So could you answer please one of the most important questions for the IoT feature: how the software works terms of real time hardware control. So far none of the IoT coins (BitBay, TileCoin, GadgetCoin) answered this question and I hope you have the answer.
Let see a very simple and basic IoT sample, you have a light switch controlled by an Internet of Things Zigbee switch sensor, how do you turn on/off the light, do you wait 60 seconds until the transaction is included in the blockchain or do you have a workaround to complete the smart contract quicker to execute the hardware control?
I am very interested in your coin :-)) it is a great project and I am sure you have managed to make it work and it would be great to know how the solution works before making a decision about investing in the coin.
Well there are a few techniques to this. With checklocktimeverify, there is a whole bunch of new types of spending we can do. For example, we can spend so coins convert to a different address later, we can lock coins for months at a time. A 2 of 2 multisig account can convert to a 3 of 3 or (really anything)... its all about how you want to program the device.
With that said, most devices will need their own key and will sign on its own behalf. This would be used for more than just spending money. Since you get a secure connection to the device, it can hold coins, it can perform contracts with you etc. Thus, using double deposit we can create a set of rules and protocols interacting with the device. One example is a hardware staking wallet with multisig. At Blackcoin they are working on this. Their lead dev rat4 already coded in multisignature staking. It was lovely. So that just needs to be applied in the context of a device. This is just ONE example. Losing your hardware need NOT lose your coins even in a 2 of 2 multisig since we can lock the coins to convert back to the users key at a later date.
