The IoT is presently facing a lot of challenges which had to do with security and trying to make sure the IoT data isn’t present on any server that can be hacked by cybercriminals. IoT chain happens to be an operating system for the IoT network, as mentioned on their site which links Internet of Things (IoT) devices. It was designed to solve the severe issues faced by the Internet of Things central technology itself. The IoT chain combines the asymmetric encryption of cryptography, semi-homomorphic-encryption technology and trying to fit them all in a decentralized system where they would be no need for a centralized data center. ITC (IoT chain) therefore makes possible the protection of user devices and keeps their data safe from being tampered with by hackers.
What is IoT?
The Internet of Things (IoT) is an interconnection of computing devices/objects, with each objects having its unique identifier that allows them exchange data within the present internet facilities. The application of IoT technology is found in lots of industries which includes the healthcare, transportation, building, and others. Though they didn’t name it until in 1999; the development of IoT has been ongoing for a long time. The first ever internet appliance which was a Coke machine at Carnegie Melon University sometime in 1980. The purpose of this was to connect to the Coke machine over the internet to check if the device is active or not, or if there are cold drinks in it. The problem of IoT is it has a centralized data which is much easier to breach.
The IoT chain uses the DAG’s (Directed Acyclic Graph) in solving performance problems which help in a lot of ways when it comes to transaction performance.
Because lots of data would be generated on the IoT devices, this would make the IoT Chain become a data ecosystem. Anyone who needs the data on the blockchain for analysis, artificial intelligence training, or merely trying to optimize advertising campaigns would need to submit a chain code to IoT Chain. When the code is executed, the party requiring the data automatically pays ITC tokens to people who were the original owners of these data.
The IoT Chain nodes use the Simple Payment Verification (SPV) process. This process enables verification of payments without maintaining blockchain information. It also uses the SPV technology in solving data expansion problems faced by major networks and DAG.
The IoT chain applies the Practical Byzantine Fault Tolerance consensus algorithm. This is to improve the chain’s processing performance on the proposition of achieving a consensus of the chain’s decentralization.
The ITC is the abbreviation of IoT Chain. It’s the token used on the IoT chain blockchain. There will be a total of a hundred million (100M) ITC tokens. The ITC tokens are currently traded at Huobi.pro, OKex, and Bibox exchanges. Though it’s just half of the coins in circulation, the other half of the ITC tokens are said to be locked up to prevent price fluctuations. It’s also meant to resist quantum attacks. IoT Chain blockchain implements both the PoW (proof of work) and the PoS (proof of stake) methods.
With IoT, token holders are given the opportunity to lock in their tokens for a reward if they choose to hold for specific months. Token holders are giving the opportunity to access smart devices which are connected to the blockchain. As the system gets larger, abstracted data can be sold and bought with the ITC tokens. Presently, the ITC in an ERC20 token, but that’s all about to change as plans are underway to release the wallet and main net. Once this is done, the ITC ERC20 tokens are then swapped for the real coin of the IoT network.
The roadmap as displayed on their official website shows the plans of the IoT Chain and when they are implementing every phase.
30th November 2017: The main chain is tested.
30th January 2018: Wallet app for the ITC tokens will be tested.
30th April 2018: The main chain test would have been accomplished.
20th May 2018: ITC main chain wallet should have accomplished all testing phases at this time.
30th September 2018: Testing starts on the DAG network.
30th December 2018: DAG network is to come online.
28th February 2019: The joint debugging of DAG network and the main chain would have been accomplished.
CEO Xie Zhuopeng leads the ITC team, and he has been actively engaged in developing smart hardware devices for over four years. Ding Ying (CTO), Zhao Tan (CFO), Liang ran, and Lv Xinhao is the team advisors. They also have been active in technology development in Asia.
The IoT Chain, despite bringing an improvement upon the current IoT system tends to achieve something that has not been done before. Aside from its token been a store of value for investors, users on the IoT chain who daily feeds the blockchain with data from their daily activities are paid directly for the data they provide.
More information on the project is found on the links below.