In accordance with the principles outlined in the W3bstream Node architecture section, W3bstream strives to revolutionize conventional Web2-based IoT businesses. It provides organizations and community developers with the means to create innovative applications, i.e., Web3-based IoT applications that enable device owners to monetize their device utilities. Moreover, W3bstream ensures the fair distribution of revenue along the value chain among all stakeholders.
Components of a W3bstream application
Now, let's proceed with describing the three main components of a W3bstream application.
A crucial aspect of any W3bstream project is the utilization of data generated by smart devices. These devices can be specifically designed with decentralized applications (dApps) in mind, or may already exist in the market. The data collected from these devices forms the foundation for generating the verifiable proofs needed to trigger the application token economy and any on-chain trusted logic.
To enable various functionalities such as rewarding sleeping patterns or workout progress, selling industrial machines as a service, and incentivizing weather data contribution, W3bstream applications require common functionalities like device authentication, IoT data verification, and processing. This processing is necessary to generate verifiable "proofs of real-world facts" that will be utilized by the Blockchain Logic.
A W3bstream project typically incorporates essential blockchain components, including Authorization-related smart contracts and a token economy for incentivization. More advanced applications may involve decentralized data marketplaces or complex Decentralized Finance (DeFi) functionalities. As trusted logic, these components should rely on inputs that are verifiable for accuracy and authenticity. In this process, W3bstream plays a crucial role by generating the necessary verifiable inputs for the Blockchain Logic of the project.
Basic concepts of W3bstream
In the following sections, we will introduce the fundamental concepts that underpin the functionality of W3bstream. These concepts provide insights into how W3bstream operates and offer a comprehensive understanding of its capabilities.
A graphical representation of several W3bstream concepts and how they work together