ContractNet is a new public, permissionless blockchain which is purpose built with the storage, sharing and analysis of IoT data streams. The ContractNet technology company is based in Hong Kong, and is registered in both Hong Kong and the USA.
We believe that a systemized framework for sharing IoT data, and a platform for developing distributed apps & smart contracts, could benefit all industry sectors for the better. The ContractNet is positioning itself at the intersection of these exciting technologies - Blockchain, the Internet of Things and Smart Contracts.
It has been designed and optimized specifically for IoT solutions, where IoT device owners can share their data streams in a secure, incentivized manner, and application developers use this data to develop the next generation of apps and contracts. External devices (called data providers or “Oracles”) will interface directly with the ContractNet network, providing time-series data from the physical world, to the walled garden that is a smart contract (or distributed app) within a Blockchain, in a safe, secure manner.
The platform uses a base currency (CNET) to act as a store of value, and also as the unit of exchange for payment, computation and storage.
ContractNet plans to garner support and grow a community in the following ways:
- Miners can provide computing power to the network in exchange for “gas” and the opportunity to find the next block which is rewarded.
- Storage Miners can provide storage capacity to the network in exchange for “gas”.
- IoT device owners can sell data streams to developers or other users/services
- 3rd party developers can create new Oracles and sell these on our Oracle Hub. These Dapps provide physical input into the Blockchain
- Smart Contracts can be used to fundraise through Crowdsales on the platform in exchange for tradeable tokens.
ContractNet is at the cutting edge of a technology wave that promises to transform the way many industries and businesses function.