“Proof of Assignment” algorithm supports instant transactions and does not require high computational powers
AnApp Blockchain Technologies Limited (“AnApp”) announces the development of the innovative “Proof of Assignment” and “Micro-mining” algorithms that form the backbone of a game-changing blockchain ecosystem for the IoT world.
Connecting lives to the IoT world
The “Proof of Assignment” and “Micro-mining” algorithms do not require high computational power or electricity and are memory light with minimal or no add-on cost to IoT device. With these proprietary algorithms, AnApp is developing the “IOTW” (IoT World, the cryptocurrency of AnApp) blockchain ecosystem. IoT devices can now carry out “green-mining” that is socially and environmentally responsible.
The IOTW blockchain ecosystem will also allow IoT devices to carry out intelligent sourcing for accessories after sale services and product suppliers autonomously. Smart appliances will be upgraded to autonomous appliances with this new technology, connecting all the industries and people’s daily lives to the IoT world.
Free to download
“Proof of Assignment” algorithm supports instant transactions and all the transactions in the IOTW blockchain ecosystem will be low cost, instantaneous, energy efficient and green. The IOTW blockchain software will be free to download for all IoT devices.
It is quite different from other currently available blockchain technologies that are difficult to be deployed in real life and their tokens remain in the realm of speculative trading.
The available “Proof of Work” is difficult to deploy as this algorithm not only consumes vast amount of power but also requires expensive processors, large amount of memory and numerous hardware and accessories making it inapplicable to most IoT devices. To resolve these application problems development of “Proof of Assignment” and “Micro-mining” algorithms was open up to integrate blockchain technology to the IoT world.