Promethieus launch is tied to SHD Smart Home’s use of blockchain security for IoT products
A. Paul Gill, CEO of Lomiko Metals
Lomiko Metals Inc. announces details of the strategy for 25% owned Promethieus Cryptocurrency Mining Corporation, a cutting-edge cryptocurrency mining company and 25% owned subsidiary SHD Smart Home Devices Corporation, an Internet of Things (IoT) Company.Promethieus has posted a downloadable PowerPoint that describes key aspects of the company under Quicklinks.
We are focused on our objectives despite volatile markets,” stated A. Paul Gill, CEO.
In a December 13, 2017 article on Yahoo Finance, Royal Bank of Canada (RBC) Capital Markets analysts Mitch Steves and Amit Daryanani estimated the total valuation of cryptocurrencies could reach US$10 trillion (€8.16 trillion) from its current levels around half a trillion. However, there was no timeline for this ultimate valuation.
Lomiko’s investment in SHD Devices, an Internet of Things (IoT) company, has been a partner in the development of Promethieus and will be using Blockchain for security protocols. There is synergy between the two companies in the IoT industry.
Blockchain or Distributed Ledger Technology may have a similar impact upon homes and offices as the internet. Blockchain’s big advantage is that it’s public and secure. Everyone participating can see the blocks and the transactions stored in them but the content is protected by a private key. A blockchain is decentralised, so no single authority can approve transactions or set specific rules to have transactions accepted. All the participants in the network must reach a consensus to accept transactions.
The possibility of interaction between blockchain and IoT would increase the security of remote access provided by IoT applications alone. The convergence of blockchain and IoT is on the agenda for many companies and there are existing implementations, solutions and initiatives in several areas, outside of IoT and financial services.
As IoT adds more and more devices to the digital fold every day, organisations of all sizes are recognising IoT’s potential to improve business processes and, ultimately, accelerate growth. Meanwhile, the number and variety of IoT solutions has expanded exponentially, creating real security challenges. Primarily, there is a need for secure common tasks such as sensing, processing, storing information, and communicating.
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