FAQ

IOTW is a 4th generation, high instantaneous throughput, IoT blockchain infrastructure using proof of assignment protocol that enables micro-mining on all connected devices and provides access to previously connected device to enable usage data for the development of both domestic and commercial applications.

IOTW has a B2B2C business model whereby the company partners with IoT device manufacturers and DPS chipset manufacturers to integrate our software into the manufacturers firmware upgrades. This allows all IoT devices to operate on our Blockchain seamlessly. Customers can mine tokens easily as the device mines in the background. These mined tokens appear in the users’ wallets and can be used on our e-commerce platform or for instant transactions at point of sale . Additionally, the tokens can be traded with FIAT or other cryptocurrencies exchanges.

To create a blockchain platform that connects IoT devices, brings blockchain to every household industry and business, as well as eliminates the centralization problems faced under Proof of Work (PoW) and Proof of Stake (PoS).

IOTW currently uses the Ethereum blockchain, but plans to launch its mainnet within 6 months of ICO, upon which the ERC-20 tokens will be swapped with our native token.

End users of IOTW enabled connected devices will get IOTW tokens as a reward, for validating transactions from their connected devices. They can spend the token on the IOTW e-commerce platform or use it for instant transactions as various points of sale or via other modes of transfer. The token can also be used for staking on the IOTW network in order to use the network special services. Please refer to whitepaper for further information.

IOTW is located in Hong Kong.

Fred Leung, Founder & CEO

• Experience with 2 IPOs

• Established USB OHCI and 1394A standards

• Co-inventor of “Proof of Assignment”

• Holder of more than 10 patents

Marcin Dudar, Founder & Chief Blockchain Officer

• Experience with 2 IPOs

• Co-inventer of “Proof of Assignment”

Tony Chan, Founder & CFO

• Experence with 10+ IPOs

• AICPA,CMA, CFA

• Professional high tech investor

Peter Chan, Founder & CTO

• Built first credited EMI lab in HK

• Co-inventor of “Proof of Assignment”

• Holder of more than 20 patents

Patrick Hung, Founder & Control System Advisor

• Former Stanford University assistant professor

• Co-founder of Alta Sicuro Technology

• HKUST Consultant

The team consists of 20 core team members.

Working on a mature ecosystem, the product has been tested on 1000+ IoT devices running on a single trusted node on the blockchain. Demo will be upgraded to 1,000 mining nodes. Current transaction speed tests have shown results of 3,000 TPS for long distance transaction and 100,000 TPS for local transactions. The network is scalable upto 1 million TPS IoT manufacturers aim to launch IOTW enabled devices in Q1 of 2019 for retail customers, while the test net is scheduled to go live in November.

It is the process of mining tokens undertaken by basic IoT devices by validating transactions through solving important cryptographical tasks.

PoA is a new consensus protocol developed for adaption to IoT devices. In PoA the computational and memory requirements for IoT devices are minimal thereby allowing even the most basic devices to mine tokens. This is done by storing the transaction ledgers in higher networks layer(s) such as trusted servers. Furthermore, in PoA, competition amongst miners is eliminated by electing a single candidate or a limited number of candidates to solve the cryptographical problems by pre-agreed criteria.

• Proof of assignment : Makes it possible to mine on basic IoT devices
• Block Witnessing protocol: Makes IoT devices much more secure and resistant to attacks
• 100,000 TPS: Allows for instant point of sale transactions within a second
• Software upgrade only: There is no need for hardware upgrade, hence making our technology easy to use for both businesses and consumers.

Instead of simply validating a new transaction via a trusted note, the IOTW network requires at least one witness, which is not the mining node, to verify the transaction using a digital signature (private/public key pair). Such an implementation discourages 51% attacks, since bad actors would have to simultaneously attack both, the transaction ledger and the associated blockchain of witnesses to gain control. Moreover, the witness can be strategically placed in high-security cloud servers to further enhance network integrity and allow it to survive even if more than 51% of the trusted node is compromised. IOTW aims to reach 1 million TPS in the future via clustering techniques, and its security is ensured.