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Internet Enabled Consumer Devices

Bitfury Invests in IoT Provider Moeco

24 November 2017

Internet of Things connectivity provider Moeco recently added an investor to its roster: Bitfury. The company is one of the world’s largest Blockchain companies; Blockchain is the technology which powers Bitcoin, Ethereum and other cryptocurrencies.

The Moeco platform lets users connect to a global network of integrated IoT cells and to build their own cells so they can become in-house service providers.

In a statement, Dmitry Gorilovsky, Moeco CEO said:

“The idea is to crowdsource IoT connectivity. It results in natural motivation for every participant - IoT device owners get decreased maintenance costs and lower initial investments; gateway owners receive reward for transferring data from IoT devices. So it's like Uber - we need to make sure that IoT data is being delivered securely to the correct destinations (the taxis) and that gateways are being paid (the drivers).”

Bitfury’s Exonum protocol lets the Moeco platform move, manage and store data.

The proliferation of IoT devices means widespread connectivity is becoming critical. The rate of data production is rapidly increasing, resulting in the need for more connectivity. Creating a system in which IoT users and smart device owners can monetize their connectivity paves the way for devices and owners to partner together on a peer-to-peer basis.

Moeco additionally works on Bluetooth; therefore, any smartphone can become a mobile gateway as the phone collects data from the hybrid Bluetooth sensors nearby. Smartphone owners or smartphone app owners could potentially be paid for transmitting data from the sensor to the cloud.

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