Interview: CEO of IOTW, Fred Leung, Explains Micro-Mining and New Proof-of-Assignment Concept
IOTW is a specialist IoT branch of Hong Kong-based AnApp Blockchain Technologies Limited, responsible for the development and integration of a new ‘micro-mining’ software and Proof-of-Assignment (PoA) consensus protocol.
According to IOTW CEO, Fred Leung, the new PoA algorithm “is a queuing consensus system, not like today’s most common Proof-of-Work/ Proof-of-Stake [systems]”, which are “slow” and highly energy inefficient. The new PoA protocol uses a fraction of the energy associated with these existing PoW systems and does not need specialist nor expensive hardware in order to reach consensus. In fact, any household IoT device will be able to connect to trusted nodes in the IOTW ecosystem and contribute hashing power to mine IOTW tokens.
So what kind of IoT devices will be able to mine these IOTW tokens?
“Besides Computers and cellphones we [aim to] put our micro mining protocol into very high volume Wi-fi chipsets… including TVs, Lightbulbs, Refrigerators and air conditioning [units].” - Fred Leung, CEO of IOTW.
How will the user receive cryptocurrency mining rewards?
“Very simple, your [IoT] products come with a QR code which you scan from your cell phone. You download an app and inside [it] has a wallet. Then it will ask you if you want to mine, and if you say yes then the device will start to mine tokens.”
As soon as an IoT device begins mining, IOTW tokens will begin appearing in the downloaded cryptocurrency wallet which can then be used to purchase goods, services and media content on IOTW’s open marketplace.
Users will also be able to benefit from selling their big data directly to the IoT device manufacturers, something Leung believes will not only incentivize its users to participate in the data market but also help the manufacturers “improve their services and most importantly, improve their products.”
Understandably this new concept has generated a massive amount of interest from outside industries due to its vast capabilities in the hugely popular and growing IoT space. Leung expects the IOTW ecosystem will expand far beyond primary household users and aims to incorporate B2B data solutions in the near future.
“Because of the architecture of IOTW, there’s quite a few companies that want to use our blockchain for [their] own internal applications, including storage of medical data… so well will support all those projects to make IOTW not only go to B2C but also B2B in different industries”
Watch the full video interview above or learn more about IOTW via their official website.