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ICO Review: Could this be the Internet of Things with Wings (IoTW)?

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It seems like we have not been excited about ICOs in a long time, and for good reason. There were few hurts along the way due to ‘scams’ like Titanium (who boasted their individual and company profiles to cheat people and got under SEC scrutiny). Obviously, we ought to be careful in the crypto jungle, especially from the ICO quicksand.

The ICO we are reviewing today, Internet of Things World(IoTW), hopes to convert household and industry IoT devices into Micro Miners.

Dwell on that for a second.

IF successful, this could mean that our IoT devices may pay for their own electricity usage, without needing fancy deafening mining equipment or expensive electric bills.

The rest of this review is going to be analyzing that IF, because it is a big one.

Before we proceed any further, please note that this whole article is an opinion, not a financial advice.

We will look into the following factors to come to a decent basis for our conclusion.

 Blockchain use case
 What makes IoTW better than IoTA?
 Team and vision
 Social presence
 Tokenomics
 Caveat
 Conclusion

Blockchain use case

Most projects in the blockchain and cryptocurrency space fail because there is not a blockchain use case for the project. You can create as much hype as you want using slick marketing methods but eventually you will be called out on your con.

Does IoTW have a blockchain use case?

To understand this, let’s look at their operational model.

IoTW aims to provide an open source Software Development Kit (SDK) that IoT devices can download and use without any need for upgrade of the hardware itself. Once connected, IoT devices start mining IoTW coins without any significant surge in energy consumption.

We believe that to manage the global IoT devices connected to the network, calculate rewards and distribute the rewards in form of IoTW coins automatically without need for an intermediary on an auto-pilot requires Blockchain technology.

In fact, it is one of the most futuristic use cases of Blockchain technology we have come across thus far.

Existing Proof of Work (PoW) and Proof of Stake (PoS) algorithms seem to only benefit those who either have high-end machinery or a lot of tokens to stake, leaving ordinary people without deep pockets out of the race. These models also pose a huge scaling and centralization of processing power issues.

IoTW could help change that.

Instead of relying on heavy computing power or bag loads of tokens, how much IoTW you earn will depend on how many IoT devices you have connected to the network.

There are over 15 Billion IoT devices installed and are expected to reach 75 Billion by 2025. Connecting even fractional percentage of these devices to IoTW network will result in huge scaling capabilities.

IoTW may also have an edge in terms of having MVP, according to their whitepaper, yielding 3000 transactions on long-distance network transactions and 100,000 transactions on local network with a goal to reach 1 million transactions per second. Another advantage that IoTW proposes is creating extra layer of protection by keeping the nodes separate from the ledger layer, thus shielding it from 51% attack.

What makes IoTW better than IoTA?

Once we have established the Blockchain use case, next obvious question is what makes IoTW better than IoTA?

IoTW team may have anticipated this question themselves and have included a comparative chart in their whitepaper, see below:

Obviously, on paper IoTW looks better, however, IOTA has been in the market for longer and has more business connections. An amazing idea in crypto space means nothing these days, it is the execution (like we said before) will what will determine the future success or flat out failure of the projects.

Team and vision

We must say that it is refreshing to see individuals with real world experience of multiple decades coming together.

ico review

Fred Leung, CEO, has 30 years of experience in semi-conductor design including creating of world’s first AMD CPU chipset to his fame.

Marcin Dudar, founder, has over 20 years of experience in embedded software for security, Marcin is also the first person to decrypt Nintendo to create gaming DVD.

Peter Chan, CTO, has over 37 years of experience in semiconductor industry including setting up first wafer fab in Hong Kong for Eclap Electronics Ltd.

White paper only lists 6 profiles while the website lists 20 profiles in total, which is a decent size team to begin with. It is pretty impressive as to the patents that the team was able to file and/or getting ready to file.
ico reviewThey do mention about licensing these patents for free for those that help build on the IOTW network ecosystem.

They have 12 advisors listed on their site, including RSM as tax advisor which shows that they are not jumping into this to make a quick buck but have their ducks in a row to ensure the legal and administrative compliance in place.

Social presence

Team already has a beta testing established with Expressif Wireless LAN chipsets. Expressif has a cumulative sale of 100 million units. If adopted on all devices, this could mean considerable traction toward adoption of IoTW.

Team can also team up with IoT manufacturers and have them promote this as an ‘add on’ since IoT devices can start earning IOTW coins for the owners (which directly contribute to the energy savings factor).

Team already has partnerships in place with Consta Mobile and The California Wine Company. In addition, they have multiple partners listed on their website.

They even had news coverage by popular names in this space including Nasdaq, Financial War Reports, and other popular blogs.

Their Telegram is still under 10,000 at the time of this writing, which will probably get more traction as more and more people become aware of their platform. Their Facebook and Twitter handles will need more strength which at the time of this writing seems low.

Tokenomics

A price of 1 ETH for 5000 IOTW is set, although in our opinion, 100,000 ETH for 26% tokens made available for ICO sale is on the high-end.

While 43% tokens will be available for mining through the IoT devices in the future on the blockchain network, the expectation is that the IOTW tokens will grow in demand when companies look to buy user data, goods & services on the network and also to perform micro transactions within the blockchain network.

Unless IOTW adds a layer of utility for holding IOTW Tokens in a wallet (incentivizing the holding by creating an add on staking or creating a tier based rewards system for holding X amount of IOTW tokens), we do not see dramatic shift in demand for the tokens to create multiples in the short-term. If they do create such an incentive system – we can see IOTW soar through and also encourage individuals and companies to join the network.

Existing device usage without adding expenses toward high-end equipment is certainly enticing, however, crypto space is not like traditional markets where people go crazy for a 3% yield per annum or such. Unless we have some kind of compounded reward system that rewards people not only for participating in the network but also for holding the tokens in the long-term – it is difficult to garner interest from the Crypto folks, especially in these bear times.

Owner data collation and trading, from IoT devices, and possible monetization of the user data (for company and the individuals) is definitely the direction that blockchain space, especially the ones involving IoTs, will be heading toward.

Caveat

100K ETH for 26% pool is on the high end. So short-term multiples may not be great, if that is what you are after.

Protocol detail about wallets or other mechanism that shows how their system avoids exploitation by the bad players from mining IOTW on IoT devices without owner’s knowledge and/or stealing IoTW earned by IoTW devices from the owners of IOT equipment is missing.

Will the minute surge in electricity consumption be covered by IoTW earned by the device? Will adding the IOTW protocol to the device impact IoT device’s performance? These need to be addressed as well, at least with an hypothetical example.

Conclusion

Absent answers to the above raised questions and tokenomics concerns, we are inclined to participate with a minor stake, only because we like the direction and vision of IOTW, this is how blockchain projects should be thinking in terms of vision.

It seems, all great visions somehow fail to address the economics which is what most general public is concerned about. While visions are what matter in the long-term, economics is what keeps the fuel burning to get to the vision, so both vision and economics need to be given equal footing. As such, we believe that team should clarify these questions to gain better traction.

Source: www.iotw.io
Whitepaper

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IMPORTANT DISCLAIMER: Do your own research before investing. Crypto space is very volatile, don’t invest more than what you can afford to lose. Everything in this article is an opinion, not an advice of any kind.

If you would like for us to review an ICO that you are looking into, drop a note in the comments. I cannot promise that I will be able to review all requests but I will try to if our schedule permits. Your comments will also help keep us in the know about the ICOs that we may have missed.

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6 Massive Benefits of Cryptocurrency

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Benefits of Cryptocurrency

It is normal to be hesitant about using cryptocurrency as the medium of financial transactions. 

There is a school of thought which believes, it is a domain suitable for criminals, fraudsters, and terrorists. Cryptocurrencies allow them to maintain anonymity for discreet transactions and ransomware scams.

However, the increasing acceptance of Bitcoin as a digital currency has initiated a positive perspective around this mode. It brings a distinct set of pros for the users, making them overlook the risks tag along.

According to the Finder, a post on social media surfaces about Bitcoin every three seconds. If we do the math, it means 1203 posts pop up per hour, making it to 20 posts per minute.

A more general view on the crypto landscape speaks of its overall growth, too. Block Social tells us how cryptocurrency exchanges around the globe have exceeded 300 during 2020.

In fact, the success of crypto shows us the loopholes of the traditional banking system. If you, too, want to leap on this bandwagon and aren’t sure about your next move, this is the right place. Our blog sheds light on the positive aspects of cryptocurrency that make it a more established form of financial trade. 

Healthereum

1. Easy transactions

When dealing with brokers or legal representatives, you have to pay the transaction fee from time to time. This comes along with immense paperwork, commission, brokerage charges, and so much more. Using cryptocurrency eliminates the need for a middle man. The transaction changes into a one-to-one affair taking place on a secure network.

No wonder Forbes stated that adopting blockchain technology can save financial organizations around $12 billion yearly. A deduction of extra charges from third parties and reduced operations cost is saving millions for huge organizations.

Moreover, the transactions are transparent, making it easier for you to establish audit trials. There is no more confusion over who pays whom. All parties involved in the transaction know each other quite well. Accountability on each party grows.

2. Asset transfers

A financial analyst rightfully describes cryptocurrency blockchain to be a “large property rights database.” On the one hand, it helps execute and enforce two-party contracts on commodities such as real estate and automobiles. At the same time, it also facilitates special modes of transfer. 

As per Born2Invest, Bitcoin alone is responsible for an average of 350 000 daily transactions on the Blockchain. Meanwhile, Coinbase has 30 million cryptocurrency users (Block Social). The increasing figures of each crypto speak of its acceptance worldwide.

The parties involved in asset transfer can design contracts and add third-party approvals at a later date. It also helps to reference the external facts and gives the parties exclusive governance of their account. It reduces the time and money involved in asset transfers. Perhaps this is why US federal government spending on Blockchain shall reach $123.5 million by 2022.

3. Confidential transactions

Cryptocurrency purchases remain discreet. Unless a user voluntarily publishes his transactions, the purchase is never associated with their identity. In official scenarios, such as when you put your cars for sale, the parties must reveal an association with their cryptocurrencies. It helps to establish trust and relevance.

Within the cash/credit system, your entire transaction history turns into a reference document for the banks/credit agencies involved. On the contrary, cryptocurrency is a transaction that is a unique exchange between two parties. They can negotiate and agree on preferable terms. The information exchange takes place on the “push” basis. This means you transmit only that which you wish to send to the recipient and nothing else.

It keeps your financial history secure and guards you against identity theft. Chances of which are quite high under the traditional transaction system. 

On top of this, the combination of Blockchain with IoT is considered revolutionary by the experts. This has accelerated data exchange, lowering the operation costs, and improved the security of files. Your Tech Diet predicted that 75% of the IoT industry would adopt Blockchain technology by the end of 2020. Lack of exposure is, thus, something the entire industry is looking for.

4. Transaction Fee

You have probably faced hefty monthly account statements from your bank/credit companies. The transaction fee charged at every transaction you have made might leave you shocked. The whopping fee of multiple transactions can take you by surprise at the end of each month.

In the case of cryptocurrency exchange, the data miners receive their share from the cryptocurrency network involved. Transaction fee does not apply as the remote and separate computer systems that do the number-crunching get a pretty fair share. 

According to Investopedia, the Bitcoin reward for miners halves for every 210 000 blocks added to the chain. Nonetheless, this system has freed the transaction parties to pay the fee, making it the most feasible. 

However, there might be some external fee involved if you engage a third-party management service to maintain the crypto wallet. These charges are likely to be quite less than the transaction charges levied by the traditional banking system. 

5. Hold Ownership

The traditional banking system works in a manner where the amount goes to the nominee if a person passes away. The chances of the account closing are quite high when you infringe the terms of their services. Unlike this framework, digital currencies give you the sole ownership of private and public encryption keys. This makes it easier for you to identify the encryption network.

6. High security

Once a party authorizes the cryptocurrency transfer, they cannot reverse it. This is not the case in “charge-back” transactions allowed by the credit companies. Cryptocurrency gives you reliable encryption throughout the transaction process to keep it protected from bugs and malicious entities.

Systems like Binance Smart Chain are enabling people to do more with BTC.

Final Thoughts 

Cryptocurrency is taking the financial world by storm, and we know the reasons why. It is about time you kickstart your digital finances journey and make the most out of it. Who knows what surprises are about to come later in this landscape!

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Cardano or PolkaDot? Which One to Invest In?

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Cardano vs Polkadot

There is a new battle in the crypto space.  Cardano (ADA) and PolkaDot (DOT) maximalists are headbutting as to which project is better and why.

The conversations are intense to say the least and we will try to provide our view on which one we are leaning toward and the reasons why, in this rather short article.

Just to be clear, we are invested in both ADA and DOT so we have a vested interest in both projects, however, we are now asked to pick one over the other and that brings us to this article.

Decentralization

The whole spirit of cryptocurrencies is the concept of decentralization, however, some of the more popular projects don’t seem to have a grasp of what that means.

Diem (previously Libra) or XRP etc., are controlled by a group for validators who could, in theory, easily collude, in our view.

With DOT, things are not as centralized as some other projects with about 1000 validators securing the platform.

However, ADA has the most number of nodes and has most of its circulating supply staked on its wallet. The community behind ADA has biggest proponents of decentralized frameworks.

ADA: 8 (top 10 is reserved for BTC)

DOT: 6

Team

Cardano boasts the maximum number of Ph.Ds on its team and has a more decentralized team structure.  You have teams that are working exclusively on wallet and staking while you have other teams focusing on interoperability. Yet, another team is focused on bridging projects from Ethereum to Cardano.

DOT has the ammunition of Gavin behind it. He is undoubtedly one of the brilliant minds in the space. 

However, as we learned in basic math, sum total is always greater than an individual unit.  This applies more aptly with these projects. In our opinion, Cardano has a greater edge when it comes to collective human capital.

Having Charles Hoskinson helps ADAs impression.

ADA: 8

DOT: 6

Social presence

There is no competition when it comes to social presence and engaging the community when it comes to the leaders of these two projects.

While DOT’s founder Gavin might come out as eccentric and polished in the social media, Charles takes the cake in engaging with his audience and making things sensible for the community.

ADA: 9 

DOT: 7

On a mission

Whenever you hear Charles speak about ADA you will immediately understand that he is on a mission to bring the marvels of blockchain enabled financial services to all corners of the world.

Cardano’s team is now focused on the South Africa continent to bring the under-previleged onto the world commerce through their platform. They are even close to signing a contract with Ethiopia government in 2021.

While DOT is catapulting the entire space forward it just lacks the same charm that comes with a project on a grandiose mission.

ADA: 8

DOT: 6 

Miscellaneous considerations 

Market cap: ADA has $20 Billion market cap while DOT has $19 Billion, as such they are on par with each other when it comes to valuation. The large cap is a stamp of approval from the crypto community.

Price: ADA is at around 60 cents while DOT has been stabilising at $20 at the time of this writing. When the newbies come to the market and they see they cannot afford Bitcoin or Ethereum, they will most likely go after the projects that are under $1. This does not mean DOT is inferior, it is just an edge that low priced tokens have over higher priced projects. It’s just a newbie mindset that drives higher demand during bull runs to lower priced projects.

Inflationary supply

DOT has an inflationary supply model while ADAs supply is capped.

Yes, DOTs supply is far larger than DOT, however, there is no new minting on ADA when compared to DOT.

Mainnet

DOTs technology is operational and is onboarding projects already.  ADA is scheduled to launch its mainnet this month (Feb 2021). ADA has been in works for many years now and if their product matches the hype and the wait – then it may not matter as much that they are late to the party. However, if there are issues with their mainnet – it may not bode well for ADA.

Conclusion: Total score

ADA: 33

DOT: 25

If you are a DOT fan you might think this score is skewed.   If you are an ADA fan you might think it should score perfect points in all fronts.

In fact, there are some areas where DOT is a clear winner like having a functioning platform. ADA, in our opinion, takes the prize with clear fandom, gigantic mission and a total brainiac project. 

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

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Best of the Best YouTube Channels to Follow for your Crypto Fix

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Best Crypto Youtubers

There are literally 100s of crypto-experts on YouTube who claim to have cracked the secret code that can make you millions in crypto riches. 

Who should you follow?  

We have followed many YouTubers, subscribing and unsubscribing to avoid the noise and after having been in this space for over 4 years, we have narrowed our favorite crypto YouTube channels to just a few.

In this article, we will show you our favorite YouTubers and what we like about each one of them. 

Overall number 1: Coin Bureau

coin bureau When it comes to deep analysis, composed demeanor and outright professional crypto channel in the entire space, we have not come across anyone better than Guy.  

Not only is he great at the reviews and in depth analysis, if you have followed the channel long enough you will realize that he reviews the gems long before others pick on the momentum.  

He picks solid projects, never shills a shitty project to his followers and is upfront about his views which he backs up with solid research.

This is the best no-shill and no bull crypto channel on YouTube in our view.

Best original content: Chico Crypto

chico crypto review

If you love a bit of quirky, goofy and somewhat out there viewpoints on the crypto space then there is no one better than Tyler at Chico Crypto. 

His investigation stretches the boundaries of research (and sometimes common sense) but he does do a bang up job on every video.  

I am yet to come across a boring video on this channel.  I will admit that his live streams can be a drag sometimes but his followers seem to relish his presence.

You may not like or agree with what Tyler presents on this channel but you will absolutely be floored by the originality.   

Best TA: TIED: Crypto Capital Venture & Tyler S

                         Crypto Capital Venture Tyler S crypto

With under 90K subscribers at the time of this writing, Dan may not be the most popular of the Crypto channels [yet] but his TA analysis is just so easy to follow.

Dan makes it easy for non-technical folks to understand what’s going on in the market in the language of TA.

There are other folks on YouTube who are good at TA but their videos are so obnoxious that they leave you with a massive headache.  

Not Dan’s Crypto Capital Venture channel.   Dan walks you through the markets in such a calm, composed and professional manner that you might start caring about those candles.

We are forced to share the Best Title for crypto TA on YouTube with Tyler S. 

Tyler’s expertise on TAs is quite awesome and he has a funny way of delivering it too.  

Best expertise on the markets: Alessio Rastani

Allesio RastaniIt doesn’t matter if you are just lurking around the crypto markets or if you trade in the traditional markets…Alessio is one of the best guys on YouTube for great insights into the broad market and its impact on Crypto.

While everyone on YouTube (not the people on this list, of course) is either quick to FOMO or FUD, Alessio is just grounded in fundamentals and technicals.

When you are high on FOMO, he can bring you to the ground.

When you are getting buried in FUD, he can lift you up with facts, not false hopium.

Alessio is personable, professional and an honest guy to follow to understand the markets ahead of others.

Best round up of the market: AltCoin Daily

Altcoin DailyWant to stay up-to-date on what’s happening in the crypto space but don’t have time to keep up?  

Fear not. AltCoin Daily got you covered.

This channel is just a gem among the channels that bring crypto market updates in a concise and palatable format.

You can sense the dedication in the way Austin brings the updates and his opinions in front of his audience. No wonder the channel has recently hit over 420K subscribers.

Best humble and honest take: Crazy 4 Cryptos

Crazy 4 crypto

What does Crypto mean to you?

Most people will say ‘Freedom’, yet, most of the YouTubers we see on the Tube will be broadcasting from their bedrooms or backyards (nothing wrong with that) but not Dave.

He has been in Thailand and streams his videos directly from the beach.

You will immediately connect with his simpleton style and honest reviews.  

He has been touting about Theta when it was trading in cents and now those who followed him are very happy.

Besides Theta, Dave talks about a lot of topics in terms of storing your coins, being careful with people and how to have a long-term plan in space.

Honorable mentions

Team Underground (TA)

We had too many channels to weed out for the TA category and that is why we had to pick two winners, however, Team Underground is a channel we cannot skip.

This underdog channel has been more right about the calls than any other mainstream channel. If you like your TAs and technical side of crypto – be sure to check this channel out.

BitBoy

People either love him or hate him.  There is no middle ground when it comes to BitBoy.  

Personally, we have to weed out a lot of noise while browsing through his channel since he picks a new project every few days (or weeks) and can become overwhelming. 

However, the fresh content is worth the watch.

EllioTraders

The guy behind this channel is truly vested in the space. So much so that he recently launched his own crypto project.

It’s definitely refreshing to see the YouTuber taking his expertise into a live project.  

The reason we did not list this channel on the BEST list is because of the constant feed of projects he pitches that is a bit overbearing for our taste.  

Nevertheless, a great channel and great recommendations.

Conclusion

There are 100s of YouTube channels out there but not everyone is worth your attention. We hope you found some channels of interest through this article.

Note: if we missed any gem of a channel, please let us know and we will be more than happy to add it after review.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

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