Project IOTW (iotw.io), scalable blockchain protocol for Internet of Things (IoT) applications and backed by 500 Startups Accelerator Program, is excited to announce its TestNet launch.

This marks an essential milestone for IOTW’s blockchain infrastructure that enables green, secure micro-mining through connecting IoT devices without extra hardware cost. In the TestNet, users can experiment by downloading its mobile wallet to connect virtual IoT devices and mine TestNet coins for purchasing goods on its decentralized marketplace.

The Founder and CEO of IOTW, Frederick Leung, commented on the TestNet launch, saying, “Thanks to our tech team! I am very pleased that we have come to this stage and it is an extremely important step for our blockchain network infrastructure. Anyone who joins the TestNet can easily use our wallet to do micro-mining from the connected virtual IoT devices. People can get rewarded with mined Testnet coins. We will also run a Hackathon in some top universities in the world and other competitions. I am cordially inviting all of you to participate in our activities and provide useful feedback so that we can enhance our network. ”

Meanwhile, Fred added, “I would like emphasize that in our future Mainnet, it will require $0.50 cents of electricity to mine for every device annually, potentially revolutionizing the Internet of Things industry utilizing our proof of assignment (PoA) consensus algorithms. As our tech team are testing more real connected devices, there will be tens of thousands of IoT blockchain deployment in the coming years.”

According to IOTW development blog posted on November 28th 2018, it has done a stress test by stimulating creations of 9,000 IoT Devices in the network, and it received no problem. It has reached 3,000 instant TPS (Transaction Per Second) on the average of two seconds without optimization, but it aims to reach up to 1 million TPS.

The IOTW Testnet aims to focus on validating the blockchain network, getting performance metrics, increasing the understanding of hardware needs for Mainnet which is set for March 2019, enhancing the understanding of potential security vulnerabilities. Meanwhile, it intends to gather user experience data of micro-mining from IoT device owners for further network improvement. Those who join the Testnet will be able to purchase the goods available on its marketplace with the Testnet coins, such as real IOTW tokens, IOTW T-shirts, lightbulb, stickers, and more.

About IOTW

IOTW (iotw.io) is owned by AnApp Blockchain Technologies Limited (“AnApp”), which is developing the IOTW cryptocurrency and blockchain software which can run on different IoT devices. The Micro Mining software can be embedded into different IoT chipsets and also downloaded into existing IoT devices through firmware update. IOTW has been selected out of 2,000 companies into 500 Startups Batch 24 Accelerator Program, where only 4 blockchain companies are accepted, with IOTW being one of them.

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