Businesses and smart homes can now afford a smile after the announcement of the IoT Chain (ITC) blockchain. Blockchain technology has offered quite a lot of practical solutions to a number of challenges and IoT Chain solves the problems experienced with the interconnection of IoT devices is a major boost.
Nowadays, the majority of homes and businesses depend too much on the internet of Things and therefore require a good way of storing data as well as security for the data. IoT Chain (ITC) being a blockchain network, developed as a lite Operating System and using SPV, PBFT, CPS and DAG technologies provides the perfect solution for data storage and security. IoT Chain makes it possible to store data in a layered decentralized form.
Even with the short lifespan, having been announced a couple of months ago, IoT Chain (ITC) was awarded with the prestigious Blockchain Excellence Award at The Davos World Economic Forum (2018). This was a great achievement considering that it was competing with lots of blockchain networks some of which have been in the market for decades and have also proved to be crypto giants by amercing quite a huge number of users. This year’s economic forum was looking at the blockchain and distributed ledger technology used by blockchain technologies and IoT Chain proved to be best of them all.
Advantages of using the IoT Chain
By combining IoT Chain (ICT) blockchain technology with DAG technology, IoT Chain helps to tackle the major problems of security and transfer speeds experienced when using the Internet of Things. This is quite an achievement in the Internet of Things since one of the greatest concerns with internet users is hacking and also slow data transfer speeds. With IoT Chian your data is very secure and at the same you enjoy fast transfer of data among your devices.
With IoT Chain, you are guaranteed of operating IoT devices with low computing power. This in turn drastically reduces the cost of running and operating interconnected IoT devices.
IoT Chain is also known to be very scalable due to its vast note network system around the globe. This enables the network to handle the increasing demand for data storage and transactions. With IoT Chain scalability, users are entitled to transactions speed of above 10,000 transactions per second.
Some of the practical usage of IoT Chain (ITC)
IoT Chain blockchain has proved to be one of the most promising Blockchain technologies in the world. Its development team is working hard to ensure that the network stays atop most of the challenges experienced around the field of Internet of Things.
Some of the fields where this blockchain has been accepted and incorporated for use include:
- In the automation of the supply chain management.
- In the automation of the verification of the identity and security from cameras.
- In the smart street lighting
- Making micro payments, especially using the ITC Tokens.
Does IoT Chain has a tradable Token/coin?
Yes. IoT Chain users use ITC Tokens to carry out transactions.
The ITC Token can also be traded (purchased and sold) in a number of crypto exchange platforms.
Crypto Exchange platforms where you can trade ITC
IoT Chain (ITC) is listed on a number of crypto exchange platforms. These include:
Wallets that support the ITC Tokens
To store your IoT Chain (ITC) tokens, you should look for wallets that support the tokens. There a number of wallets that support ITC Tokens. These are:
- Ledger Nano S
IoT Chain (ITC) market price
Currently, the ITC token value is $0.828336 USD, after a major depreciation from Jnauray this year. However, this depreciation can be attributed to the turbulent times that the cryptocurrency market has gone through in the past three months.
The market price of IoT Chain (ITC) currently stands at $40,259,506 USD or an equivalent of 5,886 BTC. The average 24 hour trading volume is $6,221,820 USD with a circulating supply of 48,602,869 ITC out of the total supply of 100,000,000 ITC.