Website

IOTW

ICO

Last updated: Nov 04, 2019

IOTW is an IoT Blockchain infrastructure project using Proof of Assignment (PoA) to connect all IoT devices globally, create passive income in the form of micro-mining, and allow for the development of decentralized applications on IoT devices.

IOTW mission is to establish a data ecosystem for IoT devices based on blockchain, enabling the direct exchange of big data between consumers and manufacturers to ultimately improve people’s lives.

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Overview

Project industry	Blockchain Infrastructure
Product type	Ecosystem
Founded	Hong Kong
Whitepaper	Open
Onepager	Open

Bounty program

What is IOTW

Mission

To Develop an IoT Blockchain protocol using proof of assignment to integrate IoT devices with Blockchain such that a decentralized network of IoT applications and data exchange can be established.

The Problem

Current consensus systems such as Proof of Work or Proof of Stake have drawbacks that make them difficult for adaptation to IoT devices. For example,

The Proof of Work system requires strong computational power and large amounts of memory on the end-node side, which are costly for consumers to adopt. A “mining machine” for Bitcoin costs over USD 2000 per set.

Mining under the PoW protocol is deliberately consumptive of power. It is estimated that the Bitcoin network uses 0.14% of the global energy consumption and more power than several developing nations.

As the PoW system gets bigger, the whole network slows down.

The Proof of Stake system still requires large amounts of memory on the end nodes, and also large amount of tokens to be able to win the Blockchain reward. The rich gets richer under the PoS system.

Both PoW and PoS are leading to the centralization and accumulation of mining power into the hands of a few entities. Under PoW, giants like Bitmain’s mining pools control close to 51% of Bitcoin’s mining. Similarly, under PoS, original adopters of Ethereum who own large stakes can easily rake in all the fees from the network.

Introduction

We have 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

Features of our new Blockchain architecture

Divide the Blockchain network into different layers to reduce system requirement on the IoT devices (end nodes) side;

End nodes do not have to have strong computational power or large amount of memory;

All IoT devices can connect to our Blockchain without any hardware change;

All the end nodes have equal chances of getting Blockchain rewards;

The chain does not consume unnecessary power; and

The chain supports instant transactions no matter how big it becomes.

From the Proof of Assignment consensus protocol, we have developed the “Micro-mining” protocol. Micromining 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.

Details

Pre-sales: Sep 15, 2018 - Mar 30, 2019
Public sales: Mar 31, 2019 - May 12, 2019
Token supply: 2,560,750,000 IOTW
Total tokens for sale: 2,560,000,000 IOTW
Hard cap: 20,000,000 USD
Raised: 750,000 USD

Legal

Country limitations: USA, China
Registration country: Hong Kong

Office address: 12th Floor, Edward Wong Tower, No 910 Cheung Sha Wan Road, Kowloon, Hong Kong

Token info

Ticker: IOTW
Token price in USD: 1 IOTW = 0.055 USD
Accepted currencies: ETH, BTC, Fiat
Bonus program:
Bonuses for Early Adopters
Private Sale: BONUS 25% Token release: 10% each month after ICO
Public Sale: BONUS 0%
Token release: After ICO
Token distribution:
33% - Mining
24% - For Sale
17% - Founders
14% - Reserved for future
10% - Early adopters
2% - Advisors
Funds allocation:
29% - Operations
23% - Blockchain
14% - IOT applications
14% - DPS chips
11% - AI Software
9% - Big Data Collector

IOTW Roadmap

1st Q 2018

- Filed patent for POA and micro mining
- Filed first patent of DPS

2nd Q 2018

- Demonstration of 15 Micro-miners in Penang, Malaysia
- Demonstration of 200 micro-miners in Shenzhen, China

3rd Q 2018

- Ported miro-mining firmware to Espressif and Realtek Wifi chipset
- Filed the witnessing protocol patent
- Announce strategic partnership with Consta mobile and California Wine Co to accept IOTW coins as payment

4th Q 2018

- File 2nd patent of DPS
- Announce DPS performance

1st Q 2019 +ICO

- Target over 100K TPS
- DPS Chip technologies demo
- Open Source Micro-mining code

- Release Main Network to production
- Consumer products available for retail
- Release ecommerce API and release first decentralized ecommerce marketplace
- ICO

2nd Q 2019

10K micro-mining IoT device shipped

4th Q 2019

- End system shipment should be in tens to hundreds of thousands
- Big Data Collector release
- Release IOTW code for firmware update
- Millions of semiconductor chipsets installed with IOTW micro-mining firmware
- Achieve 1M TPS
- 100K micro-mining IoT devices shipped