Hackster and the IOTA Foundation have teamed up to launch an exciting new contest called Machine Money: Empowering Devices with Wallets with $3,000 worth of prizes being awarded. The contest revolves around integrating a new distributed ledger technology called IOTA into an Internet of Things [IoT] device so that any device has the ability to sell and buy goods or services for money. Project examples that have already been built include light bulbs that are illuminated by receiving IOTA tokens, routers that sell users internet access, and an electric car smart charger that operates with IOTA tokens. The applications are endless.
Contest submissions close on September 15, 2019, so get registered soon and start building for a chance to win prizes like the DJI Mavic Air drone, the Cetus3D printer, an Oculus Quest, or even IOTA tokens.
IOTA powers a settlement layer that is secure, scalable, and fee-less. IOTA is unique because it solves the problems that have emerged with blockchain technology such as long transaction times and fees by utilizing a new technology called the Tangle. The Tangle is unlike other distributed ledger technologies because transactions are not grouped sequentially but instead linked together like a net.
To make a transaction, a user needs to verify two previous transactions. This “pay it forward” incentive in order to use the IOTA protocol eliminates the need for financial incentives and fees, making it ideal for micro-transactions. This structure, where all users are validators, translates to greater efficiency in validating transactions facilitating large scalability. Not only can IOTA be used to trade goods and services but it is also ideal for transferring and securing data as everything is encoded. If you are interested in learning more click here.
The future is trending towards a machine economy where devices will be able to autonomously make transactions between each other. The IOTA protocol is the technology that will facilitate this leap. Jump in and build a device that uses the IOTA protocol in this exciting Hackster contest.
Click here to register.