Blockchain

Blockchain of Things platform plans to boost further adoption with startups competition

Internet of Things’ interconnection issue can be solved with blockchain, and this company does just that.

The advent of the internet led to a paradigm shift that has transformed nearly every aspect of society since then. This was compounded by the growing interconnectivity of an ever-increasing amount of WiFi-enabled devices known as the Internet of Things (IoT) that fostered the development of Web 2.0.

Innovations enabled by blockchain technology, such as decentralized finance (DeFi) and nonfungible tokens (NFTs), are now being referred to as the basis for Web 3.0. Whereas Web 2.0 integrated the internet into our daily lives and greater culture and society, Web 3.0 portends a decentralized digital version of the world online, which will have a resounding effect in the real world.

One company, in particular, has been integrating the two phases more explicitly, enhancing IoT by putting it on blockchain, and has ambitions to scale this efficiency across cities. In building such a system, it would have to be stable and secure while also being open and transparent, which is what makes blockchain technology an ideal solution. Skey Network aims to utilize these blockchain benefits to resolve some of the limitations that currently beset IoT. For instance, with its Smart Key, it hopes to introduce a standardized communication system.

Internet of Things, but on blockchain

Currently, hundreds of billions of items, devices and objects communicate with each other over the internet, which undergirds some of the everyday features we’ve come to expect, such as geographical tracking of our Uber or food delivery.

Despite being the fastest-growing technological market in the world, its growth still faces limitations, such as a lack of a universal communication standard between different IoT technologies. This is usually because competing service providers offer their services exclusively on their own proprietary platforms.

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In describing its ambitions, a Skey Network spokesman said Smart Key hopes to set a standard similar to Bluetooth, where compatibility across all devices is taken for granted. “A standardized system which will allow you to use IoT devices and IoT-based services, without the need for a separate app for each of them,” said the spokesman.

“The lack of that universal system is one of the greatest limitations of smart cities,” he added, lamenting the localization and incompatibility of different city-based apps, like those for transportation.

More insights on skey network here

Now, eager to facilitate the further adoption of blockchain of things (BoT), products and technology, Skey Network has launched the world’s largest crypto-based competition for startups, individuals and companies, the Skey Network Challenge. 

“The competition will be a catalyst for innovative ideas, concepts and prototypes, built on the Skey blockchain, which will underpin the smart cities of the future, and is intended to incentivize developers and support more innovation in creating smart city solutions on the blockchain,” the company said.

Prospective entrants are encouraged to submit a ready-made product, service or app, or even a developed concept, for which Skey Network is offering a total prize fund of $1 million in Skey tokens. The funds will be divided into a series of grants, which will then be awarded throughout different phases of the competition.

Ten winners will ultimately be chosen in May 2022, splitting the prize between them, while the best overall project, as chosen by the Skey Network CEO, will win a special prize. The company also acknowledged that winners will retain all rights of ownership to the products they manufacture as part of the competition. 

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Above and beyond

Just prior to announcing its contest, Skey Network underwent some significant and prerequisite developments. In October, Skey Network also stood out among participants in one of the largest international blockchain conferences, Crypto Expo Dubai (CED).

In addition to organizing and sponsoring the Crypto Expo Dubai Welcome Party at the Conrad Hotel in Dubai, CEO Szymon Fiedorowicz presented the concept of Blockchain of Things technology during their keynote speech at CED 2021. This year, Skey Network also received the distinction of being chosen as the Best IoT Solution in Crypto. 

Skey Network also launched its mainnet on Nov. 10, which is an independent branch of the Skey Network blockchain dedicated to production usage. As the final product in a series of blockchain projects, mainnet is the official production version of the Skey Network blockchain, following testnet. Despite being delayed by conference work, mainnet’s release has now made the Skey Network Challenge possible. 

Learn more about Skey Network

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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