What is ContractNet?
ContractNet is a public, permissionless, turing complete blockchain, aimed specifically at the implementation of smart contracts associated with IoT. It is optimized for lower memory devices. These external devices will interface directly with the ContractNet network, or with oracles acting as intermediaries between the devices and the blockchain, to securely exchange data with smart contracts on the blockchain.
ContractNet aims to ease the development and integration of IoT ecosystem between the hardware manufacturers, DApp developers and software users. It provides entrepreneurs with a platform to host their businesses, using our proprietary blockchain and smart contract technology and using the CNET coin as the medium of exchange.
The ContractNet Token - CNET
ContractNet code is a fork from Ubiq. The CNET token is used during the network transactions to reward the miners for upkeeping a trusted operational environment. The token value is expected to rise due to the increased demand for transactions in the network, token buyback and token burning arrangements, keeping maximum 23 million tokens in circulation at any time. Token is most useful for IoT DApp developers, integrated hardware developers and software end users who choose ContractNet as their preferred platform.
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DONE - Create a blockchain and foundational tech that is best suited to IoT
DONE - Website / Technical Whitepaper finalized
Q1/2018 - Official Launch of CNET Desktop Wallet and Token sale
Q2/2018 - FSolidM launched to further secure Smart Contracts
Q3/2018 Oracle Hub launched, including developer tools to create oracles, and technical how-to's for getting IoT devices to communicate with Dapps
- The long term growth potential for a successful IoT ecosystem platform is huge
- The team has previous experience in successful ICO management and working together
- The team has established partnership with some relevant organizations such as Fujitsu
- Team has a clear focus on the IoT Data management and exchange operations
- Reasonable soft and hard caps considering the goal
- Heavily competed service sector. Big and well funded projects such as Ethereum, Ubiq, Stratis, Blockstack, Stellar, Hyperledger etc. are also aiming to provide services for the IoT ecosystem developers.
- The token economy is explained pretty broadly in the white paper making it challenging to identify the biggest reasons for heavy price increase in the near future.
- The network is going require a lot of traffic to make the token demand and price increase. To generate a lot of traffic a lot of DApp developers need to onboard the network and ContractNet development tools.
- Project timeline requires a long term investment, compromising potential short term gains from other projects