The Beyond Protocol (BP) is a cryptocurrency the developers call “the ethical language of machines.”
In essence, they intend the Beyond Protocol to be a blockchain for the Internet of Things (IoT). Hence, the nicknames “the ethical language of machines” for the Beyond Protocol blockchain. In addition, they call BP the “dead simple cryptocurrency for devices.”
To elaborate, the IoT is the wireless and digital network that connects devices. For example, an internet that connects vending machines to payments platforms. Thus, they designed the Beyond Protocol (BP) as a cryptocurrency for devices such as vending machines or ATMs. In addition, the Beyond Control developers claim BP could monetize household devices such as refrigerators or thermostats.
A Cryptocurrency for the Internet of Things (IoT)
One goal for the Beyond Protocol is to enable cross-silo IoT communication. To explain, many devices cannot collaborate and communicate because of security concerns.
The hope is that the Beyond Protocol’s blockchain will make IoT devices more resistant to hacking. Interestingly, the Beyond team claims they could endow devices with unique fingerprints.
They will base the “fingerprints” on the inherent atomic randomness of silicon, the basic building block of computer chips. Thus, every device could have its own unique fingerprint and signature to enhance security and privacy.
Marketplaces for IoT Data
The Beyond Protocol (BP) will enable marketplaces for IoT data and services. For example, an IoT thermostat could sell household data through the Beyond marketplace.
The hope at Beyond is to add cryptocurrency payment gateways to IoT devices. For example, gas pumps or charging stations for electric vehicles.
The BP is the native token of Beyond’s IoT ecosystem. The Beyond Protocol (BP) ICO will fund the building of the blockchain infrastructure.
To connect to a variety of crytpocurrencies, they will use a multi-chain framework. One reason for the multi-chain framework is to make the Beyond Protocol scalable. For example, to connect it to scalable cryptocurrencies such as Uniswap (UNI) or EOS (EOS).
Notably, the Beyond Protocol (BP) is already available on the Uniswap decentralized exchange.
Is the Beyond Protocol (BP) for real?
The Beyond Protocol (BP) is a good idea for blockchain. Unfortunately, there is no evidence Beyond Protocol’s IoT blockchain exists or works.
However, at least two companies have such IoT blockchains up and running. First, Aitheon (ACU) has a blockchain that runs a variety of robots and industrial devices. For example, UV disinfection robots. Second, the IOTA (IOTA) token has ledger technology for the Internet of Things.
Both Aitheon’s and IOTA’s blockchains are running now. The Beyond Protocol’s blockchain is purely theoretical. Hence, I suspect the Beyond Protocol could have no value.
What Value could the Beyond Protocol Have?
Mr. Market, however, disagrees. CoinMarketCap estimates he gave the Beyond Protocol (BP) a $37.30 Coin Price, a $277.048 million Market Cap, a $18.658 million Diluted Market Cap, and a 24-Hour Market Volume of $23,484million on 13 October 2021.
They base those numbers on a Circulating Supply of 7.428 million BP, a Maximum Supply of 500 million BP and a Total Supply of 500 million BP.
CoinMarketCap ranked the Beyond Protocol as the 249th largest cryptocurrency on 13 October 2021. CoinMarketCap listed the Beyond Protocol as the fifth most trending cryptocurrency on 11 October 2021.
I think the Beyond Protocol is one of the most overpriced cryptocurrencies I have ever seen. I consider Beyond overpriced because there is no evidence that the Internet of Things blockchain exists. I advise speculators to stay away from the Beyond Protocol until they prove they can build an Internet of Things (IoT) blockchain that works.
Originally published at https://marketmadhouse.com on October 13, 2021.