Have you ever though one day your freezer will text you and request for a refill or your home sensor light calling you to announce arrival of unexpected visitors while you are on vacation? Well, your dreams are coming true thanks to IoT Chain (ICT). Soon, your machines will be seamlessly sharing information, a lifestyle change that you cannot let slip through your fingers.
With IoT Chain, you are set to experience something different from what you have been getting from what your regular IoT product provider has been fooling you with. As more people come to appreciate the Internet of things capabilities, hacking and other security flaws will be a thing of the past.
IoT Chain Progress Update
IoT Chain is still in the initial development phase and the developers working on a few MainNet issues. However, the wire unification, light nodes and network simulations are complete as well. According to the latest update, EVM and WASM implementation is in progress.
Once the first phase is completed and everything works according to the system roadmap, the next phase will entail marketing. At the moment, the platform seems to be creating a lot of buzz in the IoT circles and the recent price spike appears to attest to this.
The native IoT Chain coin, ICT is trading at $0.705626 after gaining 11.28% against the dollar, 12.88% to BTC and 10.16% to ETH. This is a good sign in a market where major coins and Altcoins are struggling to get back to the past gaining ways.
IoT Chain to Stem Increased Spate of High Profile Hacks
Personal data is very critical and the modern consumer is knowledgeable compared to three years ago. A system that restricts access to personal data and other sensitive information has always been missing. However, the entry of IoT Chain is set to fill the existing gap with a more robust application of the future.
IoT chain is innovatively designed to secure your world. This rides on blockchain but with a twist; it is a light OS that is highly secure since it embraces the Direct Acrylic Graph (DAG) to connect IOT applications. It is less computing power intensive which means it gives users access to low cost and secured connectivity to your IoT applications.
What are IoT Chain Real World Use Cases?
One of the key focal point for the IoT Chain (ITC) is to give the consumer an application that secures the internet of things in totality. It goes beyond obscurity technology to offer more. It will use asymmetrical encryption that is botnet attack proof as long as you keep your private key highly secured.
With blockchain, keeping your private key secure ensures your information is safe and cannot be hacked irrespective of the number of IoT devices you are connected to. The application employs identity management protocol that rises on multi level consensus that detects malicious nodes trying to penetrate the network which is a good tool for supply chain management as well.
The cost of building and maintaining centralized infrastructures keep getting out of control. With IoT Chain, you do not have to go through this; it takes care of unnecessary costs but instead gives a profit focused solution. The system is putting into place a sizeable number of nodes across the globe to ensure your cloud data storage needs are sorted and this will bring down your operational costs significantly.
Problems IoT Chain Seeks to Solve
Fast payment is a top priority for the ecosystem; these the system is set to make micro-payments which means anyone can use it to the smallest scale which is ideal for transactions between machines. Since it used the DAG model, no attacks are envisioned during transactions.
With the application, you do not need the entire blockchain during verifications. The SPV model makes it easy to save on bandwidth and data at the same time. And whets more? Companies can easily integrate their existing systems with each assigned a specific chain-code to ensure you only access your data.