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Blockchain of Things platform plans to further increase acceptance through startup competition

5 min reading

Internet of things can be helped and developed through Blockchain.

blockchain https://www.freepikcompany.com/legal

The advent of the internet has resulted in a paradigm shift that has changed almost every aspect of society. In addition, the network enhancement of more and more WLAN devices, known as the Internet of Things (IoT), is driving the development of Web 2.0.

Innovations made possible by blockchain technology, such as decentralized financing (DeFi) and indispensable tokens (NFT), are now referred to as the foundation for Web 3.0. As Web 2.0 integrates the Internet into our daily lives and the larger culture and society, Web 3.0 marks a decentralized digital version of the online world that will have a profound impact on the real world.

One company in particular is integrating the two phases more clearly, leveraging IoT by embedding it in the blockchain, and has ambitions to increase this efficiency in cities. When building such a system, it must be stable and secure as well as open and transparent, which makes blockchain technology an ideal solution. Skey Network aims to leverage these advantages of blockchain to remove some of the limitations currently affecting IoT. With his smart key, for example, he hopes to introduce a uniform communication system.

Internet of Things, but blockchain

Hundreds of billions of items, devices and objects today communicate with each other via the Internet, which is at the core of some of the day-to-day functions we expect, such as: B. geographic tracking of our Uber or food delivery. Despite being the fastest growing technology market in the world, its growth still faces limitations, such as the lack of universal standards for communication between various IoT technologies. This is usually due to the fact that competing service providers offer their services exclusively on their own platforms.

A spokesperson for Skey Network described its ambitions, saying Smart Key hopes to create a standard like Bluetooth that takes device compatibility for granted. "A standard system that allows you to deploy IoT devices and IoT-based services without requiring separate applications for each," the spokesperson said. “This lack of a universal system is one of the biggest limitations of smart cities,” he added, lamenting the localization and incompatibility of various city-based applications, such as transportation.

Now aiming to facilitate further adoption of Blockchain of Things (BoT), products and technologies, the Skey Network is launching the world's largest crypto-based competition for startups, individuals and companies, the Skey Network Challenge. “This competition will be a catalyst for innovative ideas, concepts and prototypes based on the Skey blockchain, which will be at the heart of the future smart city and aim to stimulate developers and innovate more support for smart city blockchain solutions.” said the company.

Potential participants are encouraged to present a finished product, service, application or even a developed concept for which Skey Network offers a total prize pool of $1 million in Skey tokens. The funds will be divided into a series of scholarships which will then be awarded through various stages of competition. In the end, ten winners will be chosen in May 2022, with the prizes divided between them, while the best overall project chosen by the CEO of Skey Network wins a special award. The company also confirms that the winners will retain all ownership rights to the products they make as part of the competition.

Up and so on

Shortly before the announcement of its competition, Skey Network passed a number of important prerequisites. In October, Skey Network also stood out among the attendees at one of the largest international blockchain conferences, Crypto Expo Dubai (CED).

In addition to organizing and sponsoring the Crypto Expo Dubai Welcome Party at the Conrad Hotel in Dubai, CEO Shimon Fedorovich presented the Blockchain of Things technology concept during his keynote address at CED 2021. That year, Skey Network also received an award for the best IoT solution in crypto.

Skey Network also launched the Core Network on November 10, which is an independent branch of the Skey Network blockchain dedicated to production use. As the end product of a number of blockchain projects, Mainnet is the official production version of the Skey Network blockchain after the test network. Although the conference was postponed due to the conference, the launch of the mainnet has now enabled the Skey Network challenge.

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