The current software update method is to set up an OTA server to handle the update needs. However, the influx of traffic and downloads of software update in such a short period of time presents a major challenge for the system's loading and connectivity capabilities. In addition, the cost of network traffic and operation costs have caused huge financial burden to manufacturers and even eroded the profitability of products. Based on the above points, ioeX proposes a "Decentralized Peer-to-Peer Network" solution that combines Bootstrap nodes and Peer nodes to connect and communicate, creating a new direct communication network architecture based on the existing Internet. This safe, decentralized network will be built to enable equipment manufacturers, content providers, and even individuals around the world to create, store, and transfer content in a decentralized and distributed manner. ioeX will start with online updates as an entry point and will gradually add various general public and enterprise applications to enrich the ecosystem chain.
Attention. There is a risk that unverified members are not actually members of the team
The competitive advantage over similar IoT blockchains is unclear The current low level of blockchain scalability poses significant limits to the growth of blockchain in IoT. ioeX employs the Decentralized Peer-to-Peer Network to fix the existing problems of IoT security and high costs. The Decentralized Peer-to-Peer Network used by ioeX was built on Elastos. ioeX is an application extension of Elastos and is part of its ecosystem. There is no link to GitHub to track the product development. Product development started around February 2018. Beta is not ready yet and expected in November 2018, as well as Beta wallet version. Mainnet release is scheduled for January 2019. The roadmap is vague and does not give a deep understanding of the product development.
In order to enable P2P network service users to pay for services in cryptocurrency and not be affected by the floating price change of ioeX coin, tokens called “GAS” will be issued instead of the ioeX currency. GAS is based on a fixed price and is set at US$1 for each GAS token. There is no limit to the number of GAS tokens issued, and P2P network service users can pay for network services using GAS. ioeX already received investment from EOS VC and Softbank. The size of investment is unclear. ioeX will sell 55% of the tokens during ICO. The Soft and Hard Caps have not been disclosed yet. The similar projects, except IOTA, did not gain high ROI since ICO: Streamr current ROI USD is 1.08x, Nucleus Vision has ROI of 1.41x. IOTA with its growth over 62000% is rather an outlier than a usual case. Streamr initially attracted $27M, Nucleus Vision - $40M. The use of proceeds will be as follows: 30% for Marketing, 15% for Risk Management, 40% for P2P Networking Development, 15% for strategic partner investment.
According to LinkedIn, 14 people are working at ioeX. The team is located in Taiwan. Many team members previously worked at HengHung - small Taiwan IT company. Most of the tech team members have previous mobile software development experience. The CEO previously worked as a mobile phone ODM Project Manager at Foxconn Group and founded a startup - HengHung. He also previously worked as Senior Manager at Elastos. The R&D team consists of 9 developers with various experience. One of the developers came from Elastos core development team. The project made a partnership with Elastos on the 4th of June. The blockchain experience of the team members cannot be verified. What is more, the experience of most of the team members cannot be verified on LinkedIn.
Use Case: Internet of Everything (IOT)
Market Competitive environment:OTT equipment market is already a huge market. By the end of 2017, cumulative shipments of OTT equipment in China approached 200 million units. Additional 55 million new units are expected by the end of 2018.In the blockchain space project is a competitor of theITC (raised $ 23,5 mln in the ICO, capitalization - $ 24,7 mln, ROI USD - 0,5x)IoTeX (raised $ 14 mln during the ICO, capitalization - $28,7 mln, ROI USD - 3,58x),IOTA – in the course of ICO 1,337 BTC was raised, capitalization - $2,7 billion, ROI USD - 2263x.Beyond Protocol – raised $ 325 mln in Seed investing, capitalization is not available.In the aspect of the file storage there are both large centralized players (DropBox, Google Drive, iCloud, Intel, Cisco, Amazon) and projects with blockchain:Filecoin - $257 M is raised, capitalization is n/d, ROI USD - 1.36xHolo - during ICO $20.4 M is raised, capitalization is $49.9 M, ROI USD - 2.45xDadi - $29 M is raised, capitalization is $9.4 M, ROI USD - 0.25xStorj - $30 M is raised, capitalization is $57.7 M, ROI USD - 0.85x
The project advantages:Orientation on the OTA market;Well developed infrastructure;Partnership with Elastos;Good team and Advisers;
SOCIAL ACTIVITYThe project popularity in the social networks and discussion forumsThe project is detected on the radar of the influencer ICO Drops.Facebook: 9,2k (decreased from 13k) followers, the average number of likes per post is 30, the average number of comments per post is 0, user activity is low.Twitter: 6,1k (decreased from 28k) followers, average number of likes per post is 8, average number of retweets per post is 3, average number of comments under the post is 1, user activity is low.Youtube: 55 subscribers, average number of views per video is 300, average number of comments under each video is 0, user activity is low.Medium: 119 followers, the average number of likes per post is 25 without any discussion in the comment section, user activity is low.Telegram (chat): 11,4k members, admins on the Telegram-channel are responding quickly, user activity is low.
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