IoT is both too centralized and too decentralized at the same time. It is too centralized because every single device is connected to a single point of failure. It is also too decentralized because buying devices from multiple manufacturers is impossible, and leads to another point of failure.
There is a solution to this dilemma without replacing IoT devices that already exist today.
Ethyl decentralizes the IoT using the NEM blockchain. It only requires a single installed hub that also acts as a decentralized server. Ethyl supports a wide variety of vendors such as Z-Wave, ZigBee, and general RF which are open standards, as well as IP-based APIs for existing smart home devices.
The value of Ethyl is that it gives privacy and security to users of IoT. By using blockchain technology for encrypted data storage and local networking for the majority of communication, IoT becomes less of a privacy issue.
As most people care about their privacy, Ethyl is providing this privilege, unlike almost all major IoT companies.
Why you should not use IOTA
- Use of Ternary Number System: An IoT device must convert back and forth between binary and ternary number system, causing a slowdown.
- It uses PoW (Proof of Work): It requires PoW to be done on IoT devices instead.
- Custom Crypto: Due to the use of ternary number system, IOTA has had to build its own new cryptography.
- Poisoned Open Source: The source code of IOTA has vulnerabilities on purpose in order to kill copycat projects.
How does this help NEM?
- Open Source Apps/Protocols: Anyone will be able to look at the code and build noncommercial implementations using it.
- NEM Marketing: Ethyl is built on NEM, the best blockchain platform, and we’re proud of it.
- Higher Transaction Volume: Less empty blocks, more transactions in the network.
- Partnerships: Ethyl encourages large IoT vendors, governments, homebuilders, and more to use the platform and further fuel the NEM Ecosystem.
Case Study: A blockchain IoT platform to be built without smart contracts? People who have only heard of Ethereum will begin to understand the superiority of the NEM blockchain.
Reference: NEM FORUM