latency of 1-1.5 seconds, which encourage IoT micro-transactions.
3. Token Utilities
IOTW tokens are created for diverse real-world applications, such as instant payment, micro-transaction, purchase of Big Data, advertisement and data hosting, as well as to reward end users of IOTW-enabled devices and IoT manufacturers and different IoT brands through micro-mining.
In IOTW’s Mainnet, the integrated IOTW mobile app will be launched that allows end users to do instant payment transaction and remote control of IoT devices, and purchase in the decentralized marketplace. The end users can use the mined IOTW coins to purchase goods available on the decentralized marketplace, and receive IOTW coins by selling their behavioral data to IoT device makers, market research firms, and government research institutes, who can make more informed decisions based on the cross section of valuable Big Data.
4. Founding Team
The founders and some senior staff have many years’ experience working in semiconductors, IoT hardware industry, and Silicon Valley. The team has around 20 IPO experience in total. All these experiences and network can help deploy IOTW’s solutions at a rapid scale to households globally.
- The CEO has more than 25 years of experience in the semiconductor chip industry and has a deep network. He has done multiple IPOs.
- The Chief Blockchain Officer has strong connections with IoT manufacturer, and experience in software and hardware (system level) development for consumer electronics at a consumer electronics manufacturer, such as digital TV, set-top box.
- The CFO has experience with over 15 IPOs and has worked in multiple banks.
- The CTO and tech team all have vast experience in launching technology startups.
- Another co-founder is an ex-Stanford University Professor.
- The Head of business is an ex-Deloitte blockchain consultant and has successfully consulted for several top ICOs.
5. Useful Links
- Website: https://iotw.io/
- White paper: https://iotw.io/docs/IOTW-Whitepaper.pdf
- Telegram: https://t.me/iotwcommunity
- Twitter: https://twitter.com/IOTW_Official?lang=en
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