Internet of things (IoT) is the huge buzz word used in the tech industry and a lot more now in the cryptocurrency world. According to Wikipedia, IoT is the network of devices, vehicles and home appliances that contain electronics, software, actuators and connectivity which allow these things to connect, interact and exchange data. This is a growing sector of the world. The number of day to day devices increased 31% year over year to 8.4 billion in the year 2017, and it was estimated that there will be 30 billion devices by 2020. The global market value of IoT is expected to reach $7.1 trillion by 2020.
The buzz about IoT is so great that there are different cryptocurrencies that have names from the word IoT like IOTA, IoT chain (ITC), IoTex(IOTX), etc. These cryptos have platforms that are trying to use blockchain to corner the market for the Internet of things.
The company CISCO estimated that IoT was “born” in between 2008 and 2009, with the things/people ratio growing from 0.8 in 2003 to 1.84 in 2010. Anyone familiar with the Bitcoin whitepaper will realize that Bitcoin was “born” around the time that IoT was “born.” Was this a coincidence?? I don’t think so. This was also about the time that the worst financial crisis since the great depression was going on. Was Satoshi Nakamato seeing the future of not just currency but IoT?
People should realize that even though individual financial freedom was what the Bitcoin whitepaper was addressing, the financial part is just the symptom of something deeper and flawed with the current system. This is a system that is rigged and benefiting the elite at the expense of regular folks. It’s like the part in the movie, “The Matrix,” where Morpheus asks Neo to choose between the red pill or the blue pill. The red pill represents knowledge, freedom, uncertainty and the brutal truths of reality while the blue represents security, happiness, beauty and the blissful ignorance of illusion. Most regular folks have no idea that by not questioning the status quo, they have already taken the blue pill.
The whole world system as we know it today, be it the political, medical, educational, agricultural, religious etc, is under the the control of the elite and they are able to use “insider” information to control the people under these systems. One of the prevalent areas is access to peoples’ personal data. This is the age of big data. Governments and corporations are able to mine this data to keep tabs on their citizens without their knowledge or permission. The underlying infrastructure that gives Bitcoin it’s power, the blockchain is a big solution to this issue.
So how will Telos, the EOSIO software fork play a role in this? For the internet of things to work, there will need to be a smart web of communication between devices. This will require the use of fast transactions between these devices. This will also require legal agreements between the devices and humans running these devices which are called smart contracts that are enforceable. If there are any payments between the devices, it will require very little to no transaction fees for it to be viable. If citizens want to exercise property rights over the transmission of their data, they will require secure, decentralized peer to peer networks with no central authority which a blockchain provides. They will need to be able to give permission for anybody to use their data by the possession of what are called private keys which are cryptographic information that is unique to the individual by which they can allow a person to access their information.
EOS, the platform that came out of the EOSIO software already has free transactions, fast transactions with 0.5 second block times, the ability for people to build smart contracts and decentralized Applications (dApps), the network uses delegated proof of stake (DPoS) mechanism for transactions between peers to be validated through what are called Block producers (BP’s) with no central authority voted in by token holders and much more features. Telos will be forking the code of the EOSIO software, making the governance and network even stronger and better. With all these things going for Telos, I believe that Telos will be used as the internet of things as the network launches and progresses.
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