The internet has become a hub for numerous activities, and this has created several opportunities for people and businesses. Today, there is no stable business that is thriving without some part of the success attributed to its presence on the internet. Over time, the internet has evolved into something more productive and a useful tool for the implementation of many services. One of the technological innovations that the internet has given birth to is the “Internet of Things (IoT)’ which is a structure like the internet but used to connect radio frequency identification (RFID) embedded physical objects we use every day.
The blockchain technology, like the internet, has been of importance since the discovery that it could be more than just an underlying technology for cryptocurrencies. Every day, new use cases for the blockchain technology is discovered, and this has given rise to the increase in blockchain-based applications that function for different purposes in different industries. One of such industries is the application of the blockchain in the Internet of Things system, and several blockchain-based applications have been created for this purpose. However, these blockchain-based systems have exhibited problematic traits that do not totally help the system.
Like every new system, there is always the tendency to experience issues, and it is up to newer systems to solve these issues. The traditional blockchain applications have experienced glitches, which in turn has limited the effectiveness and overall functionality of the applications. The problems include:
- The absence of IoT devices that can deal with microtransactions.
- Limited computational power that hinders the functionality of the traditional blockchain application.
- The inability of IoT devices to deal with heavy blockchain software, including a large amount of memory required for its various processing and storage operations.
- Absence of a business model that can facilitate the adoption of the technology by customers, and take care of the rewarding of IoT devices that have adopted the IOTW structural protocol needed to engage in micro-mining.
- Absence of a decentralized network with the ability to link sales providers to owners of IoT devices, to provide various types of services like maintenance, repairs, provision of consumables, among several other services.
IOTW’s Solution is the Revolution
The IOTW was created to be a coin that will help in the facilitation of micro-transactions that will take place between IoT device owners, machines, and providers of services and spare parts. The IOTW blockchain technology has amazing features that will solve the problems faced by traditional blockchain software, and these features include:
- The blockchain will be multiplatform, this invariably means that every IoT device irrespective of their IoT-enabling chips will be able to load the IOTW blockchain software, and thus join the IOTW community, thereby enhancing and encouraging the adoption of the IOTW blockchain technology, including fast porting to the system.
- By using IOTW, previous IoT devices will have access to retrofitting via different firmware updates that will afford the IoT devices the opportunity to micro-mine and join the blockchain community.
- Instant transactions are supported by the IOTW blockchain, which eliminates the need to wait for a while for a transaction to get processed.
- The IOTW blockchain has been modified to deal with the issues of high power consumption and lack of memory, as it is a light memory software which will be suitable for micro-mining using appliances in the home.
Learn More About IOTW
Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.