IoT Chain provides security, efficiency and lower cost for the internet of things

IoT Chain is developing blockchain to secure the internet of things against bots. It will also be more energy efficient and provides lower costs.

IoT (Internet of Things) is the network that enables interconnection between all ordinary physical objects which can be located independently.

IoT has three key features:
1. the equalization of ordinary objects,
2. interconnection of automatic management terminals and
3. intellectualization of pervasive services.

Recent Developments

ITC is making progress in development, debugging and building their community.

Video Contest

IoT Chain has a Video Contest. The goal of this video contest is to spread awareness of the IoT Chain project in a way that is understandable by a broader audience.

IoT Chain is a plug and play solution for the Internet of Things. Their hybrid architecture and data ecosystem are unique to the industry. They are firm believers that IoT is a primary use case for distributed ledger technology and ITC is poised to be a leader in this space. They understand that many of their followers feel the same way.

The contest will run from April 19, 2018 (12:00 UTC+8) until June 8, 2018 (12:00 UTC+8).

The top prize of 5000 IOT Chain tokens is worth about $7500. Tokens are trading at $1.29.

IOT background

According to 2016 China IoT’s Market Scale and Development Trend issued by Wulian Zhongguo, the global IoT market scale reached 62.4 billion dollars in 2016, with a year-on-year growth of 29%. In 2018, the figure is expected to reach 103.6 billion dollars. From 2013 to 2018, the compound growth rate will be
21% and the number of newly-increased IoT devices will rise from 1.691 billion in 2015 to 3.054 billion in 2019.

More and more articles and devices are being connected to IoT. According to Gartner, though the world’s population is 7.5 billion, the number of global IoT devices will increase from 6.4 billion in 2016 to 8.4 billion in 2017, with a 31% growth rate. The number of IoT devices will exceed the sum total of PC, tablet PC and smart phones in 2018 and reach 20.4 billion in 2020.

According to IHS Markit, most articles will be intellectualized by 2025. In the future, everything will be interconnected, from a cup to a house, and IoT will spread across every aspect of our life.

In 2016, the whole world’s expenditure on IoT technical products and services enterprises has reached 120 billion dollars and this number will increase to 253 billion dollars in 2021 with 16% annual growth rate, among which the pure IoT technical services expenditure will reach 143 billion dollars with 17% annual growth rate. Based on assumption of 20% annual growth rate, Asia will have the fastest growth and take up around 35% of worldwide IoT expenditure in 2021.

Internet of things is huge but has the challenge of Botnet

The Botnets of Things created by Mirai was entitled as one of the Ten Breakthrough Technologies in 2107 by MIT Technology Review. According to the statistics, the Botnets of Things have infected more than 2 million IoT devices, for example, the cameras. The DDos attack launched by this made the network of American DNS service provider Dyn break down and users could not visit several popular websites such as Twitter and Paypal during a short period. Afterwards, more botnets appeared, including the one that hijacked the IoT devices to mine Bitcoins and the http, which has larger scale and is more active.

IoT Chain (ITC) has adopted the asymmetrical encryption. As long as the private key is kept properly, the data cannot be cracked even if it’s collected. At the same time, all the nodes in ITC are equal, which protects the users’ privacy. Moreover, based on the character that blockchain cannot be tampered, the manufacturers and service providers won’t be able to tamper users’ any information.

The barriers to blockchain application

Objectively speaking, although blockchain has many distinctive merits, there are still quite a few barriers to its widespread application. Let’s take Bitcoin as an example:

1. Resource consumption: Bitcoin’s POW (Proof of Work) is consensus mechanism with high resource consumption, while most IoT devices have problems like low computing ability and network capability as well as short battery life.

2. Data expansion: With the growth of blockchain, can IoT devices provide enough storage capacity? Until now, Bitcoin needs 100 G physical storage space and the number keeps increasing. If the blockchain technology were widely used, the demand for storage space would be enormous.

3. Performance bottleneck: The limit speed of traditional Bitcoin trade is 7 transactions per second and it will take about one hour to write in the blockchain plus the time for consensus confirmation. This will lead to feedback and warning delay, which are infeasible for delay-sensitive industrial IoT.

4. Partition tolerance: The industrial IoT emphasizes that the nodes should be “always online” but it happens all the time that ordinary IoT node fail and rejoin the network back and forth. This will generate network shocks which consume a lot of network bandwidth and even cause “network partition”

IoT Chain Platform and solution

Token Model

ITC is an acronym for IOT onchain tokens, which drives the blood of decentralized IOT networking operating systems.

ITC is a measure of the value circulation in the ecosystem of IoT Chain.

Anything involving the use of smart devices, ownership, and the value of the content ecosystem on smart devices, requires ITC billing.

The following two points ensure that the demand for ITC in the ecological environment continues to grow.

1.Every smart device that joins the ecosystem of the universe must have a built-in ITC. As more and more smart devices join the IoT Chain system, the demand for ITC will continue to rise.

2. In the IoT Chain system, data sovereignty belongs to users. In the era of big data, there will be a steady stream of big data analysis needs, and each big data analysis request will need to consume ITC and be allocated to users according to each user’s data contribution. With the sound development of the data ecosystem in IoT Chain, the demand for ITC will continue to grow.