Earlier this week, the leading cryptocurrency spot and derivatives exchange platform OKEx announced the listing of Xensor (XSR), a futuristic project designed to meet the requirements of smart cities by integrating IoT with blockchain technology. As a part of the listing, OKEx opened XSR deposits on August 4, 2020, followed by spot trading against USDT and BTC two days after on August 6, 2020, at 7:00 AM UTC. On the same day, at 9:00 AM UTC, XSR withdrawals were enabled as well.
Headquartered in Hong Kong and created by a team of South Korean developers, Xensor is a rapidly emerging blockchain project working on solving the issues related to IoT network infrastructure widely implemented in smart cities. With a robust IOT network, Xensor strengthens information security by automating specific points of data management including data storage and transactions. These changes further help lower the cost of constructing IoT communication networks and reduce maintenance costs.
Acknowledging the importance of a combination between IoT and blockchain, the CEO of OKEx Jay Hao said, “Like blockchain, IoT technology has developed rapidly in recent years, yet it also has some obstacles to overcome. IoT currently suffers from high costs, overly complex solutions, and a lack of standardization. Some of these problems can be solved by integrating IoT with blockchain technology.”
Adding further, he said “For example, blockchain can tackle the issues of data privacy security and value mining. At the same time, it can help reduce high maintenance costs and promote IoT industry standards. We are glad to see the integration of these two high-potential emerging technologies and look forward to seeing the adoption of blockchain by more industries.”
Apart from establishing an affordable and efficient IoT network to automate machinery and fixed asset management, Xensor also helps optimize the utilization of data. The XSR token can be used to trade the data gathered from IoT network in a safe, decentralized fashion. Further, the Xensor hardware allows users to mine XSR tokens as compensation for sharing data.
Currently, OKEx is running a trading competition, set to end on August 10, 2020, at 11:00 AM UTC. The competition involves a price pool of 1,200,000 XSR along with exclusive rewards and a 550 XSR bonus for new users.
More information available at – https://www.okex.com/academy/en/okex-to-list-xensor-xsr-promoting-blockchain-adoption-in-the-iot-industry
Image by Pete Linforth from Pixabay