New IoT Blockchain Solution Decentralized by EOS Instead of Ethereum: IIoT ICO

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Ethereum has been the gold standard for Initial Coin Offerings, with ERC-20 tokens dominating the charts for new digital assets. However, Ethereum is not without its shortcomings. Compared to some of the newer decentralized platforms, Ethereum is relatively expensive and slow. Adoption of other platforms has been minimal, but there are tokens on platforms other than ERC-20. Last month, PikcioChain (PKC) switched their ICO to the NEO EP-5 platform. To date, the project has raised approximately $8.4 million USD in coin, with 33 days left in their ICO round of fundraising. This month, a new project, IIoT has released a blockchain project powered by EOS technology, though their economy does appear to remain on ERC-20.

The power of EOS is its improved platform for DAPPS (Decentralized Applications). Using this platform, developers may create blockchain tokenized applications in a way that eliminates transaction fees while handling millions of deals per second, thanks to its unique Delegated Proof-of-Stake (DPOS) model. If this promise comes to fruition, it will be among the fastest, most scalable platforms to date, earning its nickname as the “Ethereum killer.”

IIoT claims to be the “Industrial Internet of Things Telecom on the Blockchain.” According to the website, the capacity of the IoT market will be 85 billion devices by 2025. Among the areas of IoT the project hopes to touch are smart parking, smart trash cans, smart lighting, and other IoT-integrated use cases, such as crop irrigation, the improvement of livestock populations and the storage of crops.

IIoT also plans to integrate its blockchain technology with smart house management, including the instant metering of water, electricity and gas consumption. The IoT solution is planned to be a full plug ‘n play solution, where users just buy a ready kit and install it, without the need for complicated programming or wiring.

Investors in the ICO may purchase I2 CryptoCoins. With them come lifetime compensation to holders at 5% of customer payments as long as people remain active in the network. IIoT also advertises franchise opportunities.

The IIoT blockchain platform is said to be open, highly scalable and ready to build an ecosystem for industry partners. Here’s where it gets interesting: though IIoT appears to utilize EOS for their IoT ecosystem (with a mention of SONM on their website as well), cryptocurrency transactions appear to be managed on the ERC-20 platform. This seems counter-intuitive and requires a bit more of an explanation to would-be investors in the project. There may be a sound reason for combining the different technologies (EOS, SONM and ERC-20), but without some context, it’s hard to judge the viability of this project.

The company behind IIoT plans to manufacture their own LoRaWaN stations and sensors. In so doing, they expect to keep manufacturing costs low, compared to reselling third-party technology. LoRaWaN is an open protocol that connects IoT devices in a way that’s reported to be cheaper than 3G, 4G and 5G networks.

As EOS grows in popularity, we can expect more projects like this to pop up, especially if IIoT is successful in developing their product and ecosystem.

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