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With the era of the Internet of Things (IoT) upon us, a new blockchain project, ContractNet, is building a hybrid platform that merges blockchain innovation with IoT devices, secured by smart contracts.
The the potential of blockchain and growing IoT presence is now firmly seen as the next step towards how entire industries can transform and rethink their systems and processes applying sophisticated, leaner and more efficient business models.
With a blockchain built to work specifically with low-memory personal devices and wearables that are fast becoming the ubiquitous structures of IoT networks today, ContractNet is the IoT blockchain that is a mature, permissionless and Turing complete blockchain, as well as an integration and activation channel for IoT related smart contracts.
At its heart is “oracles” acting as an intermediating layer between IoT devices and its blockchain, ensuring that data transfer with smart contracts on the blockchain happen without compromising security and fidelity.
Once fully developed, ContractNet will be innovative business app that can store and share IoT data streams in a secure environment, providing a reliable enterprise platform for users to host their businesses. Users will benefit from its proprietary blockchain architecture and smart contract technology, powered by the native digital asset, CNET coin.
Ready for the Immense Data Load of IoT
While the IoT and blockchain industries are awash with quick progress and technological advancements, its participants face growing challenges, struggling to scale, code, manage and monetize data that has become an invaluable asset.
It has been suggested, that with data streams fed by thousands upon thousands of IoT enabled devices, machine learning will provide a great learning potential, which is just waiting to be tapped into. However, there would first need to be a reliable system for shared access to that immense amount of data, one, that would address issues of data ownership, integrity and vendor credibility.
This system should not only solve these issues in data management but also be compliant with existing IoT standards, such as those already laid out by the Institute of Electronics and Electrical Engineers (IEEE).
ContractNet is That Solution
ContractNet’s blockchain, IoT and smart contract hybrid platform ticks all these boxes. By interfacing with IoT devices as the source of data streams to be shared, ContractNet’s blockchain integrity and immutability would solve issues of data integrity and ownership. Its CNET coin, in its turn, will facilitate data monetization, all secured by payment and sharing conditions outlined in smart contracts.
Uniquely, ContractNet blockchain is to be used chiefly to verify transactions and execute smart contracts. It will implement a separate data storage off-chain, storing only access control data. Its proprietary virtual chain will instead intermediate between the blockchain and storage layer, with data streams structuring data according to individual sensors clearly identifying their owners.
All data streams will be encrypted, with encryption keys generated by the virtual chain, and data stored via an optimized Interplanetary File System (IPFS) technology.
As a result, storage costs will be thousands and thousands times lower than blockchain storage and, with time, could even cost less than cloud storage.
Furthermore, ContractNet will be a fully open source and IoT optimized development platform for all developers to create and monetize their own decentralized applications (DApps), essentially creating a hub hosting authenticated plugins that are fully compliant IoT industry standards.
Although owing its origins to Ubiq and Ethererum architecture, ContractNet’s blockchain features a quick 90-second block time with each block able to fit 6,000 transactions.
It secures the network against attacks via the Flux Difficulty Algorithm, which dynamically adjusts the network, when detecting sudden hash rate fluctuations, helping ensure a more consistent block generation times when hash rate is volatile. ContractNet utilizes the FsolidM smart contract framework, allows for more secure and more private smart contracts, more resilient to attacks.
As a medium of exchange within the ContractNet platform, the CNET coin gives all participants instant access to data monetization. Its incentivized model will reward miners for securing the network, validating transactions and offering up idle disk capacity for data storage. On the other end of the spectrum, consumers as IoT device owners, can permit the use of their data streams by developers and other users in return for CNET.
Project’s ICO is scheduled for March, 10 – March, 24, with 15 million CNET coins to be issued in total during the period. Coin sale price will begin at 0.00012000 BTC, while early birds will benefit from a 25% bonus. The sum raised will be used to cover administrative, PR and marketing costs, while 20% will go to blockchain development, and another 20% to reserve fund. The project’s hard cap makes 1500 BTC.