Samsung Turns to Exonic for Cryptocurrency, IoT

Samsung plans to have the majority of its devices to be IoT compatible by 2020. The company said it wants to provide users with the fastest path to intelligent, secure and interoperable IoT products and services.

As part of that, it’s also announced a new partnership with Exonic, creators of Exxor, a cryptocurrency designed to provide decentralized, secure and fee-free machine-to-machine (M2M) interactions in the IoT industry.

“Considering that M2M technologies have the capability to help us improve our world, Exxor represents an important step forward on this quest as it caters to the shortcomings of the current system of digital currencies in the IoT platform,” says Exxor CEO, Kelvin Rodgers.

Hold the blockchain

Exonic says it plans to have Exxor implemented on Samsung devices within the next 6-12 months. The company also says it has plans for Exxor to be the cryptocurrency for its network’s devices. Exxor uses Directed Acrylic Graphs (DAG) rather than Blockchain, which enables 0 percent micro transactions, offline transactions and scalability.

DAG uses a technology that involves every transaction forming its own block, which is verified by two previous transactions, randomly selected.