We are surrounded by devices and sensors, that take data and use it to provide better service and help in study and development. When these devices, be it camera, sensors, RFID chips use internet for sharing and storage of data, these systems are called “Internet of Things”. The IoT has been with us for a couple of years now and seen tremendous development with more and more devices and everyday services are offering IoT services.
On the other hand, the Blockchain technology is more focused in offering various ways of upgrading security and digital currency. Inthe modern era, these two are probably the most popular and biggest technologies that have attracted entrepreneurs, scientist, engineers, managers – all brightest minds.
So blending these two technologies to delve into the world of possibility was just inevitable. Quite a few companies have identified this prospect and started blockchain-IoT projects in their own way, with some having grand visions.
In the 2nd quarter of 2018, there a couple of such projects that are making waves in the tech world – some focusing on supply chain, some on logistics, some in the power industry, others on ledgers offering blockchain’s security and IoT’s reach to form new kind of business models.
So here are top 5 blockchain-IoT projects that we think are very important in 2018 and posses tremendous game-changing potential.
IOTA is a token for the crypto world as well as a platform developed by IOTA foundation for Internet of Things. It offers a solution for machine-to-machine communication or trading without the involvement of the third party. This makes IOTA, unlike any other cryptocurrencies.
It allows instant micropayments without incurring a fee. IOTA platform allows a payment of 1 IOTA coin equalling to about 0.001 cents in dollar terms, meaning it can ensure the fulfillment of the smallest tasks in the unified network like sticking on a tag, turning off the tap in the bathroom etc.
And thanks to these features, IOTA can be integrated into the Internet of Things by performing transactions between any machines with internet or points. IOTA addresses the main inherent issues of Internet of Things i.e. security and scalability by use of crypto-solutions but offers a digital currency that is not really based on the blockchain. IOTA’s token currency is known as MIOTA specifically created for a machine-to-machine economy, interactions and payments.
The IOTA foundation was formed in 2015 as a not-for-profit project by four veterans of blockchain technology – David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov in Germany. The IOTA Initial Coin Offering in late 2015 managed to collect 1,337 Bitcoins – about $400,000 USD – a very good figure for the time when ICO wasn’t a common event, selling all 1 billion IOTA tokens, driven by IOTA’s feeless transaction model.
IOTA or rather MIOTA made its debut in June 2017 in Bitfinex. It is reported that Bitfinex publicly supported the development of IOTA throughout the past years before it went live. Currently, there are a handful of exchanges that offer IOTA coin as an exchange cryptocurrency – Bitfinex, Binance, OKEx, Coinone, Exrates, Huobi, Ovis, Gate.io, HitBTC, Coinfalcon, and Cobinhood. These exchanges offer BTC, ETH, USDT, BNB cryptocurrency pairs and USD, EUR, GBP, KRW, JPY, TRY Crypto-Fiat pairs for IOTA or MIOTA coins.
The fixed supply of 2,779,530,283 IOTA cryptocurrency coins was created and currently is in circulation. IOTA enjoys being the 9th largest cryptocurrency by market capitalization. As of July 17 the market cap of IOTA is $2,992,386,712 USD (451,271 BTC) and a 24 hour volume of $44,686,400 USD or 6,739 BTC. At the time of the writing, one IOTA coin values to $1.08 USD or 0.00016236 BTC. The highest price IOTA coin has managed to draw is $5.24 USD on Dec 20, 2017.
The IOTA team is segregated into working groups focused on promoting and enabling IOTA’s use in:
- Identity and MyDate
- Social Causes
- Supply Chain
- Smart Cities and Infrastructure
- Industry 4.0
Board of Directors
David Sønstebø: He is one of the Founder and Co-chairman of the Board of Directors of IOTA. Describing himself as a “serial entrepreneur’ of technologies, he is involved in Internet-of-Things, distributed ledger/ blockchain/ tangle technologies, Smart Cities, Digital identity, eGovernance and innovative hardware design. He is also the founder and serves as the CEO of a stealth hardware IP start-up developing an ultra-low-power processor for Internet of Things.
Dominik Schiener: The other Founder and Co-chairman of Board of Directors, Dominik is working on several projects based on blockchain and smart contract, especially on new Governance solutions that make use of both, collective intelligence and new technologies to create more efficient, cheaper and transparent systems. He has founded several companies before IOTA – Finhaus Ltd. in 2015, BitHaus GmbH in 2014, and Fieyy in 2012.
Ralf Rottmann: A member of the Board of Directors for IOTA, Ralf is a successful serial entrepreneur who founded and currently serve as the Managing Partner for Grandcentrix, Germany’s largest Systems Integrator specializing in the end-to-end creation of connected solutions for the Internet of Things and Smart Products.
Johann Jungwirth: Chief Digital Officer at Volkswagen. Johann Jungwirth drives digital transformation with the 12 outstanding brands of the Volkswagen Group such as Porsche, Audi, Bentley, Bugatti, Lamborghini, Seat, and Skoda.
Dr. Richard Soley: Richard is the Chairman and CEO of OMG, Executive Director of the Cloud Standards Customer Council, and Executive Director of the Industrial Internet Consortium.
Dr. Rolf Werner: Rolf has over 20 years of experience in developing business in the various segments of Telecommunication and IT industry.
Harm van den Brink: He serves as the Energy and E-mobility advisor for IOTA. His focus is on EV infrastructure and the energy domain. He is serving as an IT Architect for Smart Grids & EV in Enexis Groep and Electric Vehicles for ElaadNL.
Regine H. Helmer: Regine is Founder and CEO of Seedlab, a digital transformation and business development consulting firm guiding IOTA. She is also a lecturer at HWZ Univ in Zurich, a keynote speaker, and author.
Gur Huberman: Serving as Finance and Economics Advisor, Gur is the Robert G. Kirby Professor of Behavioral Finance at Columbia Business School where he has taught since 1989. Gur is interested in incentives in crypto coins.
Hongquan Jiang: Technology Industry Advisor. He is a partner at Robert Bosch Venture Capital and is a “deep tech” investor with multiple successful investments in IoT, AI, augmented reality and automotive technologies.
Koen Maris: Advising IOTA on Cyber Security, Koen is an information/cyber security specialist who serves as a trusted advisor for many organizations and is known for questioning current applied security models.
Madjid Nakhjiri: Public Key Infrastructure Advisor. An expert in public key infrastructure, he has spent years in the area of device and user authentication and related key management schemes.
Michael Nilles: Smart Cities & Infrastructure Advisor. He is an executive member of the Board of Directors and Chief Digital Officer (CDO) for Schindler. Michael also serves on the Supervisory Board of Deutsche Lufthansa AG.
Alexander and Jochen Renz: Smart Mobility and Transportation Advisors for IOTA. Jochen is electronics engineer who after a 20-year corporate IT career co-founded New Mobility Consulting & New Mobility World with his brother Alex. Alex is a New Mobility Enthusiast, Startup Aficionado and Managing Partner at New Mobility Consulting.
Joachim Taiber: Smart Mobility Advisor. CTO of the International Transportation Innovation Center and Adjunct Professor at the Clemson Univ. International Center for Automotive Research (CU-ICAR).
Klaus Schaaf: Klaus has a diploma degree and a Ph.D. in Physics from Göttingen University and been with Volkswagen AG for 30 years, mostly in R&D.
Important Members of Team
Dr. Serguei Popov: A Professor of Mathematics with a focus in Probability Theory, he is one of the Founder and Research Mathematician of IOTA.
Sergey Ivancheglo: Founder and an honorary member of IOTA, he is an Electrical Engineer, Software developer, founder, and creator of Nxt, co-founder of Jinn Labs.
Tangle – How it Works
As earlier mentioned IOTA is not really based on blockchain technology. In blockchain technology, for each transactions block is created and a consensus has to reached by the help of the miners and then the block will be part of the chain. But IOTA takes the concept of the distributed ledger of blockchain but applies it very differently.
IOTA calls it the Tangle architecture – a directed acyclic graph (DAG) based ledger. Tangle architecture has no blocks and every transaction confirms two older transactions, i.e. for every transaction to get confirmed it relies on one or more following transactions to happen (IOTA Tangle needs two parent transactions).
This forms a never-ending tree-like structure. Unlike Bitcoin or Ethereum, the consensus and validation are done by the whole network of active participants by giving everyone an equal say in the network regarding the transaction making process.
The process is divided into three steps.
- At first, the transactions are signed with a private key by the user.
- Then tangle uses Markov Chain Monte Carlo (MCMC) algorithm to select two unconfirmed transactions to check if these do not produce conflicting results.
- Next, the node is required to solve a cryptographic puzzle to validate the transaction. This means some Proof-of-Work is required like Bitcoin.
On successful completion, the network accepts the transaction. Executing the MCMC algorithm provides information about the probability of the transaction the network accept. IOTA offers traders the freedom to decide with which probability they want to start accepting payments.
IOTA works with a single administrator node called the Coordinator which confirms all transactions in a set of released milestones. The Coordinator is meant for assuring security in the early stage of the network as it grows. It will be eventually removed when the network becomes sufficiently large.
IOTA coins cannot be mined, so the initial number of tokens are fixed and any new work on IOTA platform only validate past transactions.
Tangle’s architecture several advantages over traditional blockchain technology – it is highly scalable, decentralized, modular in nature and fee-less.
- Highly Scalable: The Directed Acyclic Graph (DAG) provides a more decentralized solution than blockchain. Tangle’s parallelized transaction validation allows IOTA platform to handle a huge number of transactions than any of the competing blockchain technology meaning a very high throughput. Leading to a true machine-to-machine transaction solution. This means all IoT devices paying or transacting each other for services given in a large complex network without the need for a digital ledger or a ledger consensus process to slow them down.
- No Fees for Transactions: Tangle architecture has eliminated the need for miners or people who validate transactions. Instead, the users in the network take up this task of validation through computation leading to zero transaction fees for small value exchanges. Therefore, IOTA’s IoT-based ecosystems can handle huge volumes of micro and nano transactions without worrying about high fees or unpredictability of the fees.
- Compatible with IoT: The IOTA Tangle is designed and optimized with the limitation of IoT devices in mind. As these devices will actively participate in the validation of the network transactions, it’s important that IoT devices are able to handle the IOTA client.
- ·Partition-Tolerant: While in a blockchain, all users need to synchronize for every transaction however small made to add to the single chain, inside IOTA’s Tangle system multiple tangles exist in numerous disconnected clusters, allowing Tangle to make offline transactions. This is exactly how IoT devices operate in a real world.
- Security: Though blockchain has taken the tech world by storm, with the eventual introduction of Quantum computing, its dependency on cryptography can become a problem. Quantum computing will allow hackers to launch brute force attacks against blockchain-based applications. This is where Tangle can shine as it uses a quantum-resistant algorithm called the Winternitz One-Time Signature Scheme, providing much better inherent security against this threat.
IOTA platform unique proof of work method without mining poses a security issue. If a single node manages to collect 51% of the total capacity of the IOTa network, a transaction from that node mean it has the ability to cause the 51% attack. The node will gain control over the network, which will allow it to double the expenditure.
Security is another major point that IOTA team needs to work hard on. Several complaints have been raised about the loss of coins from wallets at the IOTA project’s forum and other crypto-exchange sites. In September 2017, MIT’s Digital Currency Initiative and Boston University pointed out a vulnerability in the project’s code especially on IOTA’s in-house hash function called Curl-P for encryption.
IOTA tried to defend itself on online forums and social media, but eventually, a hole was found in IOTA’s wallet which lacked a seed generator to help users produce keys and control their own coins. Because of this $4 million worth of MIOTA was stolen by exploiting the user-generated keys. On top of this, IOTA devs were able to seize user funds, something not possible on projects like Bitcoin or Ethereum.
The IOTA Foundation has established a collaboration with Volkswagen and Innogy to develop CarPass – an IOTA based technology that brings features such as secure audit trails, digital identities, and charging networks for cars. With Microsoft, Deutsche Telekom, Fujitsu, and Samsung, the Foundation opened up a data marketplace using IOTA technology.
The IOTA Foundation is also a founding member of the Trusted IOT Alliance, which includes four firms Bosch, ConsenSys, USbank, and Cisco. As per IOTA’s twitter post, Porsche Digital Labs and IOTA will be working together on a project initiated by Startup Autobahn called Program 4.
In September, IOTA was announced as a payment instrument on the CognIOTA processor platform (CPU) which allows users to rent their idle CPU’s for others in the network to use in real time. In 2018, the release of a new generation purse with Flash channels for instant transactions, the function of private transfers, and optimization mechanisms like MAM (masked authenticated messages) is planned.
IOTA’s MAM is already being used in The Bosch XDK IoT developer kit and the RuuviTag, an open source sensor beacon from Ruuvi Labs. Examples of these are portable weather stations, Eddystone proximity beacons, vehicle locators and similar applications that securely report telemetry data or receive commands. Another use case is the announced EV charging station from the Dutch energy giant Elaad. On May 29, 2018, IOTA released Trinity Wallet, accessible from both desktop and mobile.
VeChain is a blockchain platform primarily designed for supply chain management processes to build a distributed enterprise ecosystem that is trust-free with the aim to offer efficient collaboration and the free flow of information with high speed. It differs from other crypto platforms as it aims to join various sectors together by offering a comprehensive governance structure, a robust economic model as well as advanced IoT integration, and pioneers in real-world applications. To give an idea of its plan, the whitepaper of VeChain in 113 pages long as compared to the usual 30-40 pages.
The VeChain project began in 2007, with its coin VEN got launched in 2015. In February 2018, the VEN token was rebranded as VeChain THOR or VET. The money from VeChain’s crowdsale of 41% token has funded the development, finance, marketing, and legal advisory of the firm.
The rest of the tones are distributed as follows – 23% to enterprise investors for using it as a development target for their business, 12% to run the system operation and technological development, 9% to private investors, 10% to business implementations, and the rest 5% to the co-founders and development team. Currently, there are 554,545,494 VEN tokens available in the market out of its total supply of 873,378,637 VEN.
As of July 18 the VeChain market cap is $1,056,148,529 USD (143,532 BTC or 2,121,880 ETH). The last 24-hour volume of VeChain stands at $39,045,900 USD. VeChain holds 20th rank in the cryptocurrency market. The value of 1 VEN is hovering around $1.95 USD (0.00025883 BTC or 0.00382634 ETH), the highest ever reaching $9.45 USD on January 22, 2018.
The VeChain coin is currently available for trading in some 40 exchanges and available in BTC, USDT, ETH, LA, BCH, CYB, DOGE cryptocurrency pairs in most exchanges as well as in INR, KRW, TRY fiat currency pair in some selective exchanges. The VET token is available in Binance, Huobi, Lbank, Coinnest, Liqui, Kucoin, HitBTC, EtherDelta, COSS, VNBIG, and BitMart. VET cannot be traded directly with fiat currencies for now.
Sunny Lu: Sunny is the Co-founder and Chief Executive Officer of VeChain. He is also in the Steering Committee of the firm. Sunny founded Bitse as well. An Electronics & Communication major, he has served as IT executive in Fortune 500 companies as well as CTO and then CIO for Louis Vuitton China.
Jay Zhang: Jay is the Co-founder and the Chief Finance Officer for VeChain and also a Steering Committee member. He has worked for PwC for 14 years leaving as Senior Manager and joined Deloitte. He joined VeChain in 2015 as the leader of Blockchain governance framework design and digital assets management framework establishment.
Jianliang Gu: He serves as the Chief Technical Officer for VeChain. He has more than 149 patents in mobile communication under his belt, led or joined the development of about 100 products with more than 16 years of experience in both hardware and software of embedded system development and management. He was the Technical Director for TCL communication.
Peter Zhou: Peter aka Ziheng Zhou is the Chief Scientist and a partner of VeChain and also in the Steering Committee. He was involved in projects funded by the European Commission and Academy of Finland when working as a postdoctoral researcher at the University of Kent, UK. He also was a senior research scientist at the University of Oulu, Finland researching on human-computer interactions including automatic lipreading, visual speech animation, face recognition, etc.
Kevin Feng: Kevin is the Chief Operation Officer of VeChain. 12 years experiences of consulting and assurance services in cybersecurity, privacy, and emerging technology as manager at PricewaterhouseCoopers Business Consulting (PwC). Also, he has been driving the development of blockchain services of PwC CN/HK region.
Bin Qian: Bin is the Chief Blockchain Developer of VeChain. Considered a P2P network technology expert, he has over 10 years of experience in Mobile application development industry, specializing in developing Internet applications based real-time communication system.
Richard Fu: Richard serves as the Vice President of PR and Marketing in VeChain. He has over 20 years of working experience in MNCs such as Shangri-la Group and LVHM (Regional Director) specializing in sales and marketing.
Scott Brisbin: A well-known lawyer, Scott has represented the Rolling Stones and lead singer Mick Jagger, Disney, MGM etc. Scott joined the MSK law firm after graduated and since 1989 began as a legal partner. In 2016, Scott joined VeChain working for VeChain’s legal security, organizational structure and property escort. He has an absolute authority on the experience of the company’s legal affairs and patent maintenance.
Steering Committee Members
Chun Yin Cheung: He is a Fintech & Cybersecurity Service Partner of PwC.
George Kang: He is the CEO of DNV GL Business Assurance in Greater China.
Margaret Zhu: She is the Assistant Professor of Finance at the City University of Hong Kong.
Renato Grottola: He is the Global Director M&A and Digital Transformation for DNV GL Business Assurance Group.
Jim Breyer: Jim is the founder and CEO of Breyer Capital, a venture capital, and investment firm. He also serves as the Board member for Blackstone Group Inc., Investor and Board Member for Facebook, IDG China Capital Partners. He served in the same role for Legendary Entertainment, 21st Century Fox, Datalogix, and Circle. He has co-founded AKKR.
Bo Shen: He is Founding/Managing Partner for Fenbushi Capital. He served as the Managing Partner for Confederated Asset Management Ltd. as well as CEO for DACx and Shanghai HuaJi Internet Holding.
Daniel Kelman: He serves as a General Counsel for Bitcoin.com and GSR. He has co-founded crypto companies like WizSec, BitOcean Japan and Principal for Kelman PLLC.
James Gong: James is the CEO of ChainB and also founded ICOAGE, a firm providing project management solution for ICO sale. He also had been President of DACx and ZAFED – a digital asset management firm he also co-founded.
Nan Ning: He is the Founder of BitOcean and 10 Lab.
Roland Sun: He is the partner of Broad&Bright, a corporate law firm.
The VeChain foundation is comprised of VeChain supply chain project and VeChainThor. Since VeChain targets Enterprises, their payment model is multilayered to tackle the problem of varying prices of cryptocurrencies which is problematic for Enterprise operation. VeChain’s blockchain tech gives a unique ID to each transaction and each can have a Proof-of-Work, thus allowing self-mining and chance to earn as well.
The Thor blockchain also enables multi-task transactions, where a single transaction can be comprised of multiple small transactions for different payments. It offers a great deal of power and flexibility to deal with complex situations in real applications. VeChain uses Proof of Authority for its consensus algorithm.
Every user who runs a node has to do a KYC which aside token also track their reputation. The advantage of Proof-of-Authority is that it neither need a lot of computational power like Proof of Work, nor communication between master nodes to reach consensus because of the reputation at stake.
Also in POA colluding against the system is very difficult for the master nodes, making it very resistant to the 51% attack like Blockchain technologies. In VeChain, there are 101 master nodes, so it is quite decentralized compared to other projects like EOS having 21 block producers or NEO’s 7 bookkeeping nodes. The initial transaction speed is expected to be around 10,000 transactions per second, making VeChain one of the fastest in the market. When the firm includes side chains later this year, the transaction speed is expected to be much higher.
The VET token is essential for running a Master node to earn Thor Power in exchange. The rebranding move will help the firm strengthen their core vision by increasing security, and promoting self-circulation and expansion.
VeChain offers various solutions under its ecosystem using RFID, NFC and QR codes.
Cold Chain Logistics – VeChain has partnered with Jiangsu Printed Electronics to produce high-frequency RFID chips for monitoring of temperature and other metrics during food transportation process, thus making it reliable, transparent and regulated.
Automobile – VeChain’s IOT solution creates a digital passport for cars, offering a complete data set including registration, insurance, repair history, driver behavior throughout the lifecycle of the car with the permission from the owner, thus making it transparent and easily manageable.
Medical & Healthcare – The blockchain solution of VeChain can track the production of medical equipment or device from start to finish. With patient authorization, VeChain offers real-time sharing of biometric data and monitoring of health metrics through implanted devices with their doctors.
Luxury – VeChain embeds smart chips on luxury products. While this will allow customers to verify the authenticity of the product and the respective brands, on the other hand, can monitor sales channels to avoid illegal overstock trading, making it very transparent to both parties.
Agriculture – Throughout the agricultural production process, IoT sensors and mobile devices send data on climate and soil conditions to the cloud for real-time monitoring on the VeChain ecosystem. This data is then encrypted, becoming immutable while at the same time, can be easily accessed by relevant parties with proper authorization and private keys. Such data collection can help agriculture companies make better decisions. They can improve on the planting method, by identifying the quantity and quality of the crops, increasing their product margins. Also, it can minimize the negative impact of fertilizer and pesticide use to the environment.
Liquor – VeChain allows the blockchain solution that tracks every step of the production process of a particular wine bottle, thus making all data available to distributors and logistic providers before the bottle reach destination.
Logistics – Vechain’s ecosystem enables various parties in logistic cycles to access information regarding goods with help of their own private key. The system even allows the parties to manage a single good for the first time.
The success of any project depends on the firms they partner with. VeChain has a long and impressive list of partners making it a top IOT project. VEN was the first cryptocurrency to get in a contract with the Chinese Government. It has partnered with the regional Guiyang government as blockchain technology partner for economic development.
VeChain has partnered with China’s National Research Consulting Center (NRCC) to develop technological solutions for China State Tobacco Monopoly Administration and the China National Tobacco Corporation, which regulates China’s 40% cigarette dominance in the world. In January 2018, Vechain has partnered with DNV GL, world’s largest classification society that represents a global market share of 21%.
The firm needed a cost-effective and highly functional way of tracking their assets and turn to VeChain’s blockchain-based technology. The firm has extended their relationship by deciding to invest in VeChain and also plan to be the first Authority Master node holder of the blockchain by holding 101 nodes, making DNVGL the most important partner for VeChain till date.
VeChain has also got into very important partnership with BMW – the automobile giant, PriceWaterCooper House – one of the four biggest accounting firms in the world that helped VeChain create its very first accredited cryptocurrency disaster recovery plan, Kuehne and Nagel – the biggest global sea freight forwarder and second biggest air cargo with an annual revenue of over $20 billion, and with Fanghuwang Financial Services that provides collateral backed loans to small and medium-sized enterprises.
It has also made a deal with Bright Foods and Shanghai Xiandao Food to integrate its ecosystem into their entire supply chain and data management system for a combined revenue of $25.3 billion annually. VeChain has also partnered with Michigan State University, Oxford University Math, Renault, BitOcean, Madeforgoods, OceanEx, eGrid Consulting etc. to tell a few.
With so many valuable and diverse partners, the firm is progressing steadily towards its goal to be the biggest ecosystem using VeChainThor Blockchain as per the quarter 4 plan of 2018, i.e. attracting enterprises and building relevant and complementary DApps. When the VeChainThor mainnet is launched and DApps built, it has the all the potential to become the biggest ecosystem for the Enterprise solution.
Wisdom Alters Label Trade Organization and Network or, WaltonChain aim to use IOT devices to bring organization, management, and efficiency to supply chains and logistics for companies just like VeChain. And like VeChain it joins IOT, RFID and the blockchain technology to do that. Named after Charlie Walton, the inventor of RFID Technology and launched in 2016 on the fifth anniversary of his death, WaltonChain is a Chinese as well as a South Korean project that is drawing huge attention in the crypto world with its ambitious plan.
WaltonChain’s coin is known as WTC and is available for trading in major exchanges – Binance, OKEx, Huobi, HitBTC, Kucoin, LATOKEN, Coinnest, Coinlink, Gemini (US and Canada), COSS, Coinrail, Cobinhood, Bitforex, YoBit, and Etherdelta, making the coin liquidity level high.
The coin can be purchased for BTC, ETH, BNB, USDT, LA, and KRW. During the ICO of the WaltonChain, 100 million coins were issued, with 1 WTC valuing around 0.001471 ETH. There are 40,144,099 WTC coins in circulating supply out of the total supply of 70 million coins. The rest 30 million coins will be mined over the years and no more coin will be created.
Ranked 48th, WaltonChain’s current market cap is $288,785,411 USD (38,759 BTC or 606,722 ETH) and $47,915,100 USD (6,431 BTC or 100,667 ETH) of 24 hour trading volume as of July 19 at the time of writing. Debuting at the price of $1 USD on August 2017, WNC coins reached its maximum value of $43.89 USD on January 28, 2018, and a current value of $7.19 USD. The ROI value of WaltonChain is at about 1000%.
WaltonChain faces direct competition from VeChain, though they target different segments of the market. Both have their own RFID chips
WaltonChain’s team comprises of very experienced and academically accomplished Chinese and Korean experts and established individuals, with most having extensive experience in supply chain management across Asia.
Do Sanghyuk – Don has co-founded WaltonChain. Vice Chairman of the China – Korea Cultural Exchange Development Committee (a proprietary institution of President Moon Jae-in), Director of the Korea Standard Products Association, Chairman of Seongnam Branch of the Korea Small and Medium Enterprises Committee, Chairman of Korea NC Technology Co., Ltd., Senior Reporter of IT TODAY News, Senior Reporter of NEWS PAPER Economic Department, Director of ET NEWS.
Xu Fangcheng – (co-founder) graduated in Business Administration, Supply Chain Management Director of Septwolves Group Ltd. former Director for Supply Chain Management of Septwolves Group Ltd., has rich practical experience in supply chain management and purchasing process management. Currently, he is the Director of Shenzhen Silicon, the Director of Xiamen Silicon and the Board Chairman of Quanzhou Silicon. He is also one of our Angel investors.
Kim Sukki (or Suk Ki Kim) (Chief Scientist) – South Korea’s electronics industry leader, Doctor of Engineering (graduated from the University of Minnesota), Professor of Korea University, previously worked at Bell Labs and Honeywell USA, served as vice president of Samsung Electronics, senior expert in integrated circuit design field, IEEE Senior Member, Vice President of the Korea Institute of Electrical Engineers, Chairman of the Korea Semiconductor Industry Association. Has published more than 250 academic papers with more than 60 patents.
Zhu Yanping (Blockchain) -Taiwanese, Doctor of Engineering (graduated from National Cheng Kung University), Chairman of the Taiwan Cloud Services Association, Director of Information Management Department of National Chung Hsing University. Has won the Youth Invention Award by Taiwan Ministry of Education and Taiwan Top Ten Information Talent Award. Has deeply studied blockchain applications over the years and led a blockchain technology team to develop systems for health big data and agricultural traceability projects.
Mo Bing (IoT) – Doctor of Engineering (graduated from Harbin Institute of Technology), Research Professor of Korea University, Distinguished Fellow of Sun Yat-sen University, Internet of Things expert, integrated circuit expert, Senior Member of Chinese Society of Micro-Nano Technology, IEEE Member. Has published more than 20 papers and applied for 18 invention patents. Began his research of BitCoin in 2013, one of the earliest users of BTC 38.com and Korea korbit. Served as Technical Director of Korea University to cooperate with Samsung Group to complete the project “Multisensor data interaction and fusion based on peer to peer network”. Committed to the integration of blockchain technology and Internet of Things to create a real commercialized public chain.
Wei Songjie (Blockchain) – Doctor of Engineering (graduated from the University of Delaware), Associate Professor of Nanjing University of Science and Technology, Core Member and Master Supervisor of Network Space Security Engineering Research Institute, Blockchain Technology expert in the field of computer network protocol and application, network and information security. Has published more than 20 papers and applied for 7 invention patents. Previously worked at Google, Qualcomm, Bloomberg and many other high-tech companies in the United States, served as R & D engineer and technical expert; has a wealth of experience in computer system design, product development, and project management
Shan Liang – Graduated from KOREATECH Mechanical Engineering Department, Venture Capital PhD, Director of Korea Sungkyun Technology Co., Ltd., Chinese Market Manager of the heating component manufacturer NHTECH, a subsidiary of Samsung SDI, economic group leader of the Friendship Association of Chinese Doctoral Students in Korea, one of the earliest users of Korea korbit, senior digital money player.
Chen Zhangrong – graduated in Business Management, received a BBA degree from Armstrong University in the United States, President of Tanyu International Group Co., Ltd., leader of China clothing & accessories industry, China’s well-known business mentor, guest of the CCTV2 show named “Win in China” in 2008. Began his exposure to Bitcoin in 2013 with a strong interest and in-depth study of digital money and decentralized management thinking.
Lin Herui – MBA from XMU. More than 10 years of experience in the development of electronic products and systems. Successively served as Nokia R & D Manager and Product Manager, Microsoft Hardware Department Supply Chain Director. Established Xiamen Z-Link Co., Ltd in 2015; the intelligent systems and solutions developed by the company have been promoted and used in various industrial brand enterprises and brand clothing enterprises.
Liu Cai – Master of Engineering, 12 years of experience in Design and Verification of VLSI, and a wealth of practical project experience in RFID chip design process, SOC chip architecture, digital-analog hybrid circuit design, including algorithm design, RTL design, simulation verification, DC synthesis, back-end PR, package testing, etc. A master in consensus mechanism principle of blockchain and related asymmetric encryption algorithm.
Yang Feng – Master of Engineering, worked at ZTE, an artificial intelligence expert, integrated circuit expert. Has 12 years of experience in VLSI R&D, architecture design and verification, and 5 years of research experience in artificial intelligence and genetic algorithm. Has an in-depth research on the principle and realization of RFID technology, the underlying infrastructure of the blockchain, intelligent contract and consensus mechanism algorithm.
Guo Jianping – Doctor of Engineering (graduated from the Chinese University of Hong Kong), Associate Professor of the Hundred Talents Program of Sun Yat-sen University, Master Instructor, IEEE Senior Member, integrated circuit expert. Has published more than 40 international journals/conference papers in the field of IC design and applied for 16 patents in China.
Guo Rongxin – Master of Engineering, Deputy Director of Communication Technology Research Center of Huaqiao University. Has more than 10 years of experience in design and development of hardware and software for embedded system, works on the research and development of RFID and blockchain technology in the field of Internet of Things for the long term.
Li Shuai – Master of Engineering, with a research focus on network security and block link authentication technology. The blockchain distributed certified work directed and completed by him has won the first prize of the final “2016 National Cryptology Technology Competition”.
Dai Minhua – graduated in Business Management, received a BBA from Armstrong University, senior financial expert, served as vice president and CFO of Tanyu International Group Co., Ltd.; has 13 years of financial work experience, has a wealth of experience in developing and implementing enterprise strategy and business plan, as well as achieving business management objectives and development goals.
Ko Sang Tae – Deputy Director of Editorial Board of Korea Electronic News Agency, Director of the New Media and New Industry Bureau of KI news.
Liu Xiaowei – Professor of Harbin Institute of Technology, chief expert of the Program 973. Member of the expert group on assembly of micro- and nanotechnology devices, member of the expert group on assembly of a wide range of military electronic components, Deputy Director of the Force Sensing Specialized Committee of the Sensing Technology Division of the Chinese Institute of Electronics, Deputy Secretary-General of Chinese Northeast Micro-Electro-Mechanical System Technology Consortium, editorial board member of the book titled Sensor Technology, Heilongjiang Province CPPCC member.
Su Yan – Professor of Nanjing University of Science and Technology, Vice President of the Naval Instrument and Control Academic Board under the Chinese Society of Naval Architects and Marine Engineers, Vice Chairman of the China Instrument and Control Society Naval Instrument and Control Branch, Executive Director of the MEMS NEMS Society of China, CIS, Executive director of Jiangsu Institute of Instrumentation, expert on components.
Zhang Yan – Doctor of Engineering, Professor. Currently serves as Associate Dean of the Harbin Institute of Technology (Shenzhen) School of Electronics. Expert in the areas of digital integrated circuit design and embedded systems.
Li Xiong – Founder of the FINANCIAL CHAIN (www.chainfor.com), Internet finance serial entrepreneur, a veteran in the blockchain industry. Has 7 years of product design, marketing operations, brand public relations and team management experience. Embarked on entrepreneurship in blockchain industry since 2013 and founded sosobtc, ICO365, icolive blockchain service platforms. Has a sophisticated understanding of blockchain. Currently, focuses on research of blockchain and cryptocurrency ecosystems and their application.
Peng Xiande – Senior Lawyer, Guangdong Wenpin Law Firm partner, an expert in company law, investment and financing legal affairs with more than twenty years of judicial practical experience.
Fu Ke – Graduated from Henan University of Economics and Law, Senior Lawyer of Guangdong Ruiting Law Firm, China registered lawyer, member of the All China Lawyers Association, member of Shenzhen Lawyers Association, has more than 20 years of experience in legal services.
Xiao Guangjian – Senior Accountant, Tax Accountant, Senior Economist, Secretary-General of Shenzhen Sanming Chamber of Commerce, Shenzhen Lianjie Accounting Firm partner, Senior Financial Expert, has more than ten years of experience in financial consultancy of listed companies.
Here are a few of the Angel Investors of WaltonChain –
Song Guoping – Doctor of Medicine, President of Chinese Chamber of Commerce in Korea, Director of Beijing Overseas Friendship Association, representative of Ping An International Co., Ltd., representative of Oriental Xu Fu Anti-Aging Center, Representative of Sumei Beauty Shaping.
Qiu Jun – Chairman of Shenzhen Hongtao Fund Management Co., Ltd., Vice President of Shenzhen Shanwei Chamber of Commerce. Has 20 years of capital market investment experience, experienced many magnificent market changes, achieved a number of classic investment cases, including SMIC, China Merchants Securities, and Guangdong Danxia Biopharm, etc. Guangdong Danxia Biopharm was acknowledged as one of the top ten successful cases of biopharmaceutical investment in 2016.
He Honglian – Director of Waltonchain Investment Division, Certified Public Accountant, received an MBA degree from Xiamen University. Previously served as the Investment Center Manager of Meiya Pico, currently leads the Waltonchain investment team to research and plan investment in the field of Internet of Things and integrated circuits.
Lin Jingwei – Director of Guangzhou Jiuying Investment Management Co. Ltd., received a masters degree in Senior Financial Accounting and an EMBA degree from Sun Yat-sen University; has 27 years of work experience at large state-owned enterprises in China and abroad and more than 15 years of work experience as the Secretary of the Board of Directors, CFO and Deputy General Manager of large Chinese state-owned enterprises, has been in charge of enterprise listing, capital operation, investment, financing and financial management for a long time. Has a wealth of experience in capital operation and financial management. Has the qualifications for Secretary of the Board of Directors or Independent Director of listed companies.
Liu Xiaowei – Professor of Harbin Institute of Technology, academic advisor of doctoral students, chief expert of the Program 973. Member of the expert group on assembly of micro- and nanotechnology devices, member of the expert group on assembly of a wide range of military electronic components, Deputy Director of the Force Sensing Specialized Committee of the Sensing Technology Division of the Chinese Institute of Electronics, Deputy Secretary-General of Chinese Northeast Micro-Electro-Mechanical System Technology Consortium, editorial board member of the book titled Sensor Technology, Heilongjiang Province CPPCC member.
Unlike their most peers offering IoT/blockchain solution, WaltonChain produce their own patented RFID chips and reader according to their specification from ground up so that integrate very well with their blockchain tech (these act as nodes in the blockchain) as well as they can address the inherent problems with current RFID chips available in the market.
The firm claims that the RFID chips have improved sensitivity due to the optimized noise suppression technology used. They offer improved security for each IoT device as they use asymmetric random password pair generation and these are unique, authentic, and tamper-resistant.
The chips and readers have an optimized anti-collision design and ability to function in both high and ultrahigh frequency functions simultaneously. WaltonChain uses both active (with an integrated power source) and passive (without a power source, gets activated on receiving an activation signal) RFID chips.
While the active ones have better range and are costlier, the passive chips are cheaper and can be used in a wide number of scenarios. WaltonChain also claims with mass production these chips cost as low as $0.05 USD – very low compared to other RFID chips. The firm has developed Value Internet of Things concept and a mainchain-subchain structure for operation.
The mainchain called WaltonChain manages various sub chains, tracks WaltonCoin transactions and cross-subchain transactions, and executes smart contracts. The mainchain uses their unique Proof of Stake and Trust, an upgrade of PoS, consensus algorithm. When selecting the next block producer, PoST takes into account the quantity of staked WTC coins as well as the reputation of the nodes.
The WTC is used to create subchains. Any company with enough WTC coins can create a custom subchain according to their privacy need. The sub chains sit on top of the parent chain and can be used for specific purposes, such as tracking different clothing brands or apparel lines and measuring the success of different lines across a variety of different stores.
Similar to VeChainThor, the Waltoncoin is also used for governance, voting, payment etc. The coins are needed every time an RFID chip gets scanned and data is written to the blockchain.
WaltonChain’s focus is to increase the transparency and efficiency of supply chains of firms of various industries as well as offer complete authenticity of their products by tracking. Instead of storing data on traditional centralized servers, by storing data on WaltonChain’s private sub-chain solutions it will allow the firms to share selective data with Public and other companies or vendors, thus making communication between companies easy and effective.
The retail stores can set RFID sensors to collect data on which section or a particular item is attracting more customers so that they can strategize on price and offers. WaltonChain’s IoT solution will provide product information to the customers so that they can scan the items with their phones and verify the authenticity, manufacturing date, material or ingredient used etc. of the items.
The store also may choose to share certain monitoring data and sales information with the manufacturer to update new product line or with suppliers for hasslefree stocking. Currently, WaltonChain uses superior RFID chips only, but as their project scope grows to make a complete ecosystem, biometric chips, alarm, camera, temperature and all sorts of other sensors will eventually be introduced to offer a complete IoT-Blockchain solution.
WaltonChain’s have a very long list of partners, some of them are like customers who are going to use the firm’s tech service, while some are building the tech for them. Of all the partners listed on the Reddit pages of WaltonChain, verifying each one of them officially is not possible at the moment as in some cases the links result in an error and in some it points to some twitter posts.
Among all the partners the most important ones are definitely those formed with local Chinese governments. There is a project contract with the Fujian government to create smart maritime blockchain incubators (research facility) to improve the ports in the region since the firm has been linked to Fujian IOT Industry Association.
The firm has also received another from the Jinhu government to build smart air purification and monitoring systems. In February 2018, WaltonChain has signed a strategic partnership with Ishijah Trading to use RFID tags and blockchain tech to intelligently bill and manage its catering business. Citylink, an affiliate of the firm, has joined hands with China Telecom, one of China’s three largest telecommunications body, to develop a smarter community, a pilot project. Also, Citylink has partnered with the Zhangzhou Branch of China Telecom. China Telecom has also built the first Narrow Band–IoT network with the widest coverage in the world.
In April 2018, Alibaba’s IoT Connective Alliance (ICA) has added WaltonChain (Xiamen Zhongchuan Internet of Things Industrial Research Institute, a subsidiary of WaltonChain) to their list of 300 members. WaltonChain has joined hands with Loci to be a purchasing partner for their crowdsourced portfolios. Loci will also help the project establish an incubator for smart cities in the US.
Additionally, Waltonchain’s development capabilities and Loci’s InnVenn platform will be offered to universities and research institutions. In April 2018, WaltonChain has partnered with HUODULL – a company with logistics aggregation platform that utilizes Big Data, AI and Blockchain tech to deliver logistics efficiency. Other than these, Waltonchain has also partnered with companies including Silictec, JU & KE, Sensor Technology (NIDS), NHTECH, C-TOP, Card Cube, KALTENDIN Clothing, NC Technology, Chainfor, TANYU, and Freyrchain.
IoTeX is an auto-scalable blockchain infrastructure for the Internet of Things (IoT) which focuses on the private use of the blockchain for high security, low operating cost, and flexibility. It’s a direct challenger to IOTA, but its underlying mechanism is quite different. Instead of IOTA’s DAG, It uses the traditional but a layered blockchain approach for heterogeneous computing, an upgraded consensus algorithm and employs a lightweight (on system resource) privacy solution for companies.
The IoTex coins are called IOTX and are currently available only on Binance, Gate.io, KuCoin, and IDEX with Binance holding a huge chunk of it. The coins are tradable using BTC, ETH, and USDT only. These coins are an ERC-20 type and will be switched to IOX tokens Ranked 224, the current market cap of IoTex is $27,174,666 USD (3,695 BTC or 60,695 ETH) and $1,268,200 USD (172.43 BTC or 2,833 ETH) 24 hours volume as of July 20.
There are 1,141,040,005 IOTX tokens circulating right now out of the total supply of 10 billion. In February 2018, the firm held a private sale to accredited investors and offered 24% of the total IoTeX token (IOTX) supply at a price of 1 IOTX = 0.0000125 ETH which raised around 14 million USD. Apart from this private sale, the rest of tokens are distributed as follows – 6% for Community Reward Programs, 15% reserved for Team, 30% for IoTex Ecosystem, and 25% with Foundation. The token price rose to its highest value of $0.069875 USD on June 1, likely due to listing on Binance. As of July 20, a single IoTX token values $0.023957 USD.
The IoTeX team is composed of people experienced and knowledgeable in both software engineering and entrepreneurship.
Raullen Chai – He is a Ph.D. and Research Scientist in Cryptography at UWaterloo and has over 8 years of experience in cryptography and blockchain. He has served as the Head of Crypto R&D at Uber and a Security Engineer at Google as Founding engineer of Google Cloud Load Balancer.
Qevan Guo – Qevan is a Ph.D. holder in Machine Learning and Computer Vision at the National University of Singapore with more than 20 patents and publications. His resume lists him as Engineering Manager and Research Scientist at Facebook. Growth Hacker.
Jing Sun – Jing has been Founding partner of Sparkland Capital, focusing on Frontier Tech, has a lead over 40 investments and innovations in the blockchain, security, and IoT. She has served as Board director on a couple of companies. She has an extensive experience in startup, investments and building up the ecosystem.
Xinxin Fan – He is the Head of Cryptography at IoTex and has 14 years of research and industry experience in information security and crypto under his belt. He has published 40+ publications / patents. Xinxin has a Ph.D. in Cryptography from the University of Waterloo and was a Sr. Research Engineer at Bosch Research.
Dustin Xie – Blockchain Engineer at IoTex and worked as a Staff software engineer at Intel, he has 12 years of expertise in distributed systems, content protection, hardware video acceleration, network video streaming, and graphics driver. Cryptography and blockchain enthusiast. He has a Ph.D. in Data Security at USC.
Zhijie Shen – He is a Staff Blockchain Engineer at the firm, has 10+ years experience in distributed systems, P2P networks, and big data. Committer and PMC of Hadoop and Samza. Member of the Apache Software Foundation. Zhijie has a Ph.D. in Computer Science at the National University of Singapore and has more than publications and patents.
Paddy Kan – Incharge of IoTex’s Distributed Systems, he worked as a Senior Software Engineer at Microsoft, specialized in distributed systems and is an active contributor to open source projects. He has an M.S. degree in Computer Science from Yale University.
Zhefeng Li – Blockchain Engineer and has a Master in Computer Science from University of California San Diego and Bachelor in Mathematics and Computer Science from the University of Wisconsin-Madison. He has interest in Blockchain technology, machine learning, and the Internet of Things.
Monika Hathaway – A Technology communications specialist with deep expertise in cybersecurity, privacy, networking and emerging technologies.
Alina Burya – Community Manager Marketing, sales and project management experience in corporate and government sectors. BComm in International Business and Certificate in Project Management. Cryptocurrency and start-up enthusiast.
Larry Pang – Growth & Community. Management consultant at Oliver Wyman specialized in digital operations. Dual B.S. in Finance & Economics, minor in Visual Arts & Design from MIT. Blockchain and IoT enthusiast.
Guang Gong – Guang is an IEEE member and Professor in University of Waterloo, Canada. She is one of the top scientists in cryptography and lightweight cryptography, ad hoc network and Radio Frequency Identification (RFID) security.
Jack Lee – Jack holds a number of important positions. He has been Co-Founder and Managing Partner of HCM Capital, Foxconn Technology Group, Co-Founder and Executive Director of Chained Finance Ltd., Founder & Executive Director of FnConn, and Board Director of Abra.
Fan Zhang – Fan has served as a Founding Partner of Sequoia Capital China and Director of DFJ ePlanet Ventures. He is ranked by Forbes as one of leading venture capitalists in its annual China’s Midas List.
IoTex uses multiple blockchains to interact with different segments of IoT devices or nodes based on the type of data or function, though these blockchains can interact and exchange with each other when needed. IoTex chose this to save resources, avoid overloading, get faster operation, efficiency and privacy.
These chains can run concurrently which is possible because of a root or parent blockchain which manages all other subchains. So even if one subchain is compromised, the root and therefore the others will have privacy breach. This is called blockchain-in-blockchain architecture. IoTex uses Roll-DPoS consensus algorithm – a randomized, Delegated Proof of Stake algorithm that offers lightning-fast consensus and a more democratic governance model than other existing DPoS mechanisms.
The consensus mechanism also enables stakeholders to select certain network nodes as block producers, and for creating blocks these nodes are incentivized. The architecture provides cross-blockchain communication through pegging – a mechanism for scaling the Bitcoin network via sidechains. It also offers instant final block finality, unlike Bitcoin. IoTeX’s lightweight stealth address scheme facilitates the receivers by not needing it to scan the whole system check for incoming transactions.
It also offers constant ring signature, optimized with a distributed trusted setup, and relay-able payment code to hide the transaction receiver thus offering high security. IoTex has smart contracts, unlike IOTA. All of these schemes together create a highly scalable, decentralized, highly secure, customized services. The IoTeX coin will be migrated to fuel (for executing transactions and running DApp) the network and the network once the mainnet get launched.
IoTex solution is aimed at four major areas. The first one is Autonomous car solution which can have different blockchains for maintenance, energy, software versions. The others are the booming Smart Home industry, economy sharing solution between firms or a person, and user Identity management solution. IoTeX has a number of strategic partnerships and investors, including the Blockchain Foundation and blockchain industry service platform Jinse.
In June 2018 IoTex partnered with CertiK, a leader in formal verification and security of smart contracts, to ensure the blockchain and smart contracts are completely secure. Some of the investors include Kenetic Capital, Hashed, Sparkland, Blockchange, Du Capital, Signal Ventures, DHVC, Block VC, Bootup, Auusum, Preangle, Alphacoin Fund, Rednova, Vancoin, LinkVC, and Draper Dragon.
IoTex’s mainnet preview is scheduled for October and final launch in December 2018. In July this year, the firm has released its Yellow Paper on Roll-DPoS. According to the road map displayed on IoTex’s website, it will have the first IoT DApp and native coin mapping launch, along with a mainnet beta release in early 2019. IoTeX is currently busy perfecting its Roll-DPoS and testnet alpha launch. The firm is also working on building sub-communities in different languages to provide better services which include a ready Korean channel.
The Hyundai Digital Asset Company (HDAC) is created in 2017 through the cooperation of Hyundai BS&C, DEXKO, Doublechain, and Hyundai-Pay. HDAC’s solution for IoT is based on a more traditional blockchain for fast and secure communication and payments between IoT devices. The consensus mechanism is a modified proof-of-stake protocol which utilizes an intriguing mix of the private and public blockchain. This hybrid blockchain allows HDAC to support micro-transactions for strongly secured wallets.
Previously Hdac successfully earned 13,000 BTC or about $ 100 million in private sale, a huge amount without any promotion. The ICO sale was live from November 27 till December 22, 2017. The HDAC token is called DAC is values to 0.1 BTC = 2200 DAC.
There is a total supply of 12 billion Hdac tokens, with 7% assigned for capital reserve, 7% for presale and the Token Generation Event, and the 86% will be mined by people who participate in the network through ‘ePow’ mining. The first block rewards will be 5,000 tokens. The unallocated supplies will be able to be mined for 170 years.
Eddy Travia – He is one of the blockchain advisors to HDAC. He is a Pioneer investor in Blockchain, Co-founder & CEO of London-based Concilium Group Limited (NEX:COIN), venture builder & accelerator. He has also co-founded Block Chain Space and Seedcoin. Eddy is a regular speaker at various Tech, Fintech, Investments, Bitcoin and Blockchain events and conferences worldwide including TEDx IE Madrid in 2016. He is a member of 8 ICOs.
Carlos H. Benvenuti – Marketing Advisor to HDAC. and FortKnoxster. He has founded Benvenuti Companies LLC and served as CEO and founder of Mobile Cloud Solutions Ltd., President, and Co-founder of Blutags – a tracking software & hardware making firm, and also been VP of Sales & Marketing in Ominto.
Mike Costache – He is a blockchain advisor to HDAC. He also serves as advisors to firms such as Corion Platform, BlockV, GBX, Propy, Papyrus, and strategic advisor to COSS. He is also the Managing Partner and Science Blockchain Advisor at KrowdMentor.
Larry Kim – Larry serves as a blockchain advisor to the firm and is the CEO of Hyundai Pay. He has also served as Senior VP to Hyundai BS&C, Head of Solution Business Team for Shinshagae I&C and Head of CRM solution at Korea NCR Teradata.
Patrick Storchenegger – He is the Legal Advisor. He is an attorney at law and notary public. Part of Ethereum Foundation with many years of experience in international tax law, corporate law, commercial law, and capital market law. He is a member of the self-regulatory organization for anti-money-laundering purposes and advises several international concerns including those engaged in trading, re-insurance, transportation, and blockchain technology. He also advises Bitproperty (BTP) and Elrond Network (ELR).
Stuart Cobby – He is the Technical Advisor to HDAC.
Dae-Sun Chung – He is the Founder of HDAC and also the founder of Hyundai Group. Dae-Sun established. He is the grandson of Ju-Yung Chung, the founder of Hyundai Group, consisting of 232 companies, making $276 trillion in revenue annually. Dae-Sun established Hyundai BS&C in 2008, which operates IT, construction, and other businesses. Hyundai BS&C has its affiliates: Hyundai BS&I, Hyundai Fine Chemical, Hyundai BS&E, Hyundai Pay, which is a blockchain technology based fintech specialized company.
William Chun – He is another Founder and Blockchain Evangelist at the firm. He is also the CEO of Double Chain and President Fintech platform forum. He authored the Hdac technical whitepaper. He has acquired a patent for IoT authentication using blockchain and applied for a patent of blockchain ePoW algorithm in August 2017. He has received the Future Minister Award in the IT Innovation in 2016, the Future Minister Award in the IT Competition in 2016 for Double Chain Platform based on Blockchain.
Robert Choi – Robert is in charge of blockchain-based global marketing and is a Lean Startup Coach. He also has 25 years of cross-industry experiences at Adidas, Procter & Gamble, Allianz Life, Mail Dairies Co., MKTforum, and CHA health-bio group. He has innovative and extensive talents in brand marketing, sales strategy, communication, research, new business development, e-Biz, international business, startup business modeling, and digital marketing.
David Lee – Director of Operation at HDAC, he is the CEO & Co-founder of DeCentre, CSO of Foresting Network. Planner for cryptocurrency business, Blockchain Advisory. David has a Master’s and an MBA degree at Hanyang University and experience in digital agency, finance, insurance, card corporation
Bong-Suk Kwak – Currently, BongSuk is Blockchain Sales Lead of Hyundai BS&C / Strategy manager of Hdac Technology AG. BongSuk has over 22 years of experience as an IT architect in the finance industry. He develops his career at IBM Korea as a GBS Consultant, Microsoft Korea as a Sales Exec, and Scalechain which is a startup that develops a blockchain platform.
Devon Choi – Development Director to the firm, he has been involved in ERP consulting in the chemical, automotive and manufacturing industries through MS AX / NAV, SAP and Oracle solutions in Europe, Japan, China, and India for 13 years. Especially, he worked for ISP and PI project companies.
The HDAC platform will create smart contracts allowing all IOT devices to connect to each other with an internet connection. The IoT devices will use the Hdac token (DAC) as a fuel for micropayments. These payments are secure and can not be accessed by third parties, thus giving users full control over the finances involved in all of their IoT devices.
The IoT contract HDAC utilizes is a ‘Machine to Machine’ (M2M) service that controls all devices which is an extended concept of the ‘Smart Contract’ object to the ‘IoT Device’. when creating the Smart Contract, the programmer shares the device address to be controlled on the blockchain network via Hdac.
Unlike Bitcoin and Ethereum’s blockchain, the Hdac uses a different consensus algorithm called ePoW which reduces the mining monopoly by applying the block window concept. HDAC also incorporates a trust-based method which can limit power wastage and eliminate interests conflict or favor and create an evenly distributed decentralized network.
The HDAC Blockchain will also connect private and public obstacles easily through the creation of Bridge Node intermediaries that perform key configurations to connect different chains. Hdac combines a random number of generators to create a very much effective and safe wallet, private key, and public keys address than pseudo-random number generator in use today. The transaction speed of HDAC aimed to be 1000 transactions per second.
Though not as flamboyant as other blockchain-IoT projects. There are certain advantages HDAC enjoys. This project is backed by Hyundai BS & C company, which is one of the largest companies in South Korea, and because of that, it is certain that the implementations and ecosystems of this project will quickly grow and develop. The project has a great team and advisors who very much experienced in the field. The use of unique Hybrid Blockchain Network make Hdac privacy-protected and cannot be accessed by third parties.
Hyundai BS&C, Doublechain, HyundaiPay, and BLOKO have formed The Digital Transformation Community for the core technology/application development of Hdac as well as its activation. HDAC already has or has the plans to partner with firms such as WisBase – a firm specializes in large database design and tuning, PnP Secure – an information protection solution company, EYL – a developer of quantum random number chips, and INTO Information – a developer of original technology and service development for various industries.
Also, other partners include ARAD, a logical closed network solution supplier; IOT device technology partner MODA, and Mill Corp. HDAC is also reported to be collaborating with Intel to develop the IoT and face recognition access security solutions. HyundaiPay was launched In June 2017 for the advancement of blockchain technology and facilitate the early launch of various other services.
On 20 July 2017, HyundaiPay and Doublechain signed a strategic alliance with Elasticsearch Korea, a large data, and machine learning company, for the co-development of Hdac-based blockchain businesses.
All the 5 IoT projects discussed here have enough elements in their favor to be highly successful. All of them have a strong team, great array of partnerships and investors, and biggest of all unique visions. The surging interest in blockchain tech development and IoT’s advantage have allowed these projects to attract huge funds as well. Of all the projects these 5 we think have the biggest chance to make it. The IoT market is going to reach $457B by 2020 from 157B in 2016 according to prediction. With so many devices connected to internet scalability and security are the issue, which blockchain tech has perfectly positioned to deliver.