ICO, News

Augmate Connect – Integration and Management of IoT Devices Using Smart Tokens

augmate ico iot token

Industry 4.0 – and an IoT environment – will create efficiencies for consumers and companies globally. But without a standardized protocol and secure data exchange, widespread, cross-device implementation remains difficult.

According to Gartner research, 8.4 billion devices were connected to the internet last year, up 31% from the year before. This trend is only going to increase (and dramatically) over the next decade as Industry 4.0 gets underway.

Industry 4.0 is jargon for a world where both business and consumer remote devices, machines, manufacturing, logistics, finance, and distribution are connected to secure mobile and web-connected devices. Consumer devices are, so far, leading the way, but it is clear that both consumer and business demand for IoT devices (and a way to securely and efficiently manage them) is only in its infancy. In fact, most experts predict that 2018 will see a real focus on protecting the security of IoT infrastructure systems as more connected devices are introduced to the market. In the meantime, the need for efficient, secure cross-communication channels and devices is only going to expand.

Gartner estimates that more than USD $93 billion will be spent this year on information security. IoT security and management is going to play a big part of that.

Blockchain enabled, and managed systems will inevitably be a part of the mix.

Introducing Augmate Connect

augmate connect logoAugmate Connect is a company on a mission. They want to create a centralized platform which offers real-time access and management of multiple devices in a secure setting.

Why? They are an early mover in the market. The company has already developed a system to control smart glasses by allowing administrators to operate the devices through an “environment manager” portal.

Now they are creating a new infrastructure management platform to help individuals and companies manage a wide array of IoT controlled devices across both blockchain and blockchain-less networks.

To do this, they are creating a blockchain and token based platform that they hope to launch by Q3, 2018.

They plan to help monetize device management and data exchange through a subscription and ad-hoc access model by 2019.

Users of the system can already:

  • Create and administer wearable users and devices
  • Install and uninstall apps from a central portal
  • Send system-wide messages and notifications
  • Establish software whitelisting policies
  • Lock devices remotely
  • Enable devices to seamlessly connect to multiple Wi-Fi networks
  • Organize devices and uses by teams or customers

augmate connect platform

The buildout planned after the successful completion of the ICO will enable the company to significantly expand platform capabilities.

These include:

  • An expanded management dashboard
  • Device identity and discovery capability
  • Data visualization tools and searchable device meta-data
  • Decentralized, tamper-proof IOTA ledger
  • Blockchain bridges, including Ethereum and Tezos smart contract creation
  • Add an end-to-end security layer
  • Management tools for IOT device firmware updates and platform plugins
Tokenizing Interoperability and Management

The crypto token that Augmate will create to integrate the platform and produce the distributed ledger necessary to perform these integrations will be called the MATE token. The utility token tracks usage of the Augmate Connect system for device monitoring, subscriptions, and services. The token will also be used for bonus compensation based on customer loyalty.

augmate connect IOT

To raise money for these new developments, Augmate will offer the first MATE tokens through a Simple Agreement for a Future Token (SAFT). This is the first ICO the company has launched. To date, all previous development funding has been raised through prestigious VC funds. Early investors will receive significant discounts.

Focusing on Enterprise Management of Smart Devices

Building on the success of its wearables environment management system, the company will use the proceeds from the crowd sale to launch the token and build out its data exchange and endpoint management system.

They also plan to offer starter kits that will offer pre-packaged gateways, devices, and partner applications. They will also develop APIs to allow partner applications to connect with the network.

At the center of the company’s customer acquisition strategy are larger enterprises with significant and existing infrastructure and employees to help them optimize IoT rollout and management.

These include businesses in industries that include:

Healthcare – Patient privacy and quality of care of high importance. Interoperability and data security are predominant, cross-industry concerns.

Logistics – Faster, cheaper, disintermediated services that are also reliable are the key drivers that will be improved with this kind of management.

Energy – Achieving operational efficiency with higher levels of risk awareness and adverse event prediction can be vastly improved with interoperability and remote integration.

Manufacturing and supply chain – The need for better visibility and integration will remain critical across the sector.

Finance – Security and risk mitigation for all transactions are critical for both transactions and data exchange

As of 2019, Augmate will begin to support the consumer ecosystem via the tokenization of the data exchange system they will complete with the funds raised through the crowd sale.

augmate connect ico token sale

How Will the Augmate System Work?

While it is hard to imagine even now, smart devices will begin to proliferate in almost every aspect of life by 2020. Managing them and their integration will not only be a core aspect of controlling cost but also customer service.

Consider the example of using a “smart” water meter, valves and other connected devices in a home environment. Customers will be able to be notified when devices are working (or not). Embedded messaging services can also help customers monitor usage, and when repairs should be made. Extended service agreements, also created and maintained by smart contracts, would be able to immediately schedule and even pay for repairs and maintenance, even remotely.

Augmate intends to be an early mover in this space – not only to establish themselves as an industry leader but also to strengthen the expansion of a secure IoT environment globally.

Token Purpose and Characterization

The MATE cryptographic token is core to all of the new functionality of the expanded Augmate platform. MATE tokens will either be purchased or earned.

Purchased MATEs­ – Users will either purchase tokens via the token launch, through an exchange or via direct customer purchase. This last sales channel will be via the MATE Foundation to facilitate market acceptance.

Earned MATEs – Customers can also earn MATE tokens for system use and by using the services of ecosystem partners. Earned MATE tokens can be used directly for up to 50% of the cost of an Augmate Connect license or subscription.

The Augmate token sale

augmate tokenHere are the details of the upcoming Augmate token sale:

Token name: MATE

Token base: Ethereum (ERC-20 compliant)

Token supply: 50 billion (fixed supply based on estimated number of IoT devices in the market by 2027)

Token sale duration: Ongoing through June 2018 with a vested discount incentive scheme for early-stage investors

Token sale target: USD $10 million

Token exchange rate: Approximately USD$0.01 per MATE token at close of the crowd sale

Augmate’s Website

Augmate’s whitepaper, summary and slide deck

You Might Also Like