IOTW has invented a completely new Blockchain protocol that
- Can run on most kinds of IoT devices without the need to change any hardware;
- Have a mining function to attract IoT device users to join up to the chain;
- Have a unique consensus protocol called “Proof of Assignment” that gives fair chance to all IoT devices to obtain mining rewards;
- Very light in overall power consumption; and
- Supports instant transactions even if the chain expands in size exponentially.
From the Proof of Assignment consensus protocol, we have developed the “Micro-mining” protocol.
Micro mining is introduced so as to incentivize IoT device users to connect their devices to our Blockchain and provide usage data. In order to make it easy for IoT devices to connect to our Blockchain, we have also designed a new Blockchain architecture with end-nodes and trusted-nodes separated. Under this innovative new architecture, most of the IoT devices in the world, be them big or small, can run our micro-mining software without the need for any hardware change. For the first time ever, Blockchain and IoT devices can seamlessly work together.
We aim to connect every household in the world with Blockchain and collect their usage data for betterment of the whole mankind. This can be achieved through our easy to adopt Blockchain design, and a token reward system (IOTW tokens system). IoT device owners who join our Blockchain network will be rewarded with IOTW tokens. We shall establish a decentralized purchase network for the IOTW holders to purchase goods and services with their IOTW tokens directly from the device makers and service providers. This is a decentralized purchasing ecosystem to do away with all unnecessary middlemen and agents. The following pages will explain our technology and business case in more details.
In the PoA algorithm, each IoT device is required to perform some simple but very important cryptographic tasks, known as “Micro Mining”. On the other hand, these IoT devices are not required to handle the transaction ledger, which is maintained by a distributed Trust Node system.
While PoS solves the energy wasting, ledger servers involved in such blockchain still need to have substantial memory capacity to accommodate the transaction ledger. The cost will then become not affordable for small IoT devices to become blockchain enabled. IOTW aims at removing such hurdle to enable the general adoption of blockchain in our daily used products. This will hopefully fuel the growth of blockchain transactions in our daily life.
Similar to PoS, mining devices in the IOTW blockchain do not require super computational power. In addition, IOTW removes the need for mining devices to store the transaction ledger. This removes the cost associated with the large memory and therefore adding mining capability to simple IoT devices will become affordable. The consensus algorithm behind the IOTW is proof of assignment (PoA).
IOTW Token Offering
IOTW Token Distribution
Founders and equity investors’ tokens will be released at 25% per 6 months over 2 years.
At USD0.055 per IOTW, initial market cap at USD 37 million, and USD 50 million one year after ICO