Moeco.io, a Hong-Kong based startup, has partnered with Yzerchat to create a blockchain technology-based, broadband-enabled, Bluetooth network for IoT devices in Dubai.
Moeco provides a blockchain-powered platform, which can then be used to provide IoT device connectivity via Bluetooth connection. Moeco has partnered with Yzerchat, an automatic translating messaging app popular in the United Arab Emirates.
Combining an existing app with the Moeco will turn any smartphone with the Yzerchat app installed into a Bluetooth-connected IoT data-gathering device. With the Moeco-Yzerchat app, a Bluetooth-LE enabled smartphone will collect data from IoT devices within a limited locality and transmit that data to another smartphone or router down the line, in effect creating a Bluetooth mesh network for collecting and transmitting IoT data. Moeco says that its system has the potential to reduce IoT costs significantly, as establishing a network requires no capital investment, maintenance or ongoing rental costs.
Blockchain is important in the Moeco proposal, because it is meant to be secure blockchain technology that transmits the IoT data over an encrypted network, while Bluetooth prevents the program from downloading data from the phone itself.
Blockchain also provides the basis for MOE tokens, a cryptocurrency generated by system, and paid out to ‘gate owners’ who own and maintain the routers used in the Moeco network. Anyone can become a gate owner, by setting up a router that can be used as a point in the Moeco decentralized IoT network; devices pay tokens for every connection to a gateway, and gate owners receive tokens based on data transfer.
The Moeco network also includes a ‘bounty pool’, the equivalent of a mining pool for bitcoin. The system counts hashes to create MOE tokens, which are shared with 10% to Moeco, 10% to the gateway, and 80% to the pool.
The UAE, according to Etisalat, has the highest penetration of mobile broadband users in the world, with over 93% of homes connected with broadband, making it an excellent ground for testing a connected, decentralized IoT network.
Moeco recently received a $5 million USD investment from the BitFury Group, a global blockchain and infrastructure services provider.