Internet of Things device management company Augmate recently introduced the MATE token, a cryptocurrency to power IoT device security and interoperability through its Augmate Connect platform. The MATE token (Machine Access Token Exchange) was designed to allow anyone to participate in the rise of a global ecosystem of human and device connectivity, starting with the enterprise and expanding to the consumer space.
Rights to receive future MATEs are currently available for sale as a SAFT (Simple Agreement for Future Tokens) on SAFTLaunch.com, and will be sold in a series of offerings at decreasing discounts.
While at its core a blockchain-agnostic platform, Augmate Connect will start with integrating the IOTA Tangle, a blockless distributed ledger that allows interactions and transactions between devices without fees. Augmate Connect may eventually integrate other private and public blockchain protocols bringing interoperability to device management.
The company expects users to activate services on the Augmate Connect platform with MATE tokens which act as fractional license-access tokens with cryptographic coupon attributes. Augmate intends to continually add services including a DApp and App Store with resources for developers. This is expected to make it easier for enterprises and consumers to manage a growing arsenal of connected devices, from one secure and streamlined platform.
“We believe that distributed ledger technology is the future of connected device security and interoperability,” said Pete Wassell, CEO of Augmate. “Augmate was the first wearable device management platform, and we are now the first in IoT device management using distributed ledgers. The MATE token will help us fully realize this goal and grow a community to support it the future of device management.”
IoT is expected to be a $15 trillion market by 2030, yet innovation is so rapid that privacy and data are compromised at a staggering rate. Augmate Connect is designed to be a scalable solution: a new, distributed ledger device layer using smart contracts aimed at creating a secure ecosystem for device connectivity.