The wearable device management company and “Gartner Cool Vendor” Augmate today announced the launch of Augmate Connect, the first IoT device management platform using distributed ledger technology. IoT is expected to be a $15 trillion market by 2030, yet innovation is so rapid that privacy and data are compromised at a staggering rate. Augmate Connect introduces a scalable solution: a new, distributed ledger device layer using smart contracts aimed at creating a secure ecosystem for device connectivity.
“In the next few years, there will be 50+ billion IoT devices on the market, and managing device security in a scalable model will be of utmost importance for both enterprises and individuals,” said Pete Wassell, CEO of Augmate. “We believe that distributed ledger technology is the future of IoT device security, and we’re developing Augmate Connect to power a global ecosystem of device and human connectivity.”
While at its core a blockchain-agnostic platform, Augmate Connect will start by integrating the IOTA Tangle, a blockless distributed ledger that allows transfer of value between devices without fees. Augmate Connect will eventually integrate new blockchain protocols bringing advantage to the IoT ecosystem.
The Augmate Connect Platform will be activated and utilized with tokens called MATEs (Machine Access Token Exchange). MATEs act as usage tokens, and Augmate will continually add services including a DApp store and app store with resources for developers. This will make it easier for enterprises and consumers to manage a growing arsenal of connected devices, from one secure and streamlined platform.
Token
Token Purpose and Characterization
Core to the Augmate Connect offering is the MATE cryptographic token as it provides a transactional tracking and exchange medium. The MATE will be integrated into Augmate Connect and be ultimately redeemable for Augmate Connect services, software and partner applications and products. The interoperability of Augmate Connect with other ecosystem partners will be further facilitated with cryptographic token bridging and other integration methods. In character, MATEs are a token with a fixed supply.
While the MATE will be at the middle of a convergence of hardware and software platforms, it is part of the agnostic framework of Augmate Connect that recognizes that all systems should be supportive of the whole and not exclusive to the one.
MATEs are either purchased or earned:
Purchased MATEs
• Initial token launch
• From Exchange
• Direct customer purchase through the MATE Foundation to facilitate market acceptance (modulated to account for market price)
Earned MATEs
• Rewards engine for customers and ecosystem partners
• Auditing and distribution by the MATE Foundation to ensure independent oversight and best practices
The Augmate Connect rewards engine will be developed to rationally reward users and partners for contributions they make to the ecosystem. MATEs may be earned for providing anonymized data access, maintaining the distributed ledger, distributing data, running smart contracts or dapps, referring customers, and more. Earned MATEs can be traded or used directly for up to 50% of the cost of an Augmate Connect license or subscription. MATEs are used in the Augmate Connect digital economy marketplace. Third-party providers will be able to offer solutions to Augmate customers.
The total MATE supply will be fixed at 50 billion and has been determined by the expected number of IoT devices in the market by 2027, a reasonable market share of these devices and the yearly burn of tokens from using them in exchange for services and products. Augmate will burn all redeemed tokens, decreasing long-term supply with an expected full burn based on market penetration. Through the MATE Foundation, the use of tokens for Augmate Connect services and ecosystem partner services and products will be modulated to maintain a minimum float in the market for at least 10 years. It is expected that at some point, the float will decrease to where all existing MATEs will be retired.
