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SINGAPORE, JULY 30, 2018 — On 27 July 2018, μNEST (pronounced “mew-nest”) held a meetup in Singapore, where the team from μNEST gave an update on the progress of their IoT blockchain solution to an enthusiastic crowd.
μNEST integrates solid applied cryptography knowledge with rich experience in smart hardware production to build an ecosystem which will include a public chain network, hardware wallets, smart contracts, and distributed applications (DApps).
Neo Ma, CEO of μNEST, spoke about the overall vision and key technology infrastructure of μNEST. He gave a detailed introduction on how μNEST solves the problem of data security in IoT implementations as well as the issue of transaction throughput levels in blockchain. μNEST’s mission is to “protect” generated data from IoT devices, which is essentially the core value in IoT deployment, by addressing the purity, integrity, and privacy issues commonly associated with IoT data.
At the same time, μNEST seeks to solve security problems for the whole system chain of trust with hardware trust root. Using a combination of local Zone level software and hardware, the team aim to solve low transaction throughput on the blockchain, with a contribution-award algorithm (Proof-of-i/o) to strengthen P2P network robustness and solving ledger and data storage problems. A lightweight virtual machine (nVM) will be used to solve the problem of smart contract running environment.
In the near future, the team’s proprietary hardware wallet can easily handle Machine-to-Machine (M2M) payment scenarios. With hardware and software interface standardizations, secure circulation and exchange of data as well as frictionless M2M payments, non-trusted multi-party value exchanges and efficient collaboration can occur free from counterparty risk.
Hardware and software interface standardizations, plus Clean data securely circulation/exchanging as well as M2M easily payment makes non-trusted multi-party value exchanges and efficient collaboration possible in real life.
The event ended off with an engaging panel discussion with Neo Ma and two other guest speakers, Lee Kwai Seng and Kelvin Ong. Lee is the Managing Director of AIRmaker, a leading IoT accelerator based in Singapore and Ong is the CEO of FocusTech Ventures, a private investment firm with deep roots in precision engineering and technology.
Both Lee and Ong shared their thoughts as investors in the IoT space, citing key challenges in the IoT space such as data security and data sharing. According to them, the fields of medical data and logistics are ripe with opportunities for disruption with blockchain technology. Ma also offered insights on how he envisioned μNEST‘s blockchain solution addressing those issues head-on. The panel concluded with a key takeaway; the combination of IoT and blockchain technology will be a driver for change in the near future.
The meet up was hosted by the Singapore chapter of global blockchain incubator, LongHash.
μNEST is an open source IoT+Blockchain project established by a team of technologists with over 20 years’ experience in applied cryptography and smart hardware production. Using standard hardware interfaces (UART, SPI, I2C) and software interface specifications (SDK, API), the team aims to greatly reduce the barriers that developers face to reaching a Proof-of-Concept, making it easier and faster for projects to realize real-life application scenarios.
For more details, check the official homepage https://iotee.io.
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In the near future, μNEST team’s self-developed hardware wallet with the EAL5+ security chip and smart contracts can easily handle M2M payment scenarios.