IoT Chain (ITC): Full Coin Guide
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The Internet is a massive Global network that allows people to communicate with each other. Nowadays we use instant messages, emails, and different websites to communicate or share data. Internet of things is simply connecting all the surrounding smart devices (things) to the internet. Any device that has a sensor and an actuator called ‘a thing.’ All these devices are connected to each other or we can say they communicate with each other through the internet.
A sensor is a smart chip that senses the surrounding activities and an actuator is a chip that responds to the sensed activities. In this way, any mechanical or electronic device can make an intelligent decision on its own. All the devices are connected to the internet through an information exchange and a unique communication model to help intellectualize and track data.
What is IoT Chain?
IoT Chain (ITC) is a data distribution and transactional settlement layer designed to function on the Internet of Things. A centralized IoT network allows users data to be stored on the merchant servers where it can’t be leaked or stolen. IoT Chain is designed in such a way whereby data is being stored on the blockchain using solutions such as DAG, SPV, PBFT, CPS cluster technology, large data analysis, smart contract chain code and more. The blockchain has been proven to provide a more efficient, secure and transparent solution to data storage. IoT chain aims at improving security by preventing botnet network from accessing User data and providing a scalable network through the creation of massive node network that can effectively meet the ever-expanding demands for data storage.
The Internet of things is changing much about the world we live in from the way we drive to how we make purchases and even how we get energy for our homes. Sophisticated sensors and actuators are embedded in the physical things that surround us. A smart device with inbuilt sensors and actuators sends data to the internet, once the data is received by the Internet it is forwarded to other smart devices to take necessary smart decisions.
This platform brings us diverse information together and provides a common language for the devices and apps to communicate with one other. The process starts with the devices themselves which securely communicates with an Internet of things platform. It is an assumption that by the year 2020 more than 50 billion devices will be connected to the internet, that will be more than six objects per person or in other words, six times more equipment than that of the world’s would be population. Very soon all the electronic devices produced will be IoT enabled.
IoT Chain has brought up its own technology including PBFT (Practical Byzantine fault tolerance), SPV (Simple payment verification), DAG (Directed Acyclic Graph), CPS (Cyber-Physical System) cluster technology and big-data analysis smart contract Chaincode. IoT combines the power of the blockchain and Direct Acrylic Graph technology to enable inter-communication among different devices.
ITC was developed in the year 2017 by a team of developers and its main chain entered test stage on 30th November 2017. The core team consists of professionals in developing smart devices and blockchain technology. Xie Zhuopeng is the CEO with the experience in smart devices for over four years and had designed many smart devices for domestic as well as international companies.
IoT Chain is revolutionizing Internet of things. Internet of things is generally connecting smart devices through the internet and ITC is intended primarily for the connection of smart devices over blockchain. It all started to enhanced security, decentralization of data, and increase accessibility for appropriate users. The aim is to increase functionality and security so the technology will keep on improving as per user grows.
What is unique about the Platform?
The best function of IoT chain is that it reduces human effort. The devices work remotely and automatically so that the technology is time-saving too. IoT Chain ITC is a secure and light operating system for IoT, powered by the blockchain.
IoT Chain ITC is intended to solve many of these problems. The IoT Chain takes extra measures of precaution to not let any unauthorized access to any of your devices. This protects your home and your information from data breaches. ITC allows for devices to be checked only by authorized users by defending data safety and private security.
ITC is revolutionizing the Internet of thing technology by using blockchain technology. The connection of smart devices will be done through blockchain which will increase functions and security.
- It generates a large amount of data that can be abstracted for analyzing and improving the technology in future.
- Controlling and maintaining data will be done by own on a secure network that is not accessible by anyone except the user.
- As it is based on blockchain it requires very less processing power and storage. It solves server security problems and meets the demand for connectivity of all things.
IoT chain infrastructure
PBFT + DAG
Establishing consensus between nodes is one of the major problems of Blockchain. IoT uses Practical Byzantine Fault Tolerance(PBFT) to achieve main chain consensus which is most effective and fast. The central bank of China and IBM’s Hyperledger project are already using PBFT. Different types of consensus algorithm are already being used by Ripple, NEO, and Stellar.
New cryptos are being developed that will use the DAG technology to help avert possible problems with the blockchain. This technology potentially replaces the Blockchain itself. It allows for drastically improved transaction performance and makes IoT Chain resistant to quantum attacks.
Simple Payment Verification (SPV)
The Simple Payment Verification allows payment verification to be completed without referencing the whole blockchain network. The technology saves the cost of blockchain and even reduces the user’s burden. ITC nodes use this technology to solve the data expansion problem of major network.
ChainCode Data Analysis
If an organization tries to access in IoT chain user data they will have to submit their chain code to IoT chain. ITC uses probability model algorithms to carry out chain code data analysis. Thus the contract submitted to chain code cannot steal user data. After the execution of chain code, the companies use to pay ITC token to the user who provides the data according to the data value. This makes ITC provide a big data analysis ecosystem which is profitable for the user as well as the company.
IoT Chain team
The core team of IoT chain developer includes four persons:-
Xie Zhuopeng (CEO)
Xie Zhuopeng is the senior entrepreneur and expert in IoT field. He studied smart hardware for over four years and blockchain technology for three years. He has also designed several smart devices for companies both domestically and abroad.
Lyu Xinhao (Co-founder)
Lyu Xinhaois a blockchain expert and a co-founder of the IoT chain company. His passion and desire to promote the application of blockchain technology is the driving factor behind IoT chain.
Ding Ying (CTO)
Ding Ying has over 12 years of experience in developing firmware for chips, digital imaging, 3D model retrieval, audio and video compression algorithm and development of financial software for bank cards.
Zhao Tan (CFO)
The APAC treasurer of a large multinational corporation carries the CPA certification in China and Singapore and also FCCA certification in the UK.
ITC top investment partners
Link Capital is a high performing team with over 40 years of experience in residential and commercial lending. The team is comprised of ex-bankers that specialize in most areas of finance from residential mortgages to large institutions.
FBG founder, Hitters Xu, also the founder of Antshares/Neo, is an ITC investment partner. His company works as an incubator for new projects like Riplo and MakerDAO.
The company is South Korea’s largest crypto fund which works to introduce innovative projects that are profitable for the Korean market. They host many events where blockchain developers and investors interact to exchange ideas. HASHED has been involved in several blockchain projects like Enigma, Quantstamp, Red Pulse, Airswap, Icon, and Kyler network.
Blockchain Capital (IBC)
Blockchain capital is a Chinese firm that helps companies increase equity and non-dilutive capital. It is a leading investment firm in China and tends to focus on digital finance and emerging cryptocurrencies.
IOTA of China
Lots of people refer IoT Chain as the IOTA of China. The developers of IOTA see the future where machine trade resources like electricity, storage, bandwidth, data, etc. This cryptocurrency focused on the machine-2-machine transactions.
It solves many problems faced by other cryptocurrencies because it is not based on blockchain but on the directed acyclic graph (DAG), referred to as the Tangle like IoT. As such, there are hardly any similarities between both. There is no risk of being tampered with going on the chain. Target fields for both are smart lighting, security, electronic appliances, industrial IoT.
But there is a lot of difference between IoT Chain and IOTA. IoT Chain is supported by ordinary single-chip Microcomputer and IOTA is developed by customers themselves. The problems solved by IoT Chain is centralization, security, physical asset digitization, equipment sharing. ITC offers machine2machine micropayment without the service charge. Comparing the technologies, IOTA works on Tangle based on DAG while ITC works on the main chain based on PBFT consensus in combination with DAG subnet.
The application of IoT Chain technology is found in many industries such as transportation, healthcare, construction etc. If anyone wants access to the blockchain data for analysis would need to submit a chain code to IoT chain. When the code has executed the party requiring the data pays ITC tokens to the people who were the original users of this data. This blockchain implements both PoS(proof of stake) and the PoW(proof of work) methods.
The ITC tokens are ERC-20 utility tokens that give a user the right to use a specific device. The purpose of ITC is to allow all of your devices to operate, connect, and communicate on a single network. Data can be maintained and controlled by the user themselves on a secure network that is not accessible for anyone except the user.
Like any other cryptocurrency IoT tokens also has a value which fluctuates and holding them will give profit in future. As more devices join this network the demand and price of the IoT token will increase. Holding such tokens can give unpredictable profits in future.
* The total supply of ITC coins(ERC20) is 100 million and nearly 48 million are in circulation at the time of writing. Fifty percent of the token was sold privately to the investors in November 2017 at the rate of 1000 ITC per 1 ETH. The total supply of ITC token is 100 million and nearly 50% distributed till now.
- Community Fund (30%-30,000,000)
- Founding Team (15%-15,000,000)
- Consultants and early supporters (5%-5,000,000)
A portion of these tokens are locked and will be released over time:
- – 31.5M released on December 1, 2017
- – 9.6M were locked till March 1, 2018
- – 8.9M are locked until June 1, 2018
IOT Chain price growth
After the distribution, the price of token was fluctuating between $0.80 and $1.40 in the beginning, starting from December 10, 2017. That is a really good startup for the new cryptocurrency. On January 4, 2018, the price per token went to $9.57 and that is the maximum recorded price of ITC. At the time, IoT was holding a market cap of $364,151,176. It increased 1200% within a month.
The unique technology behind the chain helps increase the demand for ITC tokens.The token has better potential as compared to many other cryptocurrencies. There are upcoming milestones which may increase the price of the token rapidly. Later in December this year, the IoT chain will be made public, and this may cause a tremendous increase in the price of ITC tokens.
Internet of things is an old application and ITC is just making slight changes in it by connecting devices on the blockchain. If every milestone goes well then it will make a little profit but the rumors say that there will hardly be any increase in price.
How To Buy IoT Chain?
Step 1: Open an IoT Chain wallet
The first step to buy IoT chain is to set up an ERC20 compatible wallet you intend on storing your purchased IoT coins. After setting up your wallet, you can then access your wallet address.
STEP 2: Buy BTC, ETH
Use our complete guide- How to buy bitcoin.
STEP 3: Deposit the BTC/eth in the preferred exchange
After buying BTC or ETH at your preferred locations, you need to deposit it into your preferred exchange platform from the list below.
STEP 4: Exchange it for IoT Chain coin
On an exchange such as Binance, you can easily convert the ETH or BTC you deposited to IoT Chain when you make a market order for the coin. Upon hitting the buy button the specified amount of ETH will be used to buy IoT Chain coins based on the current exchange rates. Once your exchange account is credited with IoT Chain coins (ITC), the last step is to withdraw them into your IoT Chain wallet created in step one for safe keeping.
IoT Chain wallet
ITC tokens were initially created on Ethereum blockchain to facilitate accessibility activities. They, therefore, can be referred to as ERC-20 tokens. These tokens will be swapped to ITC tokens once the main net is released. The tokens can be stored in any wallet which is compatible to store ERC20 tokens.
One of the best options to store ERC20 token is Myetherwallet.com. You just need to set up a password, which will generate a private key. This private key is used for logging in every time. MyetherWallet is not a standard web wallet which stores your Ether or tokens on their servers. It broadcasts your transaction on the blockchain through their full node.
Ledger Nano s is an offline portable wallet which can hold bitcoin, litecoin, ethereum and many other altcoins. All the assets can be stored in this wallet at the same time. It reduces the risk of losing altcoins. The confidential data is never exposed which is locked by a pin code. ERC20 tokens can also be stored in the wallet without risk of losing. In that sense, ITC tokens are also compatible with Ledger Nano s.
Trezor is a device which allows us to secure cryptocurrencies.
Many cryptocurrencies are compatible with it including ERC20 token. In order to sign a bitcoin transaction, we need to have a special key or password and this device already holds that key. ITC token can be sent to this device in the form of ERC20 tokens.
Parity is an online wallet which is most convenient for ethereum blockchain. It is used by many companies and users as it is fastest and most secure way of interacting with blockchain. It is the easy way to get your tokens after ICO. Parity wallet has the feature to store ERC20 tokens too.
IoT Chain exchanges
Huobi is a world-famous Chinese digital currency trading platform based in Beijing. It supports many cryptocurrencies. There are many Chinese users of this exchange and it only supports the Chinese language so there are hardly any non-Chinese users.Bitcoin, Ethereum, and USD can be exchanged to ITC on this exchange.
OKEx is a Belize based platform with the headquarters in Belize City. It is an exchange platform secured with bank-level SSL encryption and cold storage. It supports many reputable cryptocurrencies and provides fiat-to-cryptocurrency and cryptocurrency-to-cryptocurrency.
In a Nutshell
IoT chain is revolutionizing the Internet of things by using blockchain technology which is more secure and fast.
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