The Internet Of Things is an ever-growing market in Chinese households. IoT is used to control their heating or lights from a mobile app on their phone or tablet device. The trouble with this is that phone and tablet security isn’t always as safe as you think and is quite prone to hacking.
There’s a more secure way to go about things with the IoT chain that has now been created. It’s created using blockchain technology to protect IoT- linked devices from outside hacks. IoT chain also has open-source software making it impossible from being attack from inside.
A Look Into IoT Chain ITC
Pretty much anything with a smart chip and the capability to use IoT can be controlled with complete security with ITC. A few of the applications will include:
- Secure communication
- Identity verification from security cameras
- Smart street lighting
- Automatic payments on public transport systems.
ITC will also allow for secure transfer of information between devices. People could send information about the current weather at their location using their phone to a weather station for a small fee regulated by ITC.
The user wouldn’t have to share their personal information to anyone. This could result in a constant accurate live network of weather all over the globe. With the contributors receiving compensation and meteorologist having a huge source of every growing data available.
Who's Behind IoT Chain?
ITC is was founded in Shanghai, China. Xie Zhuopeng is the CEO and has been in the smart hardware field for a several years, he has also been designing smart lighting architecture for numerous lighting companies around the world.
Lv Xinhao, co-founder. Lv is a master in the blockchain technology. He has been in the bitcoin business since 2013. He also translated the first blockchain book ‘mastering bitcoin’ into Chinese.
Ding Ying, CTO. Ding has been working hard on developing the chips firmware for the past 12 years. Having previous experience in digital imaging, Ding has a very good understanding of the chips hardware.
ITC has been often referred as the IOTA of the east. ITC, unlike IOTA uses a single-chip microcomputer. This allows the proof of hardware much easier than other options.
ITC is not only using a DAG subnet but also PBFT (Practical Byzantine Fault Tolerance) census. Using both will greatly improve the processing speed of the blockchain since it will achieve harmony of the main blockchain’s decentralization. ITC creators have achieved to create a speedy and secure network using these technologies.
How IoT Chain ITC Works
ITC has a total supply of 100 million ITC, with roughly 40 million circulating at the time of this article. Once the market reaches 50 million it will be capped out for the time being. The rest will be held onto to prevent the market flooding.
There is a unique program that ITC offer for investors that encourages them to hold onto their tokens for longer term. If they commit they are rewarded with more ITC tokens afterwards. This helps create a stable platform of investors who believe in the longevity of the products.
Should I Buy IoT Chain ITC?
Right now, there are still some major problems that need to be resolved when it comes to the IoT Chain technology. Most of the technology is still in the process of creation and testing. There are still a lot of unanswered questions that need to be addressed regarding the technology and if it can be as secure as it appears.
ITC has been talked about by many online as a big upcoming blockchains on the market this year. It’s still not going to be finished until 2019. Later in the year the DAG network will be up and running, next year will see the PBFT network release and then the two can combine and create the maximum security that they have been boasting about.
Although there are some kinks that need to be ironed out, ITC is one to watch in the upcoming months and the blockchain technology sounds very promising.