Weeve’s vision is to empower the Economy of Things where IoT machines (or “weeves”) index, process, attest and trade harvested data as digital assets. Weeve is building the infrastructure for public or private marketplaces for any form of digital assets ranging from geo-data to electricity or delivery status.
Current Status
Alpha-stage weeveOS available on GitHub
Demonstrable marketplace demo also available.
Patents filed for TEE-MQTTS (secure communication protocol) and Testified Smart Contracts.
Market
The long-run market is mass-scale adoption by consumers and enterprises alike - everyone with an IoT device will be able to run the weeveOS to trade data on a variety of marketplaces.
Weeve will first launch as a B2B operation, partnering with enterprises to offer scalable solutions that provide valuable feedback to the development of the Weeve network. As the network scales and transaction fees decrease, Weeve will transition to customer-facing.
By 2023, there will be 125.6 trillion GB of data being produced. 41% of this data is expected to be economically useful.
Problem or Opportunity
Decentralizing data marketplaces where users can trade their data for market compensation.
Solution (product or service)
It is estimated that by 2020, there will be 25 billion IoT devices producing a total of 44 ZB of data. The main problem is that there is an absence of a
decentralised marketplace that enables the monetization and trading of this data, and incorporates fundamental game-theoretic and cryptographic principles into its design.
Weeve provides the solution to data trading, ensuring security throughout the data value-chain from its harvesting, to its trading on Weeve data marketplaces. The Weeve Network is Blockchain-agnostic, supporting a rich set of blockchain technologies, and ensuring room for innovation and agile implementation of future use-cases.
The aforementioned problems will be solved through three core technologies:
weeveOS: first IoT-to-Blockchain Operating System with cutting-edge security-by-design technologies to harvest, attest and transport truthful and authentic data.
weevePlatform:platform-as-a- service to curate blockchain-agnostic public and enterprise data marketplaces, including identity, device and smart contract management.
weeveNetwork: High-quality ecosystem consisting of IoT data suppliers, consumers, marketplaces and other players designed using crypto-economic incentives to ensure the fair trading of data.
Competitors
Weeve is blockchain-agnostic, and therefore has no direct competitors with other blockchain companies. IOTA and Streamr could be considered as competitors, as in they are each looking to take advantage of the expanding IoT data market, however are doing so in different ways. IOTA is aiming at developing a solution for scalability of IoT data. Streamr is providing a routing service, easy interface, and application development environment to visualize data streams. Weeve, however, is focused on attesting device data, and providing the security protocols necessary to transport data to the marketplace. Weeve could, for example, take advantage of IOTA's scalability tech and provide the underlying OS to attest data from source to the marketplace.
Advantages or differentiators
Weeve is focused on attesting device data, and providing the security protocols necessary to transport data to the marketplace.
Business model
Weeve will derive the majority of its revenue from transaction fees. This will begin at 0.1 cents per transaction and as the network scale, decrease to an approx. 0.02 cents by 2023.
