AnApp Blockchain Technologies (www.iotw.io) has developed new and transformative 'Proof of Assignment' and 'Micro-mining' algorithms, the backbone of a new blockchain ecosystem and game-changer for the IoT world.
HK-based AnApp's founders are well-versed in computer hardware and software, holding more than 20 patents in semiconductor and electronics designs, and believe that the integration of IoT and blockchain will benefit our industries and daily lives.
However, today's 'Proof of Work' algorithm consumes vast amount of power, requires expensive processors, large memory and numerous pieces of hardware and accessories, and is inapplicable to most IoT devices.
AnApp'z founders have developed 'Proof of Assignment' and 'Micro-mining' algorithms which do not require the high computational power and electricity, and are memory light with minimal or no add-on cost to the IoT device.
With these proprietary algorithms, AnApp is developing 'IOTW' (IoT World, the crypto currency of AnApp), a blockchain ecosystem.
With 'IOTW', IoT devices can now 'green-mine' with social and environmental responsibility. IOTW also allows IoT devices to autonomously carry out intelligent sourcing for accessories, after sale services and product suppliers.
Smart appliances will be upgraded to autonomous appliances with the new 'IOTW' technology, connecting all industries and people's daily lives in the IoT world.
The 'Proof of Assignment' algorithm also supports instant transactions. AnApp successfully demonstrated micro-mining and instant transactions with 15 micro-mining devices in Penang on May 4, 2018.
All transactions in the IOTW ecosystem will be low cost, instantaneous, energy efficient and green. IOTW blockchain software will be free to download for all IoT devices.
"Veteran blockchain investors in Penang, after seeing the functionalities and features of our blockchain platform, believe that our IOTW ecosystem has the critical success factors for large scale implementation and real world application.
"It is very different from currently available blockchain technologies, which are difficult to deploy in real life, and their tokens remain in the realm of speculative trading.
"We will expand our technology worldwide, and bring the economic benefits to all people," Frederick Leung, co-founder and CEO of AnApp said.