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The renovation of the internet over the past five years has been remarkable, particularly in the area of the Internet of Things (IoT). The IoT refers to the plethora of internet-enabled devices that are able to interact with each other and also produce huge volumes of data. Some commonplace examples include wearables, smart cars and smart home services..
However, because of the stunning volume of data coming from users, many legacy systems are unable to control and use that data for really meaningful use. The issue, of course, is that the amount of data is remarkable, and the need to be able to clean through all of the latent and unimportant data and reach the
meaningful stuff is still radically difficult. As this massive web of technological devices grows (one estimate predicts 80 bln by 2025), the need for solutions will grow at an equal pace.
Blockchain is the answer
One new startup, called Hdac (Hyundai Digital Asset Company) is building a Blockchain-based technology platform for the flaws that are currently troubling the IoT. The company, helped by the Hyundai corporation, is owned by the nephew of the famous South Korean car makers. HDAC is seeking to create a distributed ledger to quickly and effectively communicate, handle identity, authentication and data storage.
This platform is also built to simplify the process of transferring of payments through Bitcoin and Ethereum by creating bridges from one system to both chains. Additionally, the Hdac platform has created a double chain – one public blockchain and one private blockchain – to better increase transaction rate and volume. This means that the platform is applicable for both IoT devices and also industry networks.
Because of the flexibility Hdac provides, users are able to select their own transaction fees, plus the system is built with the ability for users to create smart contracts, unlike most data systems. Finally the system provides confidentiality, immutability and integrity for processing data on the IoT.
Spreading the wealth
The company believes that the best option is to open this IoT data control platform to the world through the power of distribution on the ledger. In keeping with that goal, they are offering investors the chance to take part in their Token Generation Event (TGE). By utilizing the power of the blockchain ecosystem, Hdac will be able to create new and better products for sale, as well as connect with other experts for building new and better developments.
Hdac has set the TGE to begin on Nov. 27 at 9 GMT and end on Dec. 22 at 23:55 GMT. The event will create the DAC tokens that will be utilized within the system for transactions, smart contract creation and data monetization and processing. The company has already received 13,000 BTC in their pre-sale, and there is no question the TGE will be radically successful.
Users who registered before Nov. 24 were eligible for entry into a drawing for 50 free DAC tokens. One thousand of the registrants were chosen at random to receive the reward. For more information, check out the company whitepaper here.