ioTex
Although the Internet of Things is a hot topic, like any new technology, it also faces many problems in the process of technology landing, such as scale expansion, interoperability, privacy security, cost, value circulation, and interoperability.
Why does blockchain technology solve this problem?
1 The blockchain’s “no trust” feature is very suitable for the Internet of Things.
2 In the Token economy of the blockchain, tokens can measure very small values and allow rapid flow of value;
3 Blockchain also has great technical advantages in terms of privacy and security: the data is stored in a distributed blockchain and solves the problem of possible leakage or abuse of data in the cloud. Smart contracts can ensure that the transaction costs are reduced. Don’t worry about the cost being occupied by the centered company, realize the value circulation and realizing through Token system;
4 Through the improvement of the consensus mechanism, the blockchain can solve problems such as the massive expansion of the Internet of Things at a lower cost through distributed computing.
Let’s say that, if we imagine our entire society as a computer, blockchain technology is similar to hardware, and IoT is similar to software. With the blockchain IoT, devices have the opportunity to truly interoperate and become truly the Internet of Things.
What IoTeX needs to do is to become an enabler of the Internet of Things and give the IoT the ability to expand. The Internet of Things has real availability, low cost, privacy and security, and interoperability.
IoTeX Wants Internet of Things to Go Mainstream
The biggest goal of IoTeX is to use the blockchain technology to make the Internet of Things go mainstream.
The first is interoperability. IoTeX tries to use its own solutions to allow all IoT devices to be connected and interoperable and achieve autonomous collaboration, not only that, but also to achieve scale expansion. It wants to make heterogeneous IoTs interoperable without worrying about the limitations of computing power, storage, and so on.
For example, sharing bicycles is hot now, but there are many sharing platforms that fail. If the platform collapses and the rent you are holding is not returned, what should you do?
IoTeX can provide technical support for sharing applications and achieve privacy security, allowing users to directly enter into transactions.
For example, users install smart locks on their own bikes, smart locks communicate with IoTeX sub-chains, sub-chains are supported by root chains, pay and unlock, and sub-chain smart contracts implement deposits and payments. All storage costs are managed through smart contracts, so there is no need to worry about the issue of rent reimbursement after the bicycle sharing platform collapses.
Moreover, IoTeX can also protect your privacy.
Nowadays, more and more smart homes: From the initial Amazon Alexa, to Google’s Echo Dot, smart devices help our lives become simpler and more modern, which is undoubtedly a trend. But these devices also “exposure” you. Who will protect your privacy and security?
These smart devices, if they are based on IoTeX, can connect with private chains and keep data on private sub-chains to ensure privacy and security. In addition, IoTeX can also intelligently enable devices to automatically coordinate and use data to make homes more intelligent.
It can be said that blockchain protocols such as IoTeX are imaginative wings for the development of the Internet of Things, and they bring about the possibility of large-scale landing and expansion. Let’s take a look at what the IoTeX blockchain has to offer. Features? Why can you empower the Internet of Things?
IoTeX tries to build an ecosystem
IoTeX’s blockchain technology can support a variety of developers, such as IoT hardware manufacturers, IoT device control system developers, smart home app developers, share economy device manufacturers, supply chain data integrators, data crowdsourcing providers Business, automatic driving developers, etc.
Moreover, IoTeX blockchain is suitable for various Internet of Things scenarios. Going back to our example of renting a bike: Based on the IoTeX blockchain to build a sharing economy, you can implement deposit storage entirely by smart contracts. That is to say, no one owns the money, and the return deposit deposit can be guaranteed. The user can use the service without trusting the company. Everyone can have rights and interests, and can also contribute to the ecosystem and achieve community self-operation.
IoTeX’s Blockchain Sharing Economy
Another example is the current smart home, there are many IoT cloud service development and maintenance costs are extremely high, performance is still poor, if you deploy their products to the IoTeX blockchain can significantly reduce operating costs, while significantly improving the performance of the device.
Why not use cloud services of large companies?
If you use cloud services of large companies, there will be problems: manufacturers cannot fully control the availability of cloud services; need to continue to pay for cloud services; clouds, clients or intranets are at risk of being hacked, resulting in user data being stolen or generated Home security issues.
In contrast, IoTeX blockchain management devices are local and only interact with the public chain when necessary. These chains are maintained by the community. For IoT manufacturers, there is no maintenance cost. In addition, the IoTeX blockchain has privacy protection that can prevent data from leaking or being hacked.
Finally, IoTeX will work with IoT chip manufacturers to develop the IoTeX blockchain, and IoT manufacturers can simply integrate the chip to get IoTeX blockchain support.
IoTeX’s Smart Home Blockchain Model
It is easy to see that IoTeX wants to be the cornerstone of the Internet of Things. To achieve this, IoTeX needs to be implemented as soon as possible, and it is really empowering the IoT through the blockchain, providing each entity in the blockchain with a fast, scalable, and privacy-protected IoT network.
Only by doing this will IoTeX have the opportunity to become the infrastructure of the Internet of Things.
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