Frequently Asked Questions:

For a detailed explanation to any of these questions please refer to the EOT whitepaper or the subpages of this website.

EOT is a fully fledged open source cryptocurrency and is decentralized.  EOT coin has been developed for IoT (Internet of Things) such as devices and applications connected to the internet, and other products to secure and authenticate data. EOT acts as a cryptocurrency while the algorithm is used for cryptography and authenticity. The two main functions are for storage and encryption keys. This keeps your information private unless you share your password.

EOT is effectively a cryptocurrency and an encryption process that mainly targets the Internet of Things (IoT) industry, however other products may also use EOT.  Various audiences include:

Defence Technologies

Fintech Companies and Banks

Media and News

Mobile Phone Industry

Private Individuals

No, however, EOT was made available of the Waves Platform with a 100,000,000 EOT tokens being turned into Wave-assets. Airdrops were arranged on this platform for EOT to be distributed as the team felt this was the easiest method to expose EOT to multiple people while having different currencies available.

The majority of these tokens are still under the developer’s control – they will be used to preload into devices such as blockchain smartphones, camera’s, routers etc, that are connected to the internet (IoT – Internet of Things).

As EOT is open source, individuals and businesses can integrate EOT into new or existing devices or applications to enable encryption.  Here are some examples of products that have integrated EOT:-

BitVault® will use EOT for securing messaging, secure calling and to securely store your photos and video’s. Surfing the Internet is performed safely through the Smart Router Website Authentication. This is the world’s first crypto communicator and Blockchain phone. The Bitvault® is a revolutionary new product that is built around security and privacy enabled through Blockchain technology. Biometric security enabled through fingerprint and iris scanning means authentication is a safe way to keep your Bitvault® locked. Using third-party independent multilayer security creates military-grade security for this device.

Media Vault is specifically designed to secure your photos and video’s and has been pitched to News and media companies. A journalist can rest assured the information stored is protected from prying eyes.

EOT Wallet and Password vault – keeps your passwords safe, and, CryptoDoc encrypts your documents, software applications, videos, photos or any personal information on your PC. Using EOT this application can securely transfer these files to other recipients (.pdf .doc .png and .txt).  Mac Download and Windows Download

Swiss Bank In Your Pocket (SBIYP) is a cryptocurrency hardware wallet with a suite of Blockchain applications. Current it supports Bitcoin, Bitcoin Cash, Ethereum and EOT and features customised encrypted USB keys.

Information on new products will be uploaded periodically – should know of any devices or applications that are using EOT for encryption, please email support@EOT.network with the relevant information to list on this website.

Yes, a payment gateway has been developed – The first product to be purchased using EOT was Swiss Bank In Your Pocket hardware device, which is a cryptocurrency hardware wallet with a suite of blockchain applications – currently supports Bitcoin, Bitcoin Cash, Ethereum, and EOT.

EOT Coin

Name:                          Encryption Of Things
Symbol:                       EOT
Coin Type:                  POW (Scrypt)

Time:                           90 seconds
Block size:                   1 MB

Reward halving:        500,000 blocks

Block reward:            100 coins

Total Coins:                200,000,000

A total of 50% is pre-mined equalling 100,000,000 EOT tokens and is available on the Waves Platform as a waves-asset.

 

EOT Token  

Name:                         Encryption Of Things Token

Symbol:                      EOT

Issuer:                        3PAY9wimGC8k4Eq2hbrH5DjCs82MND8MSbk
Asset ID:                     GdnNbe6E3txF63gv3rxhpfxytTJtG7ZYyHAvWWrrEbK5

Decimals:                    8

Total Supply:             100,000,000

The EOT Blockchain is public, decentralized and managed by a Peer to Peer network who validate new blocks. Once records are on the Blockchain, they are always on the Blockchain, making it immutable. Decentralized storing of data eliminates the risks of data being held centrally.  The Blockchain and secure online transactions go hand in hand.

Links to the EOT Blockchain Explorers – Explorer 1 and Explorer 2

The EOT Blockchain is public, decentralized and managed by a Peer to Peer network who validate new blocks. Once records are on the Blockchain, they are always on the Blockchain, making it immutable. Decentralized storing of data eliminates the risks of data being held centrally.  The Blockchain and secure online transactions go hand in hand.

Links to the EOT Blockchain Explorers – Explorer 1 and Explorer 2

Yes, but there is only one main Blockchain for the EOT coin. Apart from the co-existing Waves Blockchain, EOT is also used in inherent Blockchains.

These inherent Blockchains are not public and only exist when applications use encryption and then are made redundant after use. Having this independent blockchain prevents compromise.

The EOT Blockchain remains the primary chain. It is true that the Waves Platform has its own Blockchain but in order for cryptography to take place it is the coin that will provide this function. The recording on the EOT coin Blockchain is what provides transparency.

The EOT Blockchain remains the primary chain. It is true that the Waves Platform has its own Blockchain but in order for cryptography to take place it is the coin that will provide this function. The recording on the EOT coin Blockchain is what provides transparency.

Yes, by using the gateway supplied by the hardware wallet SBIYP you can trade coins to tokens and vice versa – The exchange is on a one to one basis.

Alternatively, you can contact senior community members via Slack or Discord for this transaction.

Yes, it has. This is in response to the time-warp exploit found in Kimoto’s Gravity Well.

No. The function of EOT is to provide encryption keys and making it unaffordable to brute-force a password. Without EOT this cannot happen, so burning coins would not provide sustainability.

Yes. For there to be a future EOT needs to be kept in its ecosystem. Without any EOT cryptography cannot take place.

Some products are preloaded with EOT, however, this is not mandatory. In order to attract companies and increasing the chances of them buying bulk products (eg. Bitvault®) preloading could give market appeal but would be agreed upon with the enterprises or parties concerned. This preload will only sustain the use of the product for a limited time. After this period has expired they will need to purchase EOT from the open market.

This depends on how often the product is used.  Some products may have EOT for up to 2-3 years or more.

We are living in a world that is becoming more and more connected and with the advent of devices that are connected to the Internet [IoT] and Artificial Intelligence [AI] – the need for Encryption methods to protect against cyber attacks is growing in importance.  IoT needs EOT.

  • EOT Mining
  • EOT Trading
  • EOT Investment
  • EOT Product development and new businesses
  • Secure Money Transfer and Transactions
  • Secure Internet by encrypting internet routers and other hardware
  • Creating encryption keys for IoT devices protecting them against viruses, malware, and hacking
  • Secure communication by providing encryption keys for devices and applications
  • Providing encryption keys for the encryption of documents, media files etc
  • See Business case for more info
  • Fast payments and transactions – new blocks on the EOT Blockchain are created every 90 seconds
  • Peer to Peer – not dependent on third parties like banks who have the power to block your account, devalue or even confiscate your money. With EOT, all of your funds, your communication, copies of your digital files, and your complete digital footprint is controlled by you alone and verified by a distributed network.
  • Security and Privacy – EOT is protected using advanced cryptography. Processing is done by 1000’s of computers all over the world
  • The following areas for Logistics and Trade Finance development:-
    1. Encrypted data transfer applications.
    2. Toolkits that would allow hardware engineers to integrate EOT into measurement devices
    3. Manufacturing of encrypted devices for measurement and tracking
    4. Blockchain encryption for the transfer of secure trade documentation
    5. Blockchain verification of goods, deliveries etc.
    6. Encrypted secure internal and cross-border payment.

    The following areas of development for EOC – Encryption of Cities:-

    1. Applications that can be loaded onto current devices
    2. Toolkits that would enable hardware engineers to integrate EOT encryption and blockchain technology into connected devices.
    3. Manufacturing of Encryption devices.

    Other areas of development:

    1. Applications that use EOT for encrypted communication, document and data management.
    2. Encrypted payment systems [ Including secure and encrypted Crypto Wallets ]
    3. Blockchain verification [ Eliminating fake news ]
    4. “Open Sourcing” software to encourage EOT encryption enabled development.
    5. Toolkits for Hardware and Software Engineers to facilitate EOT enabled App development
    6. Development of EOT wallets and payment systems
    7. Creating an Application environment and App store to enable EOT blockchain applications [for example BitVault® App store]
    8. Manufacturing physical communication devices that are encrypted with EOT [for example The BitVault® ]
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