A novel “internet of things” startup which is called by the name as Nodle.io is one of the most emerging from stealth mode today backed by $1.5 million in a funding round of seed.
The startup is going to use the funds to expand its alternative IoT network that works with the help of a crowd-sourcing connectivity from smartphones to connect devices to the internet. Apart from that, Nodle is also entering the cryptocurrency market with a new token designed to monetize those IoT connections and related applications and data.
According to Micha Benoliel Nodle’s co-founder and chief executive, the company is trying to crowdsource connectivity for IoT deployments because of the difficulty and high costs of doing so via traditional means.
“We believe connectivity should be simple, global and free,” Benoliel said. “Because Nodle uses existing smartphone infrastructure and low cost bluetooth chipsets, we can drastically reduce costs.”
“In a delay-tolerant network, every node (or smartphone) has a direct internet connection,” Benoliel said. “We use millions of smartphones to move small amounts of data from IoT devices to the cloud. In this sense, smartphones don’t connect directly to one another, and so we don’t impact the smartphone user experience or privacy, which is very important to us.”
Nodle also adds some blockchain flavor to its offering by providing developers with the opportunity to monetize their applications with its Nodle Software Development Kit, which enables them to earn NODL coins for helping to grow the Nodle network. NODL coins can be earned through a new kind of “proof of work” that Benoliel terms “proof of connectivity.”
“NODL Coin mining is very low-power and it also creates a global IoT network,” Benoliel said. “Since Google pioneered advertising in the late 1990s, no one has found a new way to monetize apps without harvesting user data. We believe there has to be another way. At first Nodle enables app developers to earn NODL, and we’ll soon have a way for any individual to participate in what we call ‘The Citizen Network.'”
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