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IOTW Leverages IoT, New Blockchain Algorithm to Help Miners Generate Coins with Electrical Devices

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IOTW

The Internet of Things (IoT) is one of the most promising technologies, along with the distributed ledger technology (DLT) – also called blockchain, artificial intelligence, and a few others. ANAPP Blockchain Technologies Limited, a blockchain-oriented startup, plans to merge IoT with blockchain for an innovative infrastructure that would allow users to mine digital currencies with the help of any electronic device and home appliance that can act as an IoT device.

IOTW, as the new project is called, will use blockchain to provide a better alternative to the popular Proof of Work (PoW) and Proof of Stake (PoS) consensus algorithms. IOTW proposes Proof of Assignment (PoA) – a completely new approach that solves some of the main problems inherent in the traditional algorithms. The ecosystem is fueled by IOTW coins, which allow high-speed micro-transactions.

Some may find IOTW quite similar with IOTA, a popular project that combines a distributed ledger system with the IoT concept. However, IOTA doesn’t use an actual blockchain system but an architecture called Tangle, and more importantly, it doesn’t perform as well as IOTW.

Leveraging IoT to Beat Proof of Work

Bitcoin is by far the most popular and oldest cryptocurrency, and today most of the miners would target it given its high price. However, the competition became fierce and retail miners don’t find it profitable to generate new Bitcoins, which has led to the formation of a monopoly where companies like Bitmain are dominating the market. Besides, the PoW algorithm used to mine BTC requires much electricity, which has negative consequences for the environment, especially when the electricity comes from coal-based power stations.

IOTW proposes a new approach to mining. The Proof of Assignment (PoA) algorithm requires less computational power and less memory capacity compared to PoS and especially PoW. With the new method, those who have more IoT devices connected to the IOTW ecosystem have the chance for higher profits. Thus, typical home appliances can generate IOTW coins without significantly impacting the electricity bill. You can think about it as micro-mining, as it doesn’t require advanced processors like those found in the ASIC devices. However, the potential profit is worthy of consideration. IOTW blockchain solution will be open-SDK so that any IoT and connected device can download their app to join the ecosystem and start mining. However, the devices don’t have to download the whole blockchain to become eligible nodes, so no significant memory capacity is required.

Source: https://iotw.io/wp-content/uploads/IOTW%20Whitepaper%20EN.pdf

If a mining equipment unit to generate new Bitcoins can cost you over $2,000, then IOTW lets any IoT device become a miner. Besides, the system allows typical electrical devices become suitable for the IOTW ecosystem by integrating a special DPS chip that replaces their traditional analog power systems. This procedure would convert the appliances into IoT devices that might be used for mining.

IOTW Benefits

The system proposed by IOTW has some clear benefits over the mining approaches used by Bitcoin and Ethereum. Some of the advantages are as follows:

  • Mining IOTW coins consumes much less energy than mining Bitcoin or even Ethereum;
  • IOTW decentralizes the blockchain much more efficiently than Bitcoin or Ethereum does. The latter ones have become controlled by several big players;
  • IOTW is an ecosystem that offers an unmatched level of scalability;
  • IOTW provides a far opportunity for miners to get rewarded with new coins;

The IOTW team will work to promote the project and make the coin be accepted for as many business cases as possible. The team will have to partner with goods and services providers to make the IOTW token work as a payment method. Besides, the ecosystem will be used to collect and sell data for device owners, which will represent another use case for the token. Last but not least, IOTW coins can be conveniently used for peer-to-peer transactions between members.

IOTW Prospects

The IOTW project is at its nascent stage, but it definitely has a great potential for the future. The ecosystem, which is backed by an expert team, can literally reach millions of users around the world by allowing their home applications to generate profits through the new concept of micro-mining. The blockchain community would rapidly adopt IOTW given that it addresses some of the key issues that are characteristic for the PoW and PoS algorithms.

The IOTW team has already filed three patent applications for inventions related to the Proof of Assignment algorithm and other software and hardware solutions. The startup intends to file for more relevant patent applications by the end of 2018.

As of July 31, 2018, the IOTW project has raised about $4.14 million, and the testing version of its system hosts over 200 micro-mining IoT devices. The token sale is still continuing, so potential investors are free to apply to join the whitelist.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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