IOTW Launches MainNet Ahead of Set-Top Boxes Hitting Retail Market
IOTW is set to launch the MainNet in June or July this year as IOTW-enabled set-top boxes will make their way to the retail customers in Europe in the Middle East in the third quarter of 2019.
The IOTW project developed by AnApp Blockchain Technologies Limited and engaged in creating a unifying blockchain-based system built for big data has been partnering with several set-top box manufacturers intending to integrate its innovative technologies into the devices.
The modifications are implemented through a firmware upgrade, which means that there is no need to change the hardware. IOTW-enabled IoT device will be able to mine cryptocurrency without a noticeable increase of the bottom line in the electricity bill as an annual cost of mining should not exceed $0.5.
Considering that a vast amount of smart set-top boxes along with LED light bulbs and power plugs with embedded IOTW technologies will hit the retail market in the third quarter of 2019, thus making IOTW the leading blockchain project in the world with the vastest volume of IoT blockchain deployments and market outreach.
The end users of ITOW-enabled devices is expected to exceed one million in the coming years as the manufacturers and retailers will start promoting and marketing the devices with embedded IOTW technologies in Europe and the Middle East.
IOTW is Launching its MainNet
The project will deploy the proprietary MainNet and launch a dedicated mobile app in June/July 2019 before the set-top boxes with IOTW technologies and other smart IoT devices hit the market to allow end users mining IOTW coins with the assigned IoT devices.
Apart from that, they will be able to use their devices to perform micro-transactions, make instant payments, and purchase items with IOTW coins on the dedicated marketplace. Meanwhile, the manufacturers and other marketplace participants will gain access to big data stats gathered from cross-brands of IoT devices. Also, IOTW business model allows the sellers to place advertisements for a targeted and motivated audience as the number of MainNet users is expected to grow exponentially.
"Thanks to the tremendous effort of the tech team over the year, I am so glad that we will launch the MainNet soon and a large amount of IoT devices with IOTW technologies will come to the market in coming years. This is a great milestone as it may represent that IOTW is probably the world's first project that can launch, such as a high volume of IoT blockchain deployments. With many end users upcoming in our Mainnet, we will be able to unify IoT big data across different brands," IOTW's CEO and founder, Fred Leung, said, commenting on the announcement.
Project IOTW is focused on creating a blockchain-based data platform for IoT devices. It aims to collect Big Data from various IoT devices produced by different manufacturers and reward end users with IOTW coins for providing access to their behavioral information. The IOTW's native blockchain technology is based on Proof of Assignment (PoA) and micro-mining protocols that can run on different devices and perform micro mining. The dedicated software can be either downloaded to the existing devices via firmware upgrade or integrated into IoT chipsets
The project is well positioned to succeed globally as the founding team has about 30 years of cumulative experience in the Silicon Valley, semiconductor, and IoT hardware industries. Also, the project secured support from the 500 Startups accelerator program, which is considered to be one of the leading incubators and VCs in the US.