Discover the Potential of IoT Chain

eloquentplatypus (36)in #iot • 6 years ago (edited)

The author of this article is an $ITC token holder.

Summary

This article provides an overview of the crypto token IoT Chain ($ITC) and explores its investment potential. It discusses its competitor IOTA, what IoT Chain is designed to do, the team, its partnerships, why it is a good buy and how to purchase it.

The IoT

The Internet of Things or IoT is the term used to describe the billions of things ranging from household appliances to industrial machines that are now Internet connected.

With a global market value predicted to be over $7 trillion by 2020, the IoT is generating waves of excitement in investors looking to capitalize on the rapidly growing industry behind it. For those investing in crypto there are now multiple projects developing distributed ledger platforms specifically for the IoT.

IOTA

The most popular IoT crypto project is IOTA, a European project with a cryptocurrency market capitalization in the billions. Iota does not rely on blockchain technology at all instead using a Direct Acyclic Graph or DAG to achieve consensus. Many see DAG technology as the way to solve major blockchain related problems such as high transaction fees and slow transaction speeds. Iota has been a great investment with its run up to its current market cap.

For a new investor looking at IOTA however there are considerable risks. The technology is still in an experimental stage of development. It has been rightfully criticized for not clearly warning those purchasing the token of this fact. Due to its vulnerabilities and its experimental nature it has been plagued with usability issues with IOTA holders waiting weeks for transactions to be processed. Recently it has come under attack for providing a wallet that did not have a seed generation feature leading many technically inexperienced users to obtain seeds from malicious seed generation websites that later enabled the theft of millions of dollars worth of IOTA. Additionally, many have concerns about the way the lead developers conduct themselves publicly.

Tokens like IOTA that have recently increased a lot in value are seen as risky investments due to the possibility of a subsequent drop in value and the high capitalization is associated with an anticipated lower rate of return.

In conclusion, Iota has a lot of potential but also carries a lot of risk for an investor.

So where do we look to next as an investor that sees the potential for IoT specific projects?

Enter IoT Chain

I have high hopes for IoT Chain ($ITC) and you should too. What is so great about IoT Chain?

IoT Chain is an innovative and unique technology that makes use of a blockchain in combination with DAG subnets. Its primary purpose is to facilitate the secure transmission, storage and trade of data on the IoT. The technology can be used for applications such as the remote control of smart devices as well as securing data on smart devices and controlling what data is accessed by who. Transaction speeds are measured in milliseconds and the technology will be provided to manufacturers in a hardware component optimized for energy consumption and speed.

The $ITC token itself is required for the use of the technology and is also used for the buying and selling of data generated by IoT devices.

IoT Chain has the potential to help protect the IoT against major internet security threats such as the Reaper IoT Botnet. If it becomes a key technology to do so you can expect it to become a top ten cryptocurrency.

IoT Chain developers already have the technology ready for smart lighting and have partnerships with smart lighting manufacturers. Here is a demonstration of the technology:

$ITC only became available for purchase during December 2017 and is under the radar of most in the cryptocurrency world. Because of this it has a low market cap of under $200 million so there is a lot of potential for your investment to rise in value substantially.

IoT Chain did not have an ICO and is backed by the large investment groups Link Capital (proof), Chain Funder, FBG Capital (funders of OmiseGo), INBlockchain, Hashed (proof) and I Blockchain Capital (proof).

IoT Chain has recently been awarded the Blockchain excellence award at the Davos World Economic Forum. IoT Chain was selected from amongst hundreds of China-based Blockchain projects for their innovative and high-impact business model. This is major news that further confirms the solid foundations and future potential of the project.

Senior Team

CEO: Xie Zhuopeng

Xie Zhuopeng has been developing smart hardware technology for the last four years and has researched and developed blockchain technology for the last three years. Xie has been a speaker at multiple smart hardware conferences. He has been contracted to help design smart lighting architecture for several lighting companies in China and abroad.

CTO: Ding Yin

Ding Yin has worked in chip firmware development for 12 years. He has experience in digital imaging, 3D model retrieval, audiovisual compression algorithm processing and bank card software development. Ding is an expert in chip hardware, embedded software structures and encryption algorithms.

CFO: Zhao Tan

Zhao Tan, holds an MBA from MIT China and was the former Asia Pacific CFO of Kerry where he oversaw the hedging of millions of dollars across foreign exchanges, the strategic planning of cross-border capital and the management of cash flow. He has participated in the development of banking systems for J.P. Morgan. He has worked in auditing and IPO for KPMG China and KPMG Singapore.

ITC Chain co-founder Lyu Xinhao (far right) and Professor of Economics Huang Zhen on Chinese television discussing blockchain technology:

Partnerships

The project has strong ties to industry. Lets look at some of IoT Chain's partners:

Shanghai High-Flying Electronics Technology Co. Ltd.

Shanghai High-Flying Electronics Technology is an IoT hardware manufacturer. IoT Chain is working with this company to produce chips that contain IoT Chain firmware. The chips will allow other manufacturers to easily integrate IoT Chain functionality into their hardware. This is a key benefit that IoT Chain has over Iota because manufacturers will not need to pay consultants to integrate the platform into their hardware enabling fast and widespread adoption especially among smaller manufacturers.

Shenzhen Galaxywind Network System Co. Ltd.

Galaxywind produces high performance routers and smart devices such as smart thermostats for air conditioning, smart power points, smart LED bulbs and smart door locks. IoT Chain firmware will be integrated into their products.

Shenzhen Lenze Technology Co. Ltd.

Lenze produces IoT components and smart devices. IoT Chain firmware will be integrated into their products.

TL;DR

Can ITC become as popular as IOTA even before it has a fully working product? To answer this question I ask: Are not most IoT devices made in China? IoT Chain is being developed by Chinese technology experts for Chinese manufacturers. It will be supplied on ready to use chips for these manufacturers. IOTA is a German technology not made for Chinese manufacturers and is not provided in a way that makes it easy for them to integrate into their products.

Anyone looking at investing in IoT Chain should get in quick while the market cap is still under $300 million. IoT Chain will be open sourcing its code on GitHub, releasing its yellow paper, releasing an upgraded website and obtaining listings on Western exchanges in the near future and this is anticipated to create a lot of interest in the project.

IoT Chain has a helpful Telegram community that will help answer any questions you may have.

Further information about IoT Chain is available in the IoT Chain whitepaper and on their website.

IoT Chain is available from the following exchanges:

For those unsure of which exchange to use I recommend Huobi.pro which is English friendly, has an easy to use interface and has ITC/BTC and ITC/ETH trading pairs available.

ITC is currently an ERC20 token. It can be stored on MyEtherWallet.

In MyEtherWallet add a Custom Token with these details:
Token Contract Address: 0x5e6b6d9abad9093fdc861ea1600eba1b355cd940
Token Symbol: ITC
Decimals: 18

#cryptocurrency #chain #itc