Learn what is the SKEY token about, its key role in the Skey Network, plus the way the team brings blockchain and IoT devices together.
What is SKEY Token?
The SKEY token is the utility token driving the Skey Network, a blockchain network that aims to provide a fast, scalable, and affordable alternative to other blockchains in the Web3 space.
The network aims to enable the creation of flexible decentralised applications to address our everyday needs, which is done by tapping into the Internet of Things (IoT) present in vehicles such as cars and scooters, as well as electrical appliances and room installations.
To achieve this, the blockchain aims to develop cryptographically secure access control keys to tap into these devices and applications in a decentralised manner.
How Is the SKEY Token Related to the Internet of Things (IoT)?
Automated Payments and Service Access
Through the utilisation of BIoT and smart contracts, the platform enables seamless integration of IoT devices into the blockchain ecosystem, facilitating automated billing and service access. This translates to efficient and secure transactions for both consumers and businesses.
For instance, smart contracts can automatically calculate charges and process payments on payment services, letting users make payments swiftly without having to tap into a centralised system.
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