IoTen is a cryptocurrency platform designed for the Internet of Things (IoT) industry. It aims to facilitate secure and efficient communication between IoT devices while leveraging blockchain technology. With IoTen, devices can interact and exchange data securely, eliminating the need for intermediaries and enabling direct device-to-device transactions.
IoTen utilizes a hybrid blockchain model that combines a public blockchain with a Directed Acyclic Graph (DAG) structure. This hybrid approach allows for increased scalability and transaction speeds, making it suitable for the vast number of connected devices in the IoT ecosystem.
The native cryptocurrency of IoTen is known as IoTEN. It serves as the medium of exchange within the network, allowing for the seamless transfer of value between devices. IoTEN can also be utilized to access various services and applications within the IoTen ecosystem.
By utilizing blockchain technology, IoTen aims to address key challenges in the IoT industry, such as data security, interoperability, and scalability. The platform aims to enable trusted and efficient data transfers, enhance device management, and create new monetization models for IoT devices and data.
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