ICO Analysis: IoTBlock
Internet of Things is an emerging technology with the potential of immensely improving our lives. Connecting every single capable device, whether it is a car, a home appliance or a billboard, IoT allows for the collection and enabling of data analysis in a more efficient, faster and cheaper way. Consider that a car accident has just happened quite close to your workplace. This causes a traffic jam, making it inconvenient to use a private car. Usually, this information is either made public too late or is not released at all. If you had known, you could have used some other means of transportation, like the metro, and avoided wasting your time in traffic.
It is almost certain that this technology will take off in the future as many industry giants have already started to research and produce several products. In fact, it is estimated that by 2025 the IoT sector will grow to $11 trillion with 75 billion devices. Yet as in any emerging technology, just as in the case of blockchains, there are several problems which are required to be solved before it is widely used by the public. Studies show that 70% of IoT devices use non-encrypted forms of communications and 80% don’t have even the most basic security. Unfortunately, this makes it possible for hackers to abuse security flaws in a single device and gain access to the whole network. For instance, earlier this year, some hackers used an IoT-connected fish tank thermometer to steal a casino’s database.
In order to solve current and foreseeable problems in the IoT industry, IoTBlock provides a device-agnostic and blockchain-agnostic protocol. This agnosticism should be highlighted, since it means that the protocol can be used by any IoT device and any blockchain, whether it is Ethereum, IOTA, or Hedera Hashgraph. As of now, even the most popular blockchain-based IoT solution provider IOTA does not offer this. IoTBlock’s other important key features include secure authentication, open auditability, and cross-chain communication. The protocol can be used for IoT device authentication, insurance and dispute resolution, device health and safety verification, and data exchange.
Thanks to the use of Ora Protocol, a truly decentralized network of IoT devices is made possible. By its proof of authority, nodes are incentivized to serve truthful data and report inaccurate or malicious data. These nodes are rewarded with tokens in return for their contributions to the network.
Although very little information regarding the token’s use is released at the time of writing, for now, we can say that it will act as a native token to pay fees for platform services. It should be noted that it is emphasized that the token is looking for a stable price per token, which is quite reasonable if it is to be widely used.
No information on the IoTBlock token metrics or how the team is planning to use the token sale proceeds are released at the time of writing.
CTO Michael Arbach: Arbach was a blockchain architect at KodakOne.
Sanjeev Verma: Prior to joining to AMD as a principal architect, Verma has worked as a mobile security architect at Samsung Electronics, a senior research engineer at Nokia and a member of technical staff at Bell Labs.
Richard Fushimi: Fushimi was the CEO at Rocket Internet SE, the president, and COO at Sega, and a managing consultant at Genpact Headstrong Capital Markets.
Leo Rong: Rong has worked as a software engineer at Splunk for over thirty months.
Chad Pleper: Pleper was a senior infrastructure architect at Elsevier.
Tugrul Firatli: Firatli has worked as the vice-president of global communication practice at TIBCO Software, as a software engineer at Apple and as a member of technical staff at Bell Labs.
Rex Wong: Wong was a founding investor at Applied Semantics, the company who created AdSense and later sold it to Google in 2003.
Below is a breakdown of the risks and growth potential of IoTBlock.
- No information regarding token metrics is not released at the time of writing. This makes it hard to evaluate the project’s worth and any potential return on investment. (-1)
- It is a reasonable assumption that the competition in the IoT sector will be harsh in the future. As more and more technology giants might enter the market, it is likely that they might leave the blockchain-based IoT companies like IoTBlock in the dust with their superior resources. (-2)
- All-star team members like Sanjeev Verma and Richard Fushimi. (+2)
- The protocol’s device- and block-chain agnosticism. (+3.5)
- The team’s origins can be traced to a hardware and RFID device manufacturer started in 2004. This shows that the team is highly experienced in the IoT sector and not just riding the blockchain hype train. (+2.5)
The emerging technology of the Internet of Things is expected to be widely used in the near future. It is estimated that by 2025 the sector will grow to a value of $11 trillion with 75 billion devices. Its use cases are limited only by one’s imagination, but as in the case of any emerging technology, just like blockchains, there are several important problems to be solved to gain wide public acceptance.
Currently, 70% of IoT devices do not use encrypted forms of communication and 80% do not have a basic level of security. As devices in a certain place are connected to the same network, to gain unlimited access to one device is to gain access to the whole network. Some hackers’ gaining access to a thermometer in a fish tank and using it to steal a casino’s database earlier in this year is an example.
IoTBlock provides novel solutions to solve this issues. The team consists of all-star team members like Sanjeev Verma and Richard Fushimi. The protocol is designed in a device- and blockchain-agnostic way, so that IoTBlock can be used by any IoT-connected device and blockchain.
Still, no information on token metrics is released as of the time of writing, making it hard to evaluate any return on investment. Also, the competition in the IoT sector will be extremely fierce in the future and the entrance of more and more technology giants to the sector might leave the blockchain-based IoT companies like IoTBlock in the dust with their superior resources. IoTBlock receives a 6/10.
- Type: ERC20 – Utility
- Symbol: Unspecified
- Platform: Ethereum
- Crowdsale: Unspecified
- Minimum Investment: Unspecified
- Price: Unspecified
- Hard Cap: Unspecified
- Payments Accepted: Unspecified
- Restricted from Participating: Unspecified
Featured image courtesy of Shutterstock.