Is ITC the next IOTA?
IOT Chain (ITC) is developing solutions for the Internet Of Things space and is set to become a notable competitor to IOTA.
The Internet Of Things know as IOT is about being able to connect any object (industrial equipment, consumer goods, home automation gadgets: basically anything that has a sensor) to the internet and use the data to make the world more efficient, reliable and safer.
IOT spending is growing very fast and is estimated to reach $1.3 trillion by 2020. However, IOT faces some serious challenges. Securing billions of devices is already a massive challenge. Recently, hackers compromised hundreds of thousands of connected security cameras to create a massive bot net with launched DDOS attacks on prominent webservices.
ITC is developing a Operating System for IOT devices that aims to be secure and extremely fast, allowing companies to interact and trade data via smart contracts.
IOTA the current leader in block-chain IOT solution has a current market-cap of $11 billion while ITC now sits at $265 million. We see massive upside potential for ITC in 2018.
Website: https://iotchain.io/
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Iota is a brand new and novel micro-transaction cryptotoken optimized for the Internet-of-Things (IoT). Unlike the complex and heavy blockchains of Bitcoin and the like, which were designed with other uses in mind, Iota is created to be as lightweight as possible, hence the name "Iota" with emphasis on the ‘IoT’ part.
The number of connected devices that will permeate our modern landscape in the coming decade is estimated to be 50 billion(!) Each of these are designed to make the world a better and more seamless place for us. Tied to this fantastic promise are of course a ton of obstacles to be overcome, of which one major one is micro-transactions. These connected IoT devices must be able to automatically pay miniscule amounts to one another in a frictionless manner without having to compromise on product design by introducing additional hardware. This is why Iota was conceived.
While it was developed as a solution to scalability issues faced in IoT, the underlying protocol is agnostic and can be applied in any other use-cases that utilize micro-transactions.
In order to achieve these audacious goals Iota’s design diverged radically from blockchain cryptocurrencies. It still retains the core principle ideas of the distributed consensus blockchain, but in order to be able to scale to the size of the coming Internet-of-Things ecosystem with tens of billions of devices that are connected to each other, it needed to be very lightweight and efficient. This problem is solved by Iota’s core innovation: the tangle.
Hi tradefamous,
First of all, thank you for writing an article about ITC on Steemit! I'm Ruizhi of IoT Chain (ITC). At the moment, we are going to create a Steemit channel to reach out to more people and increase the awareness of people! It would be great to work together and make this project a bigger success. You're already active on Steemit, so if you want to help and support ITC, please contact me asap! My email is [email protected]
Hope to hear from you soon!
Kr, Ruizhi