- 1.Collecting and Selling Usage Data for Device Owners
With micro-mining functions and Fireal rewards, users device are motivated to connect their devices online and sell their usage data. Device makers, research institutes, government agencies, and other organizations can purchase such data from us with Fireal coins. The Fireal coins are limited in supply, but usage data are continuously being generated, and organizations will have regular needs for such information. Therefore, as more and more data are being generated, the demand for Fireal coins will become higher and higher, creating strong support for the value of Fireal coins.
2. Increasing Target Market Of IOT Devices
In order to further increase the number of IOT devices for our blockchain, we have invented a Mobile Mining Power System (“MMPS chipset”) that is a low-cost solution to replace traditional analog power systems in small appliances with digital power systems while giving them connectivity at the same time. We believe the MMPS chipset will be able to see adoption by a certain number of device manufacturers for saving costs while increasing device functionality. We have already filed a patent for the MMPS chipset design. We plan to file a few more patents for this new product.
3. Scalability & Sustainability
From the adoption point of view, blockchain should oﬀer very rapid transaction processing speed such that tens or even hundreds of transactions per second can be entertained. This is the well-known scalability problem that every blockchain is attempting to tackle. Sharding is one of the most often discussed methods to improve drastically the capability in terms of transactions per second. We are investigating sharding, as well as other potential innovative solutions to improve the scalability.
Starting from the formulation of the operating model of Fireal Mobile Chain Network, recurrent income from transaction fees as well as service fees for big data are anticipated. Since Fireal aims at building up a mass network with millions of IoT devices worldwide, the income generated will become substantial once the blockchain ecosystem becomes well established. It is the target of the Fireal Mobile Chain Network to become a sustainable ecosystem in the long run such that transaction and service fees received can cover reward system as well as system management, maintenance, and upgrade, as well as further development.