IOTW
UPIK05INTRODUCTION IOTW
IoT is a connection of any automatic device (except computers and smartphones) to the internet. The devices such as some cars, kitchen household equipment, industrial equipment and household appliances can be monitored and controlled distantly, they can store and exchange the information received from build-in services. It is clear this field together with smart home technology will develop more and more day by day. Here is a project of a decentralized platform that will let us purchase IOT, obtain after-sale service and meet the other needs relating to IoT.
The Problem Defined
In order to deploy our blockchain technology to IOT devices, we need to solve the following problems with traditional blockchain applications:
- IOT devices require micro-transactions
- Most IOT devices only have limited computational power so they normally cannot run traditional blockchain software and
- Most IOT devices need very light weight blockchain software with minimal internal storage requirement.
We also need a sound business model:
- To drive quick customer adoption and reach critical mass on our blockchain ecosystem and
- To reward IOT devices for adopting the IOTW protocol and engage in micro-mining.
We also need a decentralized platform that can link after-sales service providers to IOT device owners to provide services (repairs and maintenance) and consumables (e.g.replacement parts, coffee bean etc.)
- In the case of white goods, IOTW enables small services and consumables providers to service the IOT white goods so that not only large white goods brands can ripe the benefits from IOT technology.
Our Solution – IOTW
We have designed the IOTW to be a coin that can facilitate micro-transactions between
machines, IOT device owners, and service & parts providers.
Our IOTW blockchain software has the following features that can encourage fast adoption:
- Our IOTW blockchain software will be open-SDK for all IOT devices with or without our DPS Chips to accelerate adoption. All IOT devices using different IOT-enabling chips can load our IOTW blockchain software and become a member of our IOTW blockchain ecosystem. This will encourage fast porting and adoption of our IOTW blockchain software.
- IOTW allows existing IOT devices to be retrofitted through firmware updates to give them IOTW micro-mining capabilities and bring them into our blockchain ecosystem.
- IOTW blockchain supports instant transactions.
- IOTW blockchain software is memory-light and does not require a lot of computational power and energy. This is ideal for home appliances to do micromining on our platform.
- With DPS Chips, which are preloaded with our IOTW blockchain software and connected, can convert household appliances and industrial equipment into IOT devices while reducing costs for both manufacturers and consumers. Consumers can get connected and engage in micro-mining activities to reduce their running costs while operating their appliances.
- Our team will establish network servers to help the IOT devices to mine IOTWs.
WHAT IS IOTW
IOTW is not a simple network regarding IoT, this is a project of blockchain technology incorporation into IoT devices. The ecosystem of IOTW will include mining by IoTs and transactions of IOTW coins. The mining will be based on the Proof of Assignment protocol which needs less processing power. Open software development kit (SDK) of blockchain will let any smart device connected to internet load the application and join IOTW and perform micro-mining. Invented DPS (digital power systems) chips are cheaper, more efficient and programmable, they will allow converting household appliances and industrial equipment into IoT devices and improve the traditional power system.
The Ecosystem of IOTW
IOTW will include blockchain ledger and trusted nodes that will record and manage the information from IoT devices, the online marketplace, data analysis, machine to machine matching and Artificial Intelligence.
Our Innovative Proof of Assignment Mining Algorithm
There are currently two favored kinds of mining algorithms, Proof of Work and the Proof of Stake. Both methods have their drawbacks. We have patented a new method called Proof of Assignment as a solution to the previous two’s problems, explained as follows.
a. Proof of Work (currently most popular)
- Adopted by Bitcoin and most cryptocurrencies.
- Requires high computational power and as network gets big, more computational power is needed, thereby consuming a country’s worth of energy.
- Cannot support instant transaction.
b. Proof of Stake (anther currently available technology)
- Does not require high computational power.
- Very secure.
- The more coins a node owns, the more coins it can mine, which is not fair to new comers or small miners.
- Supports instant transaction.
c. Proof of Assignment (our patented algorithm)
- Does not require high computational power.
- Very secure.
- Node mining capability does not depend on how many coins the node has and is much fairer for small miners.
- Supports instant transaction.
Our Proof of Assignment Method is ideal for white goods and small electrical appliances.Proof of Stake architecture can also run in our IOTW environment, but we encourage the use of the simpler Proof of Assignment architecture to target the adoption of both small and large electrical appliances.
Unlike the Proof of Stake mining algorithm in which the more coins a node has, the higher chance the node can do the mining, IOTW is designed to encourage more IOT devices being used. Proof of Assignment implements a fair chance for every IOT device to earn block rewards and transaction fees. Proof of Assignment acts a round robin game, where each node is randomly selected from the network. We believe this will encourage mainstream adoption, as it will be easier for consumers to understand and require less psychological risk than staking algorithms.
However, in other applications, designation for assignment can be proportional to actions within the network besides the amount stakes. For example, if there is an IOTW2 coin that is released to encourage in-store retail transactions, the checkout barcode scanners can act as the nodes, and their chance of being assigned can be proportional to the amount of scans the node completes.
IOTW coins use:
- Payment for services of service providers at IOTW platform (the maintenance etc)
- Payment for goods (at online direct e-market and outlet mall of IoT, spare details, disposable parts etc)
- Payment for big data collected through blockchain network (collective customer behaviour etc. and NOT personal data)
- Rewards for micro-mining by IoT devices
ICO Details IOTW
General information
Token: IOTW
Platform: Ethereum
Standard: ERC20
Quantity: 5,000,000,000 IOTW
Price: 1 ETH = 5,000 IOTW
Payment: ETH
Hard cap: 100,000 ETH
ICO
Quantity: 1,200,000,000 IOTW
Unsold Tokens
Burnt
ROADMAP
February 2018
Integrated DPS IOTW chips for household items and platforms
March 2018
IOTW blocking and preparation of software for mining
3Q 2018
ICO
ICO + 6 months
Release of the block for production Shutdown of the client platforms
ICO + 12 months
Release of the Big Data Collector version of the
AI software for sending relevant IOT device requests (for example, air-con) to service providers and parts
IOTW Open SDK release IOTW platform developers for IOTW platform development and IOT mining
IOTW code for d ownloading firmware to existing IOT devices , such as smart TVs
ICO + 18 months
Release of hardware and software using AI methods to study human behavior in order to optimize the serviceability of people with household appliances and reduce electricity bills.
Release the original DPS chips to initiate the rapid adaptation of the IOTW network of circuits.
The software of the IOTW open source store to manufacturers could create their own online stores and service providers’ shops
ICO + 24 months
More complex AI software for accurate adaptation.
TEAM
Peter Chan FOUNDER & CTO
Co-author of the Proof of Assignment for blockchain application
Former technical director of the company Mosway Technologies Ltd
Developed the first accredited in Hong Kong electromagnetic
Tony Chan FOUNDER, DIRECTOR & CFO
Member of the American Institute of CPA (AICPA), Chartered
Management Accountant (CMA), Chartered Financial Analyst (CFA)
20 years of experience in investment banking in croup
Dr. Patrick Hung FOUNDER
Candidate of Science. in electrical engineering from Stanford University
Former adviser-assistant professor at Stanford University
Former lecturer of the department and in
Fred Leung FOUNDER, DIRECTOR & CEO
Marcin Dudar FOUNDER
Advisers
Anthony Lai ICO ADVISOR
Alex Rusnak TECHNOLOGY ADVISOR
Dean Patrick ADVISOR
Andrew Bakst ADVISOR
Yuen Wong ADVISOR
David Zhang ADVISOR
Leslie Yuen ADVISOR
More Information Contact :
Website : https://iotw.io/
Telegram : https://t.me/iotwicoasia
Youtube : https://www.youtube.com/watch?v=MNppo-JkjP8&feature=youtu.be
Author : Upik05
My profile bitcointalk :https://bitcointalk.org/index.php?action=profile;u=2205131
Address wallet
0x6B4D2B44e4FB4648FE87029C4ddf00Da999127c4