ContractNet Merges Blockchain, IoT and Smart Contracts in Creating Innovative Solutions

ContractNet is a 21st century startup that combines blockchain, internet of things and smart contracts together in creating cutting-edge solutions.

The firm specializes in storing and sharing IoT data streams. It also offers users a frictionless blockchain-based, IoT and smart contracts platform to host their businesses.

While blockchain technology is the future, the fact still remains that a lot of technical challenges like scalability. Speed, latency, coding errors, monetization and other issues need to be tackled.

It might interest you to know that a renown automobile firm presented its whitepaper and roadmap for creating blockchain-compliant  

vehicles. The representative of the firm made it clear that out of the one trillion miles worth of data needed to perfect the project, the firm has only accumulated several million miles worth of data. If it became possible for tech firms to have access to such data from competitors, the work could become quite easier, to the benefit of the entire industry.

Blockchain will handle integrity, ownership issues, and others; smart contracts will spell out all necessary terms and conditions, while IoT and digital tokens take care of other aspects.

The Institute of Electronics and Electrical Engineers (IEEE) has clearly listed the standards that encompass the internet of things.

Presently, the marketing challenges are attracting owners of IoT devices, developers, miners, and adopters to the system.

The ContractNet Advantage

The team has devised a way of solving the problems mentioned earlier, by merging various decentralized technologies and using them to create a hybrid solution for all the challenges. The system utilizes separate storage from the blockchain to solve the problems.

First of all, it separates the storage from the blockchain and creates a fresh virtual chain that serves as a link between that and the storage layer.

The ContractNet blockchain excellently carries out transactions, execute smart contracts and for access control.

With the ContractNet solution, data is arranged into streams and each stream will have an identifiable owner.

ContractNet will soon add the interplanetary File System technology for the storage system.

Keys from the virtual chain are used to encrypt the data stream.

The team believes that this solution is about 2000 to 8000 times cheaper than storing data on the blockchain and could even be more cost efficient than cloud storage.

The VirtualChain

ContractNet will use an array of new technologies to solve the problem of blockchain technology.

The ContractNet blockchain was forked from Ubiq and Ethereum. It has a blocktime of 19 seconds and can process up to 6,000 transactions per block.

The system makes use of the Flux difficulty to prevent centralized attacks, adjust difficulty levels dynamically among other uses.

The system also solves the vulnerability issues of smart contracts using FSolidM technology.

CNET is the native cryptocurrency of the ContractNet platform. It serves as a medium of exchange and also facilitates monetization of the platform for users.

Miners are rewarded with CNET tokens. They also earn additional CNET for providing storage spaces on their computers.

IoT device owners are not left out. They will be able to sell their data streams to developers and other users.

ContractNet in Brief

The startup is focused on becoming number one in the blockchain tech and IoT industry, by creating highly functional solutions for the masses.

ContractNet is a problem solver, especially in the area of the blockchain, smart contracts, and the internet of things.

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