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

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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.

Crypto Mining News

Is CCRB’s New App The Latest Big Shot In E-Tail And Mobile Mining?

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CCRB to launch a dedicated consumer-oriented app allowing users to Shop, Trade, and Earn. While companies like Coinbase with their e Gift cards are just about to knock the doors of this multi-billion dollar market, CCRB has already unlocked a host of opportunities for thousands of consumers from all across the world – including mining through their mobile device. 

Cryptocarbon, a UK based, consumer-driven Blockchain venture is proud to announce the launch of its power-packed CCRB App. The new Crypto Carbon App is particularly designed for crypto lovers all across the globe – it allows users to shop with 100% payments made in cryptocurrency – there is no getting a new card or paying in fiat. The new app is loaded with features as it also allows users to swap between 6 major cryptocurrencies and allows for crypto mining right from their mobile devices.

The cryptocarbon platform is exclusive and unique as it genuinely allows its users to make valid purchases from over 35,000 partner outlets spread across 200 countries using their crypto assets. The exciting new app is a promising development. Big names like Coinbase are coming with typical eGift cards to allow crypto users to directly use their crypto assets to purchase limited products at select retail stores. The team is already working on an advanced version of the app – CCRBXPRO. The pro version will…

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Crypto Mining News

For every Genesis, there is an End.

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As the founder of Elevate Group, which is a managed co-hosting facility for bitcoin mining, I went to great lengths to analyze how both the mining ico’S are structured and how cloud mining operates. So I believe I’m particularly well qualified to write this article, and I hope the reader gains from it.

Yes, this is also a marketing piece about Elevate Group, but there are no gimmicks or ‘specials’ or anything like that, I just point out the relevant truths and ask some pressing questions about the industry as a whole. All my numbers are derived directly from the companies websites, all this information is factual and I encourage you to check them for yourself.

So let’s start with a basic summary of what bitcoin mining is exactly, and if anyone ever tries to complicate this answer, they are speaking nonsense. Bitcoin mining serves two functions, it secures the bitcoin network and verifies transactions. We, miners, are boring data processors. That’s it, that is what we do. In order to make mining profitable, you want to keep your costs low. So if you are a cloud mining company and you’re spending money on advertising, marketing, and nice offices, guess what? That means your mining profits will have to cover those expenses, and when you take a cloud mining company like Genesis, who does a lot of marketing and…

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Digibyte’s upcoming hard fork this summer and how your GPU mining rig will benefit

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About two months ago, the Monero community was vexed in a war of words with Bitmain over the release of the Cryptonight –capable Antminer X3. The Antminer X3 had been designed to mine altcoins that use the Cryptonight hashing algorithm with Monero as the main mining target. As usual Bitmain (world’s biggest manufacturer of ASIC mining hardware) happily announced its release. However, in response, the Monero Blockchain was forked to maintain its ASIC resistance rendering all the new Atminer X3 obsolete.

The ongoing mining battles

Basically, there has always been a fight for control in the crypto mining world. Mining equipment manufacturers like Bitmain are currently able to control the crypto landscape as they wish since they equally control who gets what mining equipment, when and at what cost. The general feeling has been that the rich get richer while amassing more control over the Blockchains as eventual centralization of the networks is realized.

Considering the engineering cost of coming up with an ASIC miner, and the fact that ASIC miners are more powerful that GPU and CPU miners (that mostly belong to hobbyist), companies like Bitmain are able to niche down the manufacturing of ASIC miners and even set up their own mining operations with equipment at low production cost. It is this unfair advantage that leads to an uproar whenever a new ASIC mining machine is…

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