Author Topic: How IZETEX create Proof of Walk (ICO Soon)  (Read 96 times)

Offline AgentSmith12

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How IZETEX create Proof of Walk (ICO Soon)
« on: November 27, 2017, 05:43:28 am »
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Cryptocurrency Mining On The Go Or What Is "Proof of Walk"?

When you hear about cryptocurrency mining, you imagine, of course, long series of video cards with lights blinking or rows of servers that are eating electricity and heating the air around you like a band of dragons. It's all true, but today we are going to talk about mining that differs. And video cards have nothing to do with it.

Searching for cryptocurrency in augmented reality application IZX was jokingly called mining on the go or "Proof of Walk". If you don't know, it is a mobile game where you search for cryptocoins on the map like you do it with Pokemon, and then catch them to your wallet using your phone camera in the augmented reality mode.

Despite the fact that it was just a funny game, the cryptocurrency in it has real value in the form of prizes, discounts, or an equivalent in cryptocurrency. In general, people go around in swarms and look for these coins, earning them with their feet, that's why it was called mining on the go.
The term "Proof of Walk" appeared later, it resembles the term "Proof of Work" in sound and meaning, for which farms with video cards are built.
Just a joke or is there anything more in its meaning?
Let's gain an insight!

Why do we need it?

First, let's remember why these video cards heat the air and what Proof of Work is. It is proof of work. In fact, it is an artificial barrier, so that it could be not too simple to add blocks to the chain as well as not too fast.

Miners are allowed to add a block to the block chain, only if they solve a problem first. The condition of the problem is very simple - to select a seed to calculate the hash of the block, so that first N digits were equal to zero. The higher N is, the more difficult the problem is. The condition is simple, but you cannot say the same about the problem itself. If N is high, the solution is extremely difficult and people solder special processors based on ASICS (specialized programmable chips) or deprive children of computer games, and build farms from video cards:

Children's video cards enrich the capitalists

Why is it necessary to make addition of a block to the block chain even more difficult, which in fact is not very fast?
To answer this question, you must first answer the other one: what is the main problem solved by the block chain?
The problem of trust without a trusted party.

Let's think it through: you must have trust in each bit of information in a network, where no participants trust each other.
Part of the solution to this problem covers the use of asymmetric cryptography. We can be sure that participants do have accounts that are used to make transactions by means of verification of a digital signature pair with a public key.
But the second part of the problem cannot be solved mathematically and requires some empiricism. Among such problems is protection against spending the same money twice (the so-called "double spending problem").

An intruder can make two blocks and include money transfer to two different recipients in each of them. At the same time, he/she will insert one block in one block chain and the other block - in another chain, for example, on different nodes of a single block chain network. This situation is called "fork" and the block chain network can solve it by choosing which of the chains will grow and which one should die. But there is no reason for the network itself to choose which of the chains is correct, and indeed what is "correct" - in this case it is a philosophical issue, rather than a mathematical one.
The decision as to which block chain to choose is taken based on a "consensus". In other words we can say that the miner who will create ("mine") the next block takes a decision which chain is correct. Usually it is not enough, and the chain should be continued by a few (usually 5-8) blocks to make the recipient sure that the transfer was made to him/her and no one else.

If everyone could add blocks to the chain at any speed and without cost, then it would be clear that this mechanism could not work. Indeed, to ensure that the chain cannot be faked, resources that no one else in the world has are required re-create these 5-8 blocks. Here these far-fetched problems related to hash, video cards and children without games appear.

Let's summarize: You can trust in something, on which resources were spent It is interesting that computers used for mining can be considered as a kind of a community that decides what is good and what is bad. But that's not the case, of course. In fact, computers are used by people who get financial benefits from mining, and it is financial benefits that force them, first, to mine and, most importantly, to behave "correctly". The network pays miners a fee for each new block and it is economically unprofitable for them not to follow the rules and look for ways to deceive the system.

It is money compensation for mining that allows to trust in a block chain. So, all of the above may seem to be a more complicated structure, and it is so. A block chain is really a difficult thing. But if you think about the complexity of the problem that it solves the problem of trust without a trusted party, then I think you will find justification for it.

You may ask why we mentioned Pokemon?

Let's have a look at IZX game from the point of view of mining. Players install the mobile application, and receive a map with the location of the nearest coins. If you approach a coin, a sight appears and the coin can be caught by the camera.

First, the player must find a coin on the map and come to it as close as possible. Usually there are not so many coins, as shown in the screenshot above, and sometimes it is not so easy to approach a coin. However, after analyzing actions of players, we see that difficulties in finding tokens stop nobody, and if the player started to look for them, he/she becomes addicted and collects, collects and collects...
Players spend time, walk or travel long distances to catch a token. It seems that the time, efforts, and, perhaps, money spent for transportation should be compensated by the pleasure of the game and the value of the prize. Let's turn to the average data that we collected in the course of several promotion events.

The table shows the average data for three different promotion events with different types of prizes offered. The first two ones were held in the city of Kazan. The average distance traveled to find one token in the city is about 2 kilometers, and it took 16 minutes for searching.
The third line in the table is the event held at the premises of Innopolis, where conference "Block Chain - New Oil of Russia" took place. The room was rather big, in addition, some tokens were scattered across the adjoining territory. The distance traveled was much less as compared to the city, but the time to find a token was almost the same.
Let's express player's costs as a sum of time and distance at some reasonable coefficients. For the purposes of calculation we assumed that 1 hour of player's "mining" costs 5.5 USD, and 1 kilometer passed costs 0.17 USD. The figures are based on general considerations about the cost of public transport, gasoline and the price of Uber taxi. We got the following

The figures do not differ much, although it is clear that it is more profitable to "mine" in a room.

Mining on the go

Although conditional costs of a "miner" per token stated above are based on the data from different promotion events, they are quite similar. Costs of players to find a token justify its value. In fact, the rate of Bitcoin and Ethereum was initially determined solely by the cost of mining, since there were no other exchange or settlement transactions by which it could be determined. While no goods in a store could be bought for the cryptocurrency, its cost was equal to the cost of electricity spent for its generation.
"Sly" block chains increase the complexity of mining, and the rate of bitcoin "to electricity" is gradually growing. Well, you know what happens next - when the currency becomes payable in stores, speculators start to influence the exchange rate much more than the cost of electricity.
The same situation is with IZX token, which players are looking for - initially it was evaluated according to the same principle based on mining costs. Conditionally, now it "costs" 1.47 USD. If you put aside the factor of pleasure from the game, then it is as profitable to buy it for this amount as "to mine it on the go".

Advertisers who place their promotion campaigns on IZX tokens and get new customers determine the second factor for the growth of the token value. The audience of players is growing, and advertisers are competing for the opportunity to use IZX token to attract customers. The demand factor will determine the growth of the token rate in the future, similarly to other cryptocurrencies.

Proof of Walk

IZX tokens are not just collected by players, they are properly "mined". Since advertisers pay for scattered tokens and get new customers and buyers, they determine which customers they need.

The fact that it was jokingly called "Proof of Walk" is a proof based on the player's actions that the advertiser values him/her and, therefore, he/she can compete in the game for the right to pick up his/her token.

Although it has nothing to do with the development of blocks in the block chain, but it is quite applicable to the principle of justification of trust in "Proof of Walk". First of all, it is the advertiser's trust in the quality of the audience, and even personally in the player.
Let's remember the main conclusions that we made above by analyzing traditional mining "Proof of Work":
You can trust in something, on which resources were spent and Money compensation for mining allows to trust in the block chain In the case with Proof of Walk, both principles are fulfilled between people in the society but not between computers connected to the network.

What are advantages of mining?

There is no applied advantage in burning electricity and considering hash useless. Therefore, all new projects of block chain platforms try to get away from this model in favor of less resource-intensive ones, such as Proof of Stake (POS).
The principle of POS is that the proof of your rightness is the size of your wallet multiplied by the time of its possession. This approach, in my opinion, may imply problems.

POS equates resources to its own internal cryptocurrency when building its proof, like Munchausen, who pulls himself out of the swamp by the hair. Time will show whether this will cause real problems for POS, so far the only model that has been proved in practice is Proof of Work.
The society should spend additional resources for proving trust, and this is the main benefit of mining. Perhaps, in the future mining will not be as useless as traditional Proof of Work, but it will.

A recent example of useful mining is Storj project, where you can earn currencies by providing your own disk space for storing third-party data. Another example is Golos project, in which the currency is earned by writing interesting articles.

We are sure that future belongs to the symbiosis of mining with some useful activity, and it is this characteristic that will confirm the value of the cryptocurrency.


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Re: How IZETEX create Proof of Walk (ICO Soon)
« Reply #1 on: November 30, 2017, 06:15:45 am »
The Team of IZETEX welcome to everyone from Singapore! - bitcoin buy/sell classifieds forum

Re: How IZETEX create Proof of Walk (ICO Soon)
« Reply #1 on: November 30, 2017, 06:15:45 am »

Offline AgentSmith12

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Re: How IZETEX create Proof of Walk (ICO Soon)
« Reply #2 on: December 02, 2017, 03:58:14 am »
Hello Everyone here is an very interesting interview about our project
IZX app will show advertising in augmented reality. You will haunt your ?best offer? like it is a Pokemon
As better you are at looking through your smartphone's screen, as more different tokens you might get. Searching for cryptocurrency in augmented reality application IZX was jokingly called mining on the go. What is about ? project IZX? And why you should haunt for its tokens during its Pre-Sale, I asked (name and position of the official speaker) 
 Mr. ?I am really glad that find time during your pre-sale campaign to talk to me.  Tell me about your project, pls? 
I am proud of our project, and would be glad if more people get information about it. IZX is a decentralized platform for building effective interaction between advertisers, game developers and customers. It allows business to utilize augmented and virtual reality games in order to convert game players to real customers. 
Sounds like a new stream in marketing. 
Yes, it is. Advertising technologies require innovation more than ever. In the digital age, business entities are switching to the omnichannel model of interaction with their customers. Meanwhile the waste of user attention becomes insane and the auditory responds accordingly - more than 600 million people use ad blockers on their devices, and the number continues to grow. 
Well, Facebook and Google hold about 75% of digital ads market revenues, and 99% of the entire market growth for the past years. If they don't know how to solve the problem of the waste of potentional customers attention, how you can offer a solution?
Well, we concentrate on technologies, because today cutting edge technologies bring new market opportunities. Imagine a decentralized marketing platform where the only intermediate between an advertiser and publisher is a smart contract which independently runs on a distributеd blockchain network and impartially governs this business interaction. This is how we work. 
Could you give some more details, examples, pls? Explain, why it will work with customers. 
While advertising efficiency does not become better, the customer expectations continue skyrocketing. This trend is called the ? Amazonification of expectations?: customers expect the Amazon Prime level service in all industries. The marketing could take this challenge by utilizing the deep machine learning to analyse the big data of users behavior. This would let to target personal offers with high precision, proposing clients exactly what they need at the exact moment. 
Yes, I always get the right offer form them! 
Great, but you and every other customer deserve even more. The problem is the data is being buried at the proprietary servers and is definitely underutilized. They say the data is new commodity. The question is, whom this commodity belongs to? In ideal World, the individual should take all control over who has access both to her personal data and her attention. There should be ways to get clear understanding of what piece of one?s personal data is being used by what company and how exactly. Today we have the inverse situation, when the control of user?s data has been stolen from her: the data locked in corporate databases, instead of serving the user?s needs. 
And you will give this control back to users?
Exactly, we wish to do that. The micropayment opportunities and real-time settlement provided by blockchain network opens new market, where economic models could be built on each customer?s impression. This shifts the value from independent demand side platforms and advertising exchanges back into the edges of supply chain: advertisers, publishers and programmers. 
So, due to your business model ? customer is a gamer and he is haunting for the advertise instead of being it?s victim?
Imagine your advertising appear on the customer way to office in a form of treasury chest or a Cup with miraculous elixir. Customer picks it up by with gadget.
It is so easy? Like a game?
In a game form. We believe that combining the augmented and virtual reality with the decentralized applications on blockchain network and artificial intelligence will spawn the brand new paradigm of business-to-customer communication in emotional, informational and economic senses. 
IZX is this kind of a project.
Yes, IZX is a decentralized monetization platform for independent game developers with elements of augmented or virtual reality. The advertising provider may choose games that will be used for its promotional events, their developers get royalties. IZX is a blockchain-based network, its code is open source, and it has no geographical boundaries. 
What you offer to your pottentional clients? What is your business logic?
Business logic of marketing campaigns built on IZX  platform is flexy  customizable  and managed  by  smart  contracts.  Game artifacts are tied to IZX Drive tokens which backed by special offers and discounts. The game player finds artifacts inside a game arena and receives tokens to her or his wallet.  Then personn can exchange the tokens on discounts in a place that sells product or provide services,  e.g. hotel, restaurant, clothes store or barbershop.
Today, cryptocurrency is mainly spread within certain communities, such as computer geeks (including miners). Although as far as I understand your currency will be also spread worldwide?
IZX is the first cryptocurrency that appears in wallets of a wide audience. IZX mission is to make value exchanges between business and clients clear, easy and straightforward. 
So, what you have achieved at this moment? 
We have 13263 active players. And every day we are bigger and bigger! People are really into all this games. We created the first game on our Platform. Now we are preparing three more to be integrated with our Platform in Spring. We collected a lot of feedback from our users to improve our product. Thus, we starting our ICO with a ready-to-scale blockchain solution.
You made tests? 
We tested mechanics of token redeeming for prizes proved to be simple, quick for implementation and intuitively clear both to players and advertisers. Blockchain network in-game chips, issued by advertisers. Players hunt them in augmented or virtual reality, in order to get a prize or a discount. 
And what about companies? What they get?
They get back 50% of advertising budget, spent on SEO promotion. And their pottentional customers are more loyal to the product, because they spent time with pleasure to get this discount. It is an adventure for them. 
I'ev read some materials about your company, you often compare IZX games with moning.
We are sure that future belongs to the symbiosis of mining with some useful activity, and it is this characteristic that will confirm the value of the cryptocurrency. It is like Pokemon-go, but with social benefits. 
How this symbiosis is working in your project?
Despite the fact that it looks just like a funny game, the cryptocurrency in it has real value in the form of prizes, discounts, or an equivalent in cryptocurrency. In general, people go around in swarms and look for these coins, earning them with their feet, that's why it was called mining on the go.
Ok, and what is yours aim on the go?
The next stage of the platform development is the integration of apps from hundreds of third-party developers. The best developers will be able to monetize their ideas. But all this after our ICO's results.
You did your pre-ICO campaign recently?
Yes, this November. Now we gave start to our Pre-Sale. It will last till the end of the December, 2017.  
How much are your tokens now?
IZX tokens are crypto currency, working on the Ethereum network. It will be presented at cryptocurrency exchanges. It is used to issue game IZX Drive tokens. Now one IZX is equal to $1. 
Are there special offers and bonuses for buyers? 
Of course, every investor will get exclusive offer. Also we have bounty programs. In total there will be issued 50,000.000 IZX. No additional emission after the ICO. Unallocated tokens will be burnt. 
You have an awesome innovative product! I wish you a good luck!
Thank you!