Hong Kong-based AnApp Blockchain Technologies has developed new Proof of Assignment and Micro-mining algorithms that could form the backbone of a game-changing blockchain ecosystem for the IoT world.
The founders of AnApp believe that the integration of IoT and blockchain can bring significant benefits to our industries as well as our daily lives. However, the currently available Proof of Work algorithm not only consumes vast amount of power, but also requires expensive processors, large amount of memory, and numerous hardware and accessories, which make them inapplicable to most IoT devices.
To resolve these application problems, the founders of AnApp have developed the Proof of Assignment and Micro-mining algorithms, which truly open up blockchain technology to the IoT world.
The Proof of Assignment and Micro-mining algorithms do not require high computational power or electricity, and are memory light with minimal or no add-on cost to IoT device. With these proprietary algorithms, AnApp is developing the “IOTW” (IoT World, the cryptocurrency of AnApp) blockchain ecosystem.
IoT devices can now carry out “green-mining” that is socially and environmentally responsible.
The IOTW blockchain ecosystem will also allow IoT devices to carry out intelligent sourcing for accessories, after sale services and product suppliers autonomously. Smart appliances will be upgraded to autonomous appliances with this new technology, connecting all the industries and people’s daily lives to the IoT world.
Another main feature of the Proof of Assignment algorithm is its support for instant transactions.