IOTW coins, IOTW tokens and their roles within the IOTW blockchain ecosystem
At the heart of IOTW blockchain ecosystem are IOTW coins and IOTW tokens – the cryptocurrencies that fuel the network. IOTW coins are intended to be used for purchasing IOT devices and paying transaction fees as well as purchasing big data and obtaining after sale services on the IOTW network. IOTW blockchain is built on a simple idea; to offer decentralized global economy where consumers purchase IOT-powered goods and services without the necessity of fiat money or traditional banking services. All is needed is IOTW coins.
As a result, customers will save on transaction costs when they pay in IOWT coins. IOT device owners, meanwhile, will earn IOTW coins in exchange for providing big data services. Small device manufacturers and service and parts providers will see the value of their IOWT coins increase when more people purchase their goods with IOWT coins. Let’s discuss that even further.
The IOTW network consists of three parties; manufacturers, service and parts providers, and consumers. The platform ensures there is a seamless collaboration between all the parties through IOTW coins.
IOTW coins utility
The utility of IOTW coins lies on three main occasions; payment for services, payment for goods and payment for big data.
Payment for services
In regards to payment for services, IOT devices or end users will post their needs on the network and then the service providers like repair shops will bid for such services within the blockchain. Once the end user selects a winning bid, the service provider will deliver the services, and will then be paid in IOTW coins.
Payment for goods
IOTW platform offers an online marketplace that connects device manufacturers with consumers. Manufactures will avail their merchandise on the platform and end users will purchase these goods using IOTW coins. IOTW platform leverages blockchain technology to provide transparency and ensure efficiency in the entire value chain.
Payment for big data
IOT devices collect useful data about collective customer behavior or device energy consumption activity. Such data when utilized effectively can help with energy consumption analysis, commercial advertising, product development, and city planning. Brands and organizations interested in these data will be able to purchase it in IOTW coins.
You’re probably asking, what about end users? Where’s their place in the whole value chain?
Well, the end users of IOT devices aren’t completely forgotten. IOTW recognizes that the people who matter most in this blockchain ecosystem are consumers. That’s why the team is allocating a large percentage of the IOTW coins brands and manufacturers pay to the end consumers. IOT device owners (end consumers) will be able to get their hands on IOTW coins by mining them on the platform.
IOTW tokens (symbol IOWT) will be issued at the launch of the ICO but will be replaced by IOTW coins at a later time. IOTW is ERC-20 tokens and will be listed on selected crypto exchanges.
IOTW tokens will have a supply of 5 billion units. The token hard cap is set at 100,000 ETH. 1 ETH is equivalent to 5000 IOWTs.
In terms of distribution, 33% of IOTW tokens will be obtained through mining, 25% for sale at ICO, 17% allocated to Founders, 14% reserved for future, 10% allocated to early adopters and 2% to Advisors. Unsold tokens will be burnt.
We’d like to introduce our whitelist registration process for the token sale scheduled for June 2018. The whitelist bonus is 30%. The bonus gradually decreases to 25% on after the first week, 20% after the second week, 15% after three weeks and zero percent from the 6th week.
To learn more about IOTW project visit https://IOTW.io/.