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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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Crypto Roundup: All Your YouTube Influencers in One Place

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Crypto Roundup

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: Bitcoin Will Be OVER $20,000 By Christmas 2020! BIGGEST WEALTH SHIFT OF OUR LIFETIME! Cryptocurrency

Date: 19-Nov-20

  • World’s biggest wealth shift of our lifetime is happening right now and no mainstream media is talking about it, except CNBC.

  • Preston Pysh predicted on August 26th that: “Bitcoin should be reaching its all time high by Christmas.”

  • If you are looking to buy a dip, there may not be one.
  • Ricardo Salinas Pliego, a mexican billionaire, has just revealed that 10% of his liquid assets are into bitcoin.

Lark Davis

Video Title: STOCKS HIT NEW HIGHS! WILL COVID VACCINES LEAD TO MEGA PUMP IN 2021? [Are You Ready?]

Date: 19-Nov-2020

  • Stock markets and bitcoin pumps higher on the news of the second successful covid vaccine.
  • There could be more chances for the new stimulus. Means more inflation, more debt and simultaneously pumps stocks, gold and bitcoin.

Crypto Zombie

Video Title: BITCOIN $18.5k TOP!!?! DON’T BE FOOLED!! HODL FOMO BEGINS!!! $TRILLIONS FLOOD!!

Date: 18-Nov-2020

  • Overall sentiment of Bitcoin has changed drastically from ICO craze in 2017 to a time where people are FOMOing to own more bitcoin.

Ivan on tech 

Video Title: BIG WARNING TO ALL HODLERS!!!!!!!!! DO NOT GET REKT!!! BITCOIN $18,500 REJECTED – NOW WHAT?

Date: 18-Nov-2020

  • Ivan expects bitcoin to shoot past $20K resistance before end of this year, giving it 85% probability

Chico Crypto

Video Title: World’s Most Powerful Turn BULLISH on BITCOIN

Date: 19-Nov-2020

  • All those who hold big bags of Bitcoin will come out of the shadows to talk up the Bitcoin rally, a $20K bitcoin could be on the cards before the end of this year
  • Ethereum mining could act as a big catalyst for Ethereum’s price
  • Big companies like google could play a bigger role in mass adoption of crypto

Let the FOMO begin…

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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Lessons from the Veteran HODLERS to the Newbies!

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Lessons in Crypto

For all those who entered the crypto market after the 2017 bull run – here are few lessons from the HODLERS from the last bull run(s).

This is our attempt at making all you newbies aware of the mistakes veteran cryptoers did.

Let’s get started…

Don’t FOMO in to all the hype

FomoIt’s hard not to FOMO in crypto.  The trick is to make sure you don’t lose your shirt in crazy bets.  Always limit your bets to what you are comfortable losing.

The common ways you can become victim of FOMO are:

  • Following your favorite YouTuber without actually doing your own research on the project.
  • Investing into projects at the top.
  • Believing in promises of 100x or 1000x without any substance behind those claims.

HODLing far too long

Remember why you are into crypto – to make the money.

Never fall in love with your crypto, and HODL the tokens even when they are 10x and more.

Have a strategy to take your capital out before you become a HODLer.  

If you believe the project really has what it takes to go beyond 100x and more, just sell in instalments so as to not miss the ride.

One of the best ways to HODL is to take your capital in full and profit in tranches.

This rekt story will give you a right perspective of what it looks like, it’s one of many:

Don’t put all your eggs in one basket

Never go all in on one project. No matter how strong the project may look, even the projects with strong fundamentals don’t do well sometimes. 

And, you will be kicking yourself watching other projects go up and your portfolio just doesn’t seem to make a move.

And don’t over do it and have a portfolio with over 100 projects either. It is very difficult not to have invested in more than 15 projects but anything less than 20 is a good way to go, in our opinion. 

Put aside the share of Profits for Taxes.

One way you can get a good night’s sleep is by paying taxes. 

Always keep a habit of putting aside a % of your profits in USDT or other stable coins, as a reserve to take advantage of market volatility and also to meet your tax obligations. 

Exchanges are more evil during bull run

Foreign ExchangesDon’t trust exchanges. Yes we already know that, but they play more games during bullrun, some intentional and some technical. 

Many exchanges tend to go under maintenance when the prices shoot up too high too soon (Coinbase?), and you can’t sell. 

And the shady exchanges scam out before you know.

Regulators seem interested when the market cap of these projects goes through the roof, which then adds FUD around the project crashing the prices.  

Exchange may freeze funds pending investigations when such issues arise.

Take for example OKEx. Users are unable to withdraw their assets from the exchange for almost a month now, not certain if they ever will, and all that started with the legal dispute.

Never fall for Arbitrage gains

Arbitrage is when you buy in one exchange at a lower rate and sell on the other for a higher rate to take some profits. 

Some shady exchanges show a lot higher prices than the other genuine exchanges and when you deposit your assets to sell at those prices there won’t be actual volume to execute the trade. You may be stuck with either a high fee for withdrawal or other funky rules to take your own money out. 

Remember, there is no free Giveaway

Free CryptoScammers rise with the rising market.  

When the crypto market buzzes with all time highs – scammers cash in big time on newbies.

The most lucrative scam in crypto is ‘Free Giveaway’. Whether it be through YouYube ads or discussion groups and wherever they can get your attention.  Read this article on various sophisticated scams that are being deployed.

We hope these lessons help you through your trades and crypto life.  Stay safe and always DYOR.

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

CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

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on

crypto news

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: The United States Just Brought Bitcoin into the National Conversation!! | Cryptocurrency in 2021

Date: 16-Nov-20

  • Former National Treasurer and the new US Senator Elected, Cynthia Lummis, said Bitcoin fits the bill as a good store of value as it is finite and limited, unlike the inflationary fiat currency.

  • Grayscale adds over 7000 more bitcoin in just the last 24 hours.
  • Just over 16% ETH staked for ETH 2.0 launch on Dec 2 2020.
  • Bitcoin Cash hard fork takes place tomorrow.

Crypto Zombie

Video Title: WARNING!!! BITCOIN 2017 BEAR FRACTAL RETURNS!!! BTC WORST CASE SCENARIO…

Date: 14-Nov-2020

  • Institutional money starts flowing into bitcoin.

  • Paypal goes live with its crypto trading platform for eligible customers. They have also raised the buying limits from the initially set $10,000 to $20,000 per week.
  • DIA, an DeFI Oracle provider, integrates with Polkadot.

Ivan on tech 

Video Title: BITCOIN WILL DO SOMETHING INSANE THIS WEEK!!!! -30% DUMP AHEAD vs $20,000 PARTY – Programmer

Date: 16-Nov-2020

  • Bitcoin could make a big move this week, either hit 20K or we may see a 20% to 30% drop
  • Chainlink partners with Etherisc to deliver agricultural insurance in Kenya.

Ellio Trades

Video Title: UNLOCKING $100 TRILLION? This low cap gem seeks to bridge CeFi and DeFi

Date: 15-Nov-2020

  • DeFI could be similar to the ICO craze in 2017
  • Low cap gem: AllianceBlock
  • AllianceBlock is bridging the gap between DeFi and CeFi
  • AllianceBlock Partnership with Orion Protocol and Chainlink.

Chico Crypto

Video Title: WARNING! An “EVIL” Entity Wants Control of BITCOIN…

Date: 15-Nov-2020

https://www.youtube.com/watch?v=45Ac-5y2ofg

  • 90% of Bitcoin’s mining pools are controlled by China based mining pools
  • As the value of bitcoin goes up – there is a threat of push to ‘control’ the network from China
  • Binance is looking to push through the 50% mining share and Chico believes this could be dangerous

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place. 

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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