ICO Analysis: HighIoT
Fifth generation networks are just around the corner, and guess what? They’re all using IoT (Internet Of Things) as their basis.
IoT, which started as a conceptual form for the networks of the future, is now more alive than ever and that is only the beginning. Future applications, blockchain-powered or not, are going to be integrated within various IoT networks in order to function, distribute data and even perform autonomous payments.
There are thousands of different use-cases where IoT plays a major role, affecting dramatically various industrial sectors, including but not limited to public transportation, housing, monetary and banking institutions, governmental organizations, informatics and telecommunications.
One of the most advanced sectors when it comes to IoT adoption is smart housing, with the number of smart homes expected to reach over 500 million households by 2020, according to Gartner Research.
From smart TVs, lighting, kitchens and IoT washing machines to smart sensors that can detect and store data regarding temperature, air condition, oxygen pollution, humidity and more, smart homes will be able to act completely autonomously in the near future.
We can be sure about how IoT and smart housing would take over the global market, but there are things we are not ready to face, as IoT networks are not commercially as popular as the internet or electricity itself yet. Therefore, threats such as malware or other hacker attacks will have a high impact on the first systems running IoT networks and smart applications.
To address this issue, a blockchain-powered start-up called HighIoT is one step ahead, working on a security protocol specially tailored to protect IoT networks from external attackers. More specifically, HighIoT focuses on protecting the networks supporting smart homes, smart offices and smart cities.
HighIoT’s main product is Akita, a hardware and instant plug-in privacy device that is connected to a LAN port on the user’s router. Once Akita is connected to your home network, it scans for possible threats or malware and notifies the user. Akita is compatible with most IoT devices and applications and it has its own mobile app to control its services. The device has 0 impacts on your network’s internal and external connection speed.
One of the most interesting concepts surrounding Akita is its connectivity with HighIoT’s own blockchain-powered network, HighIoT Cloud, from where Akita could be modified and patched by the HighIoT team and HighIoT community developers in order to establish pre-designed connections, interference patterns and complex algorithmic communication between the IoT devices in your house.
For example, if you want your IoT washing machine to notify you at work when it’s done, you can ask the HighIoT community to patch your Akita device to be able to extract this intel from your smart washing machine and deliver it to your smart hand-held device.
At the same time, if your Akita devices discovers a problem within your network, you can browse HighIoT’s Database and purchase immediate solutions or even a community worker to help you with your issue.
Like most blockchain-powered platforms, HighIoT uses its own utility token in order to perform transactions within their network.
HIT, HighIoT’s native currency, is an ERC-20 token that can be used to purchase intelligence, problem-solving solutions, guidance, technical support and other services through the HighIoT Network’s Cloud, an open source database where both the HighIoT team and community developers can participate with ideas and possible solutions to IoT networking problems.
At the same time, you can always swap your HITs for ETH or other major cryptocurrencies and seek an exit in fiat or any other altcoin.
The total token supply is set to 10,000,000,000 HIT. One HIT will be equal to $0.01 and the ICO caps are set to $5,000,000, and $100,000,000 respectively for soft and hard cap limits.
The 10 billion HIT tokens will be distributed as follows:
- 25% Public ICO Sale
- 48% Long-term development fund
- 15% Team
- 12% Advisors, Bounty, Referrals, Partners
Eran Yarom (CEO & Co-Founder) has over a dozen years of experience in video security solutions for telecommunication companies and service providers.
Igor Rabinovich (CTO & Co-Founder) has more than 18 years of experience in software development and research and Development sector. He has a been also working on large scale systems for operators and C4I systems.
Raz Alon (cyber security adviser & Co-Founder) is an angel investor for more than 20 years on numerous different companies. He focuses on a variety of different sectors including information technology, enterprise software and online media industries among others.
Prof. Simon Litsyn (adviser), who researches on coding and information theory, completed his Ph.D. in Tel Aviv and right now is a cyber security technology specialist.
Other honorable mentions of the team include Igor Ryabenkiy (chairman & Co-Founder), who founded a significant number ofinvestment projects on Internet start-ups and IT companies, Ken Baylor (adviser), who is a recognized leader and cybersecurity specialist, Stas Oskin (adviser), a core developer and Itay Yanovski (adviser), a professional with many years of experience in various security settings.
Overall, the group looks very promising with specialists for every position and many people who have been in security industries for long enough to know the inside and outs of their business.
We can be sure about IoT and 5g networks taking over the global tech industry in the near future, and that is obviously good for technological advancement, but we must consider possible security risks of this new, yet volatile, network.
HighIoT’s project is one of the first to apply distributed ledger technology to IoT, which means it can play a major role in what’s to come.
The same thing happened with bitcoin when people realized it could become the future of peer-to-peer transactions. Today we can be certain that IoT networks are not just a thing of the future, but a functioning protocol, already in action – HighIoT focuses on what’s after IoT and not on promoting IoT itself.
From an investor’s perspective, the following facts are important to consider when weighing HighIoT:
- While IoT is a standard aspect of the future, it might take us some time before we have IoT networks spread across the world, covering every corner that has a power supply and internet connection. HighIoT will need even more time to be used on a commercial scale as it depends on the post IoT era. -1
- The idea that HighIoT’s community can help you build your own personalized IoT network and applications is fascinating, but we should not forget that IoT data is still personal data, stored, distributed and used in many ways by the company behind the IoT software/hardware. Having your IoT data in a centralized database can create an identical profile of yourself based on your behavior, where the provider of the service could recognize and understand patterns of yourself, not even you do. –1.5
- 10,000,000,000 token units is not your ordinary blockchain number. According to CoinMarketCap.com, there are only a couple of tokens using a 10 digit supply, with KIN having identically 10,000,000,000 as well. While KIN, Dentacoin and others’ price per unit is several digits below a single cent, HIT’s initial price per unit is set to $0.01 which is pretty expensive for a platform with such a big total supply. -3
- On the other hand, what HighIoT strives to achieve is quite interesting and definitely a well-thought project. IoT networks will need modern and special security protocols and HighIoT is already here to provide it. +3
- HighIoT has the opportunity to possess one of the most professional teams in the scene with military, governmental and banking pre-history, all specialized in cyber security and cutting-edge networking. +3.5
- Some of the most successful ICOs last year achieved their goals by having a physical product. First and second generation blockchain platforms would offer you literally “thin air” in exchange for your funds and while sometimes that would work just as fine as an investment, but in other cases, it could lead to what happened with BitConnect. HighIoT not only has a fancy project, but it’s actually functioning perfectly to help you build your own IoT network at home. +3
- HighIoT was present before the blockchain hype as an New York start-up that raised almost $1 million on Kickstarter. HighIoT creates a global cyber security database using blockchain technology for a multi-billion IoT market that’s already “on the wheel”. +2.5
The fact that HighIoT focuses on one specific sector of the upcoming fourth industrial revolution is a sign of professionalism and passion combined.
That of course, means that HighIoT is highly influenced by the IoT market in general, and it completely relies its products and services on the prosperity of that market.
HighIoT is one of the first 3D generation blockchain platforms that focus on altering physical reality as we know it, instead of focusing on short commercial profit.
A score of 6.5 out of 10 is reserved for HighIoT, based on present facts.
- Type: Crowdsale
- Symbol: HIT
- Platform: Ethereum
- Pre-Sale: To be announced
- Public Sale: To be announced
- Payments Accepted: ETH, BTC, USD, EUR (KYC Required)
A HighIoT representative stated to Hacked.com that the private/corporate sale is finishing soon and public pre-sale and main sale dates will be announced soon.
You can follow HighIoT for updates below:
Disclaimer: The writer has no position in HighIoT at the time of writing.
Featured image courtesy of Shutterstock.