TruStream Enables Verification of IoT Data, Setting Ground for DeFi on the Private IoTeX Platform
IoTeX, a builder of the Internet of Trusted Things, has announced TruStream as per an update on Dec 2. It is an open-source protocol where developers can on-demand access verifiable and real-time data. As such, they can incorporate a “single version of truth” in their products.
Don’t Trust, Verify
TruStream combines tamper-proof hardware and software. Here, developers can utilize cryptographically signed data within a blockchain agnostic setting for streaming of trusted data within the IoTeX ecosystem and beyond.
As technology evolves so there becomes an increasing demand for users to access verifiable and trusted information.
It is especially important where there is a lot of misinformation and misleading fake news.
Since trust is subjective, there is a tendency for people to take the word of people with influence based only based on things like reputation, ratings, media coverage, and more.
However, it is the recent pace of misinformation like fake news and deep fakes that calls into question the quality of information and the reason for trust.
Focus on Privacy in IoT
IoTeX, a project founded in 2017 and looking into creating a vast network of the Internet of Trusted things via a solid and privacy-centric network, is now working on the blockchain principle of verifying data and not simply trusting what has been presented.
Considering how fragile blockchain and crypto is, decentralization comes with the additional baggage of responsibility. It is for their recklessness that millions have lost their valuable assets.
TruStream is launching riding on the original blockchain principles. It is a powerful tool for users where they can, right off the bat, verify the quality of data.
The solution is a huge step into tokenization of real-world data collected from devices operating from private IoT rails.
TruStream is subsequentially unlocking a tremendous amount of value; value that was initially in the control of select companies.
The solution will connect with secure hardware devices, like Pebble, for the collection of signed and vetted data.
As such, developers, can at any time, extract these data. Besides that, there is flexibility. One, verified and cryptographically signed data can be transmitted to any MQTT v3.1.1 endpoint. Second, developers can customize their back end. However, the foundation is offering a hosted back-end integrated with ThingBoard allowing for immediate data processing and visualization.
Bring DeFi to IoT via Prophecy
Additionally, the IoTeX Foundation has developed Prophecy. Although it is a Proof-of-Concept based on smart contracts, the solution will enable the trustless trading of data streams.
Through Prophecy, developers who use the foundation’s hosted back end can instantaneously trade data streams after specifying their pricing in IOTX, the stream duration—in blocks, and the MQTT for data stream transmission.
Prophecy is setting the foundation for a future where developers can package and trade data IoT devices plugged into the secure network. Dubbed the DEFIoT, people will leverage data under their control, tokenize them, and openly trade within a transparent network. Already, the code for Prophecy’s smart contract is available at GitHub for review.
IoTeX reasons that DEFIoT will only be successful once facilitating protocols have access to vetted and verifiable data pulled from devices where the end-user has full control and transmission is tamper-proof and transparent. Through tokenization of valuable and trusted data, DEFIoT will likely open up the multi-trillion IoT data industry, officially ushering in the data economy.
At the later stage, due to rampant use of verifiable data sourced directly from billions of devices connected to a scalable and private network, DEFIoT will cause massive disruptions in the supply chain and insurance, introducing automation due to the availability of trusted data.
Leveraging 5G and Edge Computing for Perfection
To meet their users’ demands of real-time data transfer and will leverage the power of 5G connectivity and edge computing to activate “decentralized automation, zero-latency decision-making, and human-to-machine and machine-to-machine interactions.”
Ultimately, IoTeX aims to expand on the use case of verifiable data sourced not only from devices plugged into machines but also from humans to create a continuous, trusted ecosystem.