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Interview: CEO of IOTW, Fred Leung, Explains Micro-Mining and New Proof-of-Assignment Concept

Published 10/30/2018, 03:56 AM
Updated 10/30/2018, 07:01 PM
© Reuters.   Interview: CEO of IOTW, Fred Leung, Explains Micro-Mining and New Proof-of-Assignment Concept

IOTW is a specialist IoT branch of Hong Kong-based AnApp Blockchain Technologies Limited, responsible for the development and integration of a new ‘micro-mining’ software and Proof-of-Assignment (PoA) consensus protocol.

According to IOTW CEO, Fred Leung, the new PoA algorithm “is a queuing consensus system, not like today’s most common Proof-of-Work/ Proof-of-Stake [systems]”, which are “slow” and highly energy inefficient. The new PoA protocol uses a fraction of the energy associated with these existing PoW systems and does not need specialist nor expensive hardware in order to reach consensus. In fact, any household IoT device will be able to connect to trusted nodes in the IOTW ecosystem and contribute hashing power to mine IOTW tokens.

So what kind of IoT devices will be able to min...


This article appeared first on Cryptovest

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