In the world there are many different ways and platforms for mining, so today we will consider the advantages of one of them, which is called IOTW.
IOTW is a global blockchain-platform for placing the entire chain of electrical appliances. First, the platform will house household items, and over time it is planned to expand the range to industrial goods. In the future, the platform plans to purchase raw materials before the after-sales service (repair and maintenance, replacement of spare parts and consumables).
The platform allows you to upgrade existing IOT devices with firmware updates to provide them with the capabilities of micro-intelligent IOTW analysis and bring them into the IOTW ecosystem. Software does not require much power and energy, which is ideal for home appliances, which makes micro-mining on the platform.
The project team offers an innovative method of micro-mining - the "Proof of Assignment" algorithm, which requires less processing power. This method allows the use of conventional electrical devices for the purpose of mining IOTW tokens, without increasing the electricity bills.
Software platform support for the platform will be opened by the SDK, so that any smart and connected device can download our application can easily join the platform. The team intends to encourage daily activities in micro-mining, which will pass through simple IOT machines so that mining does not become the exclusive activity of a small and rich community in the world.
All IOT devices that use different IOT-supported chips can download IOTW software and become a member of the IOTW ecosystem. This will facilitate the rapid transfer and implementation of IOTW software.
The platform allows you to upgrade existing IOT devices with firmware updates to provide them with the capabilities of micro-intelligent IOTW analysis and bring them into the IOTW ecosystem.
Given that all IOT devices can join the system, the development team has invented a special chip that can turn conventional electrical appliances into IOT devices and at the same time reduce their component costs. Using DPS Chip can replace the traditional analog power systems of electrical appliances at a lower price, thereby increasing the productivity of devices.
DPS chips can convert household appliances and industrial equipment into IOT devices while reducing costs for both manufacturers and consumers. Consumers can connect and participate in micro-mining activities to reduce costs when operating their devices.
TECHNOLOGY OF USE
Today the most used mining algorithms are: "Proof of Work" and "Proof of Stake ". However, these methods do not promise guaranteed success and have their shortcomings.
The most used mining algorithm - "Proof of Work" - requires the use of large computing powers and is not able to support instant transactions.
There is also an algorithm «Proof of Stake», which does not require the use of large computing powers and supports instant transactions, but its use, does not imply distribution of equal benefits and oppresses new miners.
As a remedy for the existing shortcomings of these algorithms, the IOTW platform offers its own, proprietary mining algorithm called "Proof of Assignment".
This algorithm does not require the use of large computing power and is the most secure. It also supports instant transactions, and the benefits are shared evenly between all the miners. That is why the specially developed algorithm "Proof of Assignment" is ideally suited for household goods and small electrical appliances, because it provides a fair probability that each IOT device will receive a fee for the unit and commission for transactions.
Timeline: to be announced later.
Token symbol: IOTW
Total Supply: 5 000 000 000 IOTW
Tokens for sale: 1 200 000 000 IOTW
Token Price: 1 ETH = 5 000 IOTW
Soft cap: none.
Hard cap: 100 000 ETH
Accepted currency: ETH
FUND ALLOCATION OF THE ICO
The platform built on the technology of blockchain helps miners to consume significantly less energy, while producing more efficient indicators. Also, the use of the specially developed algorithm "Proof of Assignment" will ensure an even distribution of benefits among all the miners of the ecosystem.