The advent of the Internet led to a paradigm shift that has since changed almost every aspect of society. This has been exacerbated by the growing interdependence between a growing number of Wi-Fi enabled devices known as the Internet of Things (IoT), which has driven the development of Web 2.0.

Blockchain-based innovations such as decentralized finance (DeFi) and intangible tokens (NFT) are now seen as the basis for Web 3.0. As Web 2.0 integrates the Internet into our daily lives, cultures, and societies, Web 3.0 heralds a decentralized digital version of the online world that will have a profound impact on the real world.

One company in particular integrates these two phases more explicitly, optimizes the Internet of Things by putting it on the blockchain, and has ambitions to scale this efficiency into cities. When building such a system, it should be stable and secure, as well as open and transparent, which makes blockchain technology an ideal solution. Skey Network aims to take advantage of the benefits of blockchain to remove some of the limitations that currently exist in the Internet of Things. With his smart key, for example, he hopes to offer a standard communication system.

The Internet of Things, but on the blockchain
Currently, hundreds of billions of objects, devices and objects communicate with each other over the Internet, which is the basis of some of the daily functions we expect, such as geosporcing or Uber food delivery.

Despite being the fastest growing technology market in the world, growth continues to face limitations such as the lack of a global standard for communication between different IoT technologies. This usually happens because competing service providers offer their services exclusively on their own platforms.

A spokesman for Skey Network described his ambition, saying that Smart Switch hopes to establish a similar standard for Bluetooth, where compatibility across all devices is taken for granted. “A unified system that allows you to use IoT devices and IoT-based services without the need for a separate application for each,” said a spokesman.

“The lack of this larger system is one of the biggest limitations of smart cities,” he added, lamenting the incompatibility and location of various urban applications such as transport.

More information in SKEY NETWORK here
Now, with the aim of promoting more use of blockchain of things (BoT), products and technologies, Skey Network has launched the world’s largest cryptocurrency competition for startups, individuals and companies – Skey Network Challenge.

“The competition will stimulate innovative ideas, concepts and prototypes built on Skey Blockchain, which will form the basis of smart cities in the future and are designed to motivate developers and support further innovation in creating smart city solutions on blockchain,” the company said.

Prospective entrants are encouraged to submit an end product, service, application or even a developed concept, Skey Network offers a total prize of $ 1 million in Skey Tokens. The funds are divided into a number of grants, which are then distributed at different stages of the competition.

Ultimately, ten winners will be chosen in May 2022, the prize will be shared between them, and the best overall project chosen by the CEO of Skey Network will receive a special prize. The company has also acknowledged that the winners will retain all ownership of the products they produce as part of the competition.

Skey Network underwent some significant initial developments shortly before the competition was announced. In October, Skey Network also stood out among the participants in one of the largest international blockchain conferences, Crypto Expo Dubai (CED).

In addition to organizing and sponsoring a welcome party for Crypto Expo Dubai at the Conrad Hotel in Dubai, CEO Shimon Fedorovich presented the concept of Blockchain of Things technology during his keynote address at CED 2021. Skey Network also had the honor of being elected this year. As the best IoT solution in cryptography.

On November 10, Skey Network also launched Mainnet, which is an independent branch of Skey Network designed for production use. As the final product in a series of blockchain projects, the core network is the official production version of the Skey Network blockchain after the test network. Despite the delay due to the conference, the launch of the main network made the Skey network challenge possible.

Source: CoinTelegraph