Taiwanese blockchain startup ioeX has released the ioeX agreement as a solution to reduce the high data transfer costs of software update and maintenance for IoT device manufacturers.
“ioeX agreement – decentralized peer-to-peer networking” combines distributed node networking and blockchain technology to provide a network transfer consensus mechanism solution. Compared to traditional OTA updates, the ioeX solution can reduce costs by 70% for the global M2M data exchange, which has an estimated market value of $18 billion USD, resulting in savings of over $12.6 billion USD. For companies, the “ioeX agreement” requires almost no technology conversion cost and is a solution that reduces costs by paying for services with cryptocurrency.
ioeX is a decentralized network technology combined with basic F2F data networks formed by bootstrap, peer, and phone nodes. The bootstrap node constructs a basic network structure assisted by a peer node; the bootstrap node provides file transfer functions to the peer node but does not participate in the application level, which is handled by the peer node. Furthermore, the phone node is classified as a smart device that does not share storage space. Currently, ioeX connects bootstrap and peer nodes between physical and cloud devices and future collaboration with companies will continue to scale the decentralized network to become the innovative solution for online data transfer, temporary file storage, and software updates.
In 2016, founder and CEO Aryan Hung started ioeX for the development of IoT control systems. Due to the need of OTA updates in IoT devices, a decentralized network was established. Aryan Hung said:
“The primary clients of ioeX are OTT box, smart speakers, IoT box, chip manufacturers that require mass data transfer and OTA updates, integrated solutions suppliers, and ODM suppliers. We expect to sell 1 million network devices equipped with ioeX by the end of 2018 to the U.S., southeast Asia, and Europe.”
“Continuing in the future, ioeX will integrate the computing and data storage functions of network nodes to construct a cloud computing platform that allows more developers and service providers to access networking functions and create applications and services.”