The Internet of Things world is incredibly huge. Real-life examples are smart kitchen appliances like washers, dryers, refrigerators, and various devices - tablets, watches, TVs, security cameras, and many more. Thus, IoT is becoming increasingly popular and widespread, from smart cars to collars for dogs.
In addition, people have found ways to apply IoT, even in the crypto world. At this point, the Internet of Things can send data to blockchain networks to create secure records of common transactions. Today we will discuss the Internet of Things and its current state and draw your attention to IoT crypto projects and the top 5 IoT tokens.
What Is the Internet of Things?
Simply put, the Internet of Things is an innovative system of interconnected computing devices, objects, digital or mechanical machines, and people with unique identifiers, making it possible to transmit data over a network. This system is unique in that it eliminates the need for human-to-human or human-to-computer interaction.
Thus, IoT integrates devices into a computer network, allowing them to collect, analyze, process, and transmit data to other objects through software, applications, or technical devices. The critical feature, as already mentioned, is that not only computers but other sufficiently powerful computing devices can participate in the network. Thus, everything from an animal with a biochip to a person with a heart monitor implant is IoT.
A Brief IoT History
For the first time, IoT devices were talked about back in 1926. Earlier, there was no such term or even a concept. Still, the famous scientist Nikola Tesla reflected on the possibilities of radio, saying that in the future, it could become a “big brain” to which other tools could be connected.
The first IoT device known to us dates back to 1990 and was developed by John Romkey. It was the world’s first smart toaster that could be connected to a computer and controlled remotely. Since the first IoT toaster, many devices have had this function and even more.
The term appeared only in 1999, but humanity needed to be ready for such innovative technologies. Until 2010, the Internet of Things sphere did not develop much. With the development of wireless technologies and the reduced cost of chip production, which was achieved due to the cooperation of international companies, IoT devices have become more accessible to the mass user.
In general, the use cases for using the Internet of Things are unlimited. To date, it isn’t easy to name the best IoT projects, so we suggest you consider several most prominent directions:
|Transport||Taxi||Personal transport||Trucking||Special vehicles||Remote controlled vehicles|
|Agriculture||Smart farms, greenhouses||Animal trackers||Quality control||Shipments tracking|
Healthcare data exchange
Intruder alarm systems
Household appliances and electronics
Crypto Internet of Things
In addition, it is essential to note that one of the biggest problems of IoT sector is data privacy and security. The IoT system can become a target for cybercriminals because it is a fast way to distribute malware. Now, most of the IoT infrastructure is centralized; for example, Google Home, which by the way, has a market share of 48%. Malicious devices connected to the IoT network can cause failures, and user data will be compromised or stolen. However, since decentralized public blockchains resist unauthorized interference, they can make the IoT infrastructure secure and reliable.
IoT and Blockchain Projects
Blockchain and IoT work together and solve several problems at once. “Blockchain provides a simple infrastructure for two devices to exchange property, including smart contracts.” - Originstamp. Smart contracts, in turn, allow devices to function without centralized control. IoT with blockchain projects can also help make transactions between a person and a platform or object. So, blockchain combined with IoT allows us to use smart home technology. Other examples of blockchain and IoT projects include applications that provide security and privacy.
The adoption of IoT into the blockchain might have a far-going impact on all areas of human life. If we start using IoT blockchain projects in educational institutions, parents will be able to use smart applications to monitor their child’s progress, as well as receive feedback from teachers. Using IoT in the food industry, it will be possible to track the safety of certain products. In other words, the possibilities of blockchain in IoT projects are limitless.
Top 5 Internet of Things Tokens
As of April 28, 2023, according to CoinMarketCap, there are 57 IoT tokens with a total market capitalization of $3,898,767,188. Let’s analyze the most famous and popular blockchain IoT projects:
This Internet of Things crypto service is top-rated among businesses around the world. The long list of VeChain partners includes famous companies like BMV Group, Croupe Renault, Walmart China, H&M, BYD, Haier, and many others.
The platform operates on an eco-friendly and safe Proof of Authority consensus mechanism. 101 authority master nodes are responsible for security and network management. “The 2022 carbon footprint of Vechain’s core network was calculated to be 4.46 t CO2e/year. That is equivalent to almost one gasoline-powered passenger vehicle driven for one year.” - VeChain.
VET holders can suggest improvements as well as vote for suggestions. VET is also the fuel of the platform; with the help of an IoT token, payment is made for all financial transactions within the project.
It is important to note that Helium also refers to IoT crypto-mining projects. Users can earn HNT tokens by mining them and increasing wireless network coverage for People’s Network using hotspots. The network uses a Proof of Coverage consensus algorithm. It rewards users for launching hotspots, providing coverage, confirming operations, and securing the network. With the help of this consensus algorithm, the platform checks miners for the fact of providing coverage.
The total number of these IoT crypto coins in circulation is 2.79 quadrillion. To some users, this is a lot and hinders the growth of the token’s value. In practice, this doesn’t work that way for 100%. This amount is suitable for using these tokens in micropayments we’ll likely see in IoT devices.
- Ucam is the world’s first blockchain-based surveillance camera, considered one of the best Internet of Things devices. For cybersecurity and functionality, the device received the CES Innovation Award 2020. “Ucam is “Powered by IoTeX” innovation. This camera gives you a glimpse of what is possible when IOT and blockchain are fused together.” - Iotex.
- Pebble is an instrument for capturing real-world data and transferring it to the blockchain. Anything can be used as data: location, weather, movement, etc. The device is ideal for optimizing supply chains.
- Fetch.ai is a project to create a decentralized “economic Internet” infrastructure based on combined artificial intelligence (AI) and machine learning (ML) technologies aimed at optimizing the use of resources and automating market areas that currently cannot do without laborious manual work.
It is assumed that Fetch.ai will be able to serve various markets that need fast and efficient computing: finance, mobility, supply chains, smart homes, cities, and much more. To perform the assigned tasks, Fetch.ai allows users to create their digital twins to eliminate tedious tasks. Twins can perform various routine tasks, thereby making user’s life easier: finding parking spaces, planning, task automation, reorganizing plans, rebooking tickets, and so on.
The FET token is an exchange tool for network participants. With the help of FET, users can make mutually beneficial transactions: pay for the purchase of services, goods, or information.
Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.