Quote from: mtomcdev on October 24, 2015, 01:02:39 PM

Quote from: zsp on October 24, 2015, 09:27:37 AM

There is a new project IOTA. How GadgetCoin will compete with the NXT community? Can it compete?

We are grateful more than ever for the support of our coin holders, but I have to admit our development team have miserable failed to gain a greater support for GadgetNet/GadgetCoin on bitcointalk.org. We are sorry for that our platform isn't popular. IOTA started 2 days ago, but it is already lot more popular than GadgetNet. We obviously can't compete with the NXT community in generating interest for our software and tech within this environment. Still we believe that GadgetNet can be a successful venture outside of bitcointalk.org. Since the VICR process closed we have been working with IoT businesses such as ZoVolt as well as W3C to make our platform better and one of the primary Internet-of-Things micropayment solutions. I am not familiar with IOTA nor with TileCoin and I am unable to make a comparison between the solutions, but here is what we do:

1) Privacy. As we explained many times, the lack of privacy within the public block-chain such as Bitcoin is a major issue for real world Internet-of-Things companies. We addressed that requirement by implementing the private/public block-chain concept. As you can see in your wallet, your transaction information exist in your private block-chain, it is available for you, but it is not exposed to the public block-chain. This is what IoT companies, factories, solution providers and regulatory bodies require.

2) Performance. Real time Internet-of-Things devices management requires a reasonably good performance. You don't want to wait 12 minutes for a transaction confirmation to open an IoT powered Pay as you go self storage door. The transaction and device management must be instant. Our average transaction processing time is 0.875 second. This include device control and payment processing. You can see the instant transaction processing by sending money in your wallet.

3) Interoperability. We found this is a key issue for Internet-of-Things companies. To address this requirement we have started working with W3C to integrate and industry standard communication protocol suit into GadgetNet. The key word is "industry standard". Large industry players such as Ericsson or Fujitsu who support the W3C project won't touch a non-standard platform, but even small factories require standardized software to control their PLC devices or security companies to manage their IoT camera devices.

4) Scalability. IoT devices are very domain specific and it is probably the less important issue for the industry, but we still addressed this requirement and the GadgetNet platform is scalable. We rented 10 super large servers in the summer to stress test the software by creating 50,000 instances. There were no performance degradation at all and the data indicates the platform can manage +10 million devices. Though these numbers are irrelevant at this stage. If the GadgetNet platform will manage 100,000 devices then our investors will be multi millionaires, and therefore it is no point to get ahead of ourselves by talking about the scale of million and billion devices.

5) Regulatory compliance. No real world Internet-of-Things business will use a platform without regulatory compliance is in place. In majority of cases these are ISO companies which require the application and devices must be audited and transaction information to be available for the regulators upon request as well as in real time. GadgetNet addresses this by implementing the private/public block-chain concept.

6) Device provisioning. No real world Internet-of-Things business will use a platform without provisioning and management capabilities. To send a UDP packet from device to device is fine, but that is only 1% of the process. The devices must be provisioned: configured, managed and upgraded in a secure manner. The provisioning process must be audited. We manage this via smart contracts. You can see how our smart contract engine works in your wallet. The Internet-of-Things devices use the very same smart contract engine.

7) Security. Using the PPK infrastructure the security is pretty much same as for any other digital currencies.

GadgetNet can move to the monetization phase very soon by providing for clients a technology with the above attributes.

PS:
Terms of the business development, everything is going as we promised, and we will bring an update on that.

Thanks man! Good to see that you understand the industry and you have a clear vision about what should be be done.

zsp

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