The Bank-like Application of IoTE Was Launched

8 months ago

IoTE, an independent mainnet blockchain project released by Finnish technology geek “Z”, is constantly being recognized. In early 2019, an anonymous person named “Z” posted a post on the world-renowned BTT (bitcointalk) forum. “, This post also summarizes the ten highlights of IoTE:


[1] The first six stages of block rewards are halved every 6 months, the sooner you participate, the more you benefit;


[2] Introducing the master node network, the master node builder gets 35% of the block reward;


[3] The original CryptoVantaa algorithm is CPU-friendly and resistant to GPU / ASIC;


[4] PoW uses CPU mining, the threshold is low, everyone can participate;


[5] PoW + iPoS hybrid consensus mechanism to ensure the effective operation of P2P networks;


[6] Innovative decentralized management proposal system to ensure future DAPP ecosystem construction;


[7] Blockchain + IoT solves the pain points of the existing business structure and forms a new business structure in the future;


[8] Built-in privacy function, strong anonymity can be selected, and mixed transmission makes users’ privacy impossible to be found


[9] The future will be based on IPFS and DAG technology to ensure data storage and interaction speed;


[10] Adopting loosely coupled modular design, the multi-layer network structure can adapt to future more complex applications.


However, supporters are not concerned about the project itself, and its publisher “Z” has aroused everyone’s interest. Users found that the registration date of “Z” on the BTT forum was August 13, 2010. You should know that Satoshi Nakamoto’s Bitcoin white paper was also published on the same forum at that time, just a little earlier. At least it can be concluded that the publisher “Z” of IoTE is an early technology geek and a person of the same level as Satoshi Nakamoto. Some netizens even boldly guessed “Z” “Maybe it’s Satoshi Nakamoto’s vest, who knows? (That would be bigger!)”


At the same time, IoTE’s original CryptoVantaa algorithm, which is CPU-friendly, resistant to GPU / ASIC, and CPU mining makes the number of participants broader and fairer, which does return to Satoshi’s original intention.


The IoTE mainnet has been launched globally since February 11, 2019, and has begun to create mining. At the beginning of the launch, it attracted the attention of global CPU miners. The computing power of the entire network reached 3MH / s, which is equivalent to nearly 100,000 I5 computers in the world.


On May 10, 2019, the master node system went online, and 35% of the block reward was distributed to the POS master node holders, which resulted in a reduction in POW miners’ revenue and a conflict between POW and POS consensus. Some miners do not upgrade their wallets and use the old wallet SOLO method to mine. As a result, their profits are still owned by themselves, resulting in loopholes in the mainnet. The PoW + iPoS hybrid consensus was damaged and the community was in chaos.


From July 16 to August 1, 2019, the technical team took the initiative and launched a total of six new wallets intensively. It used various upgrades such as modifying the master node protocol and calling on large computing power miners to use the new wallet for mining, hard forks, and other upgrades. Means, it took only two weeks to fully repair the mainnet loopholes, and has been stable until now.


This battle made netizens realize the technical power behind IoTE. “This is not driven by money. It should be a group of technical geeks. This is an inestimable team.”


IoTE is an open community-based blockchain project. Volunteers from the IoTE community volunteered to promote the project, and volunteers from the IoTE development volunteered to undertake the project development.


The IoTE community coin bank is an IoTE exclusive banking application developed by IoTE development volunteers.


The IoTE coin bank system was launched in October 2019. The first version only provided IoTE coin deposit and interest generation services. Members of the IoTE community transferred IoTE to a dedicated address, which could generate interest in seconds and be accessible at any time. Function, ten days as a period can enjoy compound interest income.


In January 2020, the second version of the IoTE Coin Bank launched a masternode custody service. Members of the IoTE community can convert IoTE into points and use the points to directly host expenses, and the exchange rate of the points anchors the IoTE price of the day on the CITEX exchange. In other words, members of the IoTE community can use IoTE to establish a master node on the PC-side full-node wallet, use IoTE to pay the hosting fee, and obtain more IoTE through the master node mining, realizing the cycle of IoTE in its own ecosystem.


IoTE is similar to the bank’s ecosystem that can be established. It is not an air tower, but a master node system derived from IoTE. IoTE deposit interest and master node income are derived from the distribution of block rewards.


Recently, the IoTE community has also received good news. The loan function of the IoTE currency bank system is under development and will soon be online.


In this way, the IoTE currency bank has realized banking services such as interest generation on deposits, node custody, and loan services, and the IoTE native blockchain ecosystem closed-loop prototype has begun to emerge.


At the time of writing, the price of IoTE was 0.0012 USDT.

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