The Internet of Things is one of the hottest trends in all of technology right now. Many people assume this industry will benefit from blockchain technology due to its decentralized and peer-to-peer nature. IoT Chain is one of the projects exploring this option by developing a “lite” operating system for this industry. It’s an interesting venture that seemingly offers a lot of promise. Whether or not it will be used is something else entirely, though.
What Exactly is IoT Chain?
Looking at the project’s website and whitepaper, it is evident this team is focusing its attention on making the Internet of Things a safer place. Their new OS aims to solve a lot of problems associated with security, data control, stability, and the use of artificial intelligence in this industry. By integrating blockchain technology, data can be layered and stored in a decentralized manner. The network will also provide protection through millions of IoT nodes in the future.
IoT Chain Under the Hood
There are several ways in which IoT Chain can be used moving forward. The first way involves decentralized server solutions to reduce overall costs and create impenetrable protection. A second area of focus is privacy, and specifically splitting user and personal data to prevent any central point of storage and failure from becoming apparent. Last but not least, the initiative also focuses on business solutions to monetize user data without breaching privacy rights.
The OS Lite operating system developed by the IoT Chain team focuses on energy efficiency first and foremost. There are no complex mathematics or calculations involved in the process, which is rather surprising for a blockchain-oriented project. Their simple approach may not necessarily be appealing to everyone, but it’s refreshing to see a different mindset in this day and age. Simple doesn’t necessarily mean less secure, even though only time will tell how well IoT Chain holds up in this regard.
Moreover, this operating system should be compatible with most “smart” everyday objects, including light bulbs. There is a growing list of IoT devices on the market right now, yet most of them appear to be compatible with this new OS due to the latter’s simple approach. That doesn’t automatically mean the whole world will flock to IoT Chain in the coming years, but it never hurts to have more alternatives at one’s disposal.
The IoT Chain Token
As has become the new normal, IoT Chain has its own native token. For now, it remains to be seen how this currency will be used exactly, although it seems logical to assume this token will power micropayments for services rendered throughout the IoT ecosystem. For now, we will have to wait for major use cases for the ITC token to emerge.
What is Next for IoT Chain?
According to the project’s website, the year 2018 will see the release of the main chain test and launch. Additionally, we’ll see some further wallet testing, followed by a mainnet integration of this wallet in Q2. The team is also working on incorporating a DAG structure, but that will require extensive testing throughout 2018. That won’t be going live before December of 2018, though this timeline may be pushed back.