Yet another CryptoNote fork has launched it’s code today, but this time with a twist to the standard format. uPlexa, “Incentivizing the mass compute power of IoT devices to form a means of anonymous blockchain payments.” is devoted to creating the most efficient IoT-mining platform to exist. In theory, this could surely set the path towards an even more decentralized currency, much like Bitcoin was supposed to be. But.. how will it work?
In their medium article, they’ve mentioned little to do with their hashing algorithm. However, between their Discord chat and Reddit posts, we were able to find that lower end devices hash at a rate of almost 4.5x than the standard Monero CN/v2 algorithm. Higher end devices, hashing nearly 3.5-3.8x faster. The teams efforts have also resulted in a more-secure LWMA difficulty algorithm, and are one of the few cryptonote forks actually running bulletproof transactions.
Too big of an idea?
Unlike common practice, the uPlexa team is focused on more than just their blockchain. They’re building an entire ecosystem around IoT and eCommerce. From obtaining contracts with large telecom & internet providers to allow UPX to serve as an anonymous payment gateway, all the way to a fully crypto-backed eCommerce platform without the need of KYC. The team also plans on creating native miners for individual IoT devices such as smart TV’s running WebOS, and even Tesla vehicles. Can it be done? Only time will tell, but their roadmap looks rather tight. Although, they have met their expectations quite reasonably thus far.
Last month, during uPlexas beta-mine (before going open-source), uPlexa had partnered with the famous industry leader, CryptoLoot. CryptoLoot is a software in-which allows developers to integrate cryptocurrency mining directly into websites, games, and applications. CryptoLoot has a reputation for not asking users to opt-in to said mining, leading it to become one of the worlds most wanted malwares. Both teams are directly working together to make the most performant IoT mining technology to exist, but what will come of it? As we said, this will lead the way in-terms of cryptocurrency decentralization, but what would it look like? With coins such as Monero trying to deter botnets and low-end devices, uPlexa will certainly be a target for bot masters and malware developers to opt to use. However, it’s multi use-case is without a doubt, extraordinarily useful. Monero has a reputation for being a coin consistently used for dark markets and tax evasion. However, Monero is one of the few cryptocurrencies being used under it’s current use case (an anonymous means of blockchain payment). This could very well be quite the same situation for uPlexa, as it unleashes a this new, exciting, yet equally terrifying piece of technology into the cryptosphere.