IoT Chain – Review, Latest Developments and Video Contest

· 18 May 2018 in Cryptocurrency News, Home, Press Release
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

With the Internet of Things (IoT) expanding in the technological world, there are many projects exploring different solutions and possibilities with it; and IoT Chain is one of these projects.

According to its website, IoT Chain – or ITC – is developed as a lite operating system that uses blockchain technology and implements PBFT, DAG, SPV and CPS technology. This allows data to be stored in a decentralized manner and providing protection with the strength of the millions of IoT nodes in the network.

With this technology, the IoT economy of devices will be connected in a decentralized and energy efficient environment and produce valuable user data that can be used as fuel for the development of AI with users rewarded for providing this fuel.

With this network, the interconnection of IoT devices of a home, business and even cities, can truly flourish in a secure way. Simple does not necessarily mean that the network is less secure, it just consumes less and provides the best results.

ITC is able to provide fast and efficient transfers using minimal resources. The ITC OS has been developed with energy efficiency in mind in a world of mass consumption. The OS is able to operate with everyday objects, such as light bulbs imbedded with the ITC chip. Just by turning on the lights, the network will start working, saving incredible amount of energy used by other supercomputers.

The operating system should be compatible with most ‘smart’ objects that we may have in our homes. All these devices appear to be compatible with this OS, meaning that there is an important potential for this network to keep growing.

Latest Developments

On May the 14th, IoT Chain released a blog post in which it explains which is the ITC progress until May.

The main chain – which should be developed during this year – is moving forward. The blockchain7graph generation and visualization is 100% complete, as well as the basic UI components.

There are three features that the team is still working on which are the Peer churn handling, the improved PBFT consensus, and HD wallet components.

About the light nodes, we can mention that the bugs on chip have been resolved and the debugging continues with Bluetooth communication between chip and mobile phone.

The number of token holders increased by 31%, reaching 10,058 users, and the number of transactions increased 3.31% accounting 31,085 transactions.

Additionally, the Chinese and Korean versions of the ITC Bounty System have been released. The new language options can be selected at the bottom of the logon page.

It is important to mention that ITC has been listed on DDEX exchange on May the 7th. The trading pair ITC/ETH is now supported. Moreover, a strategic partnership has been announced by the team, with Hero Node ($HER, a cross-chain DApp development platform). The main intention is to cooperate to develop an open-source, autonomous ecosystem for DApps with a focus on safety and data asset protection.

The IoT Chain community is growing as well. The Chinese community has slightly grown in the Beechat group, and increased 13% in Wechat & QQ. The overseas community has also grown, the English and Korean Telegram groups now have 22,277 users, and there are 760 members in the new Reddit.

IoT Chain Video Contest

In order to spread awareness of the IoT Chain project in a way that is understandable by a broader audience, IoT Chain has decided to announce a video contest.

The contest will run from April the 19th, 2018 until June 8, 2018. There will be one submission accepted per person or group. The video should be no longer than 5 minutes and it should have a minimum resolution of 1080p.

The winner of the contest will be determined by the ITC team jury, which will be formed by the CEO Xie Zhuopeng and Co-Founder Peter Xinhao, two representatives rom the community partner GBIC, and three admins from the Telegram community.

The first place will win 5,000 ITC; the second place 2,000 ITC, and the third place 1,000 ITC.

The community will also be able to participate. The video with the most social reach and votes from the community will receive 1,500 ITC. Moreover, the selected community prize winner will receive extra points towards their grand prize entry.

If you want to know more about the contests, please visit the blog post that specifies all the information.

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.