HONG KONG – (ACN Newswire) – 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.
AnApp is a Hong Kong based blockchain technology company (website: www.iotw.io). The Company’s founders have deep connections with world class technologies companies. Most of the founders are experts with more than 30 years of experience in computer hardware and software, holding more than 20 patents in semiconductor and electronics designs.
The founders of AnApp believe that the integration of IoT and blockchain can bring significant benefits to our industries as well as our daily lives. However, the currently available “Proof of Work” algorithm not only consumes vast amount of power, but also requires expensive processors, large amount of memory, and numerous hardware and accessories, which make them inapplicable to most IoT devices. To resolve these application problems, the founders of AnApp have developed the “Proof of Assignment” and “Micro-mining” algorithms, which truly open up blockchain technology 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.
Another main feature of the “Proof of Assignment” algorithm is its support for instant transactions. The Company successfully demonstrated micro-mining and instant transactions with 15 micro-mining devices in Penang on May 4, 2018. All 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.
“The veteran blockchain investors in Penang, after understanding the functionalities and features of our blockchain platform, came to believe that our IOTW blockchain ecosystem had the critical success factors for large scale implementation and application in the real world. 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. Many investors had immediately decided to purchase our IOTW tokens after seeing our system demonstration. We are determined to build up and expand our technology to popularize blockchain to every household in the world and bring them economic benefits,” Frederick Leung, co-founder and CEO of AnApp said.
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