Who is Augmate?
Founded in 2013, Augmate is a management platform for devices connected to the IoT. They provide bridging platforms that provide security and oversight/management of connected devices.
Over the past 5 years Augmate has found themselves offering these services after originally being envisioned as a wearable tech company.
What is the problem?
Humans love convenience. We also like being in the ‘know’. Whether this be updates from your social circle, or global developments, we want information given to us in an easy, simple manner.
To appease both of these desires, we have seen the rise of the IoT in the past decade. The Internet of Things refers to the transformation of everyday devices into ‘smart objects’, through enabling them with varying levels of internet access.
The problem with this comes in the form of privacy and security. Each and every time a new device comes online, a new weak point is introduced. Since the IoT is an interconnected system comprised of billions of devices, the weak point introduced by one device can negatively impact all of the others.
With such a large vulnerability that is only getting worse with time, how do we ensure that every device on the IoT is secure? How do we ensure that connected devices are provided with security patches and updates in a timely manner?
How will Augmate solve it?
Recognizing the vulnerabilities within the IoT, Augmate has set out to provide a solution. They have developed a bridging platform known as Augmate Connect.
Augmate Connect serves as an intermediary platform, connecting smart devices to the services/systems they are trying to access. As discussed, many of these devices are not secure. They may not have had appropriate updates of software, or do not have the capability. Whatever the case may be, they pose a potential threat to the services they are attempting to access. Augmate connect serves as a gatekeeper within the IoT, and ensures that security risks are minimized.
Additionally, Augmate may be utilized by enterprises as an aggregation platform. It provides an enterprises IT department with a single platform providing oversight of any device connected to their systems. This allows for not only enhanced security and oversight, but for the accumulation of data regarding system use.
At the heart of this platform is their very own security token known as MATE. MATE is the fuel that makes the platform run. This token was offered to accredited investors in a crowdsale that ended in June. It will serve as an intra-platform currency, which provides access to Augmates services.
It should be interesting to see how Augmate structures their token in the future. As of now, the company clearly states that the token was sold as a security, however it will act as a utility token. In an excerpt from their whitepaper, Augmate states, “The MATE is classified as a security token though its initial function is more utility focused since it is a fractional usage token for using Augmate Connect. However, given the nature of future expanded usage and potential value for additional products and services, the securitization of the MATE is prudent for the current nascent phase of regulatory guidance on tokens.”
Next is the follow through. Augmate has undergone a successful STO, and raised funds that will allow for the continued development and deployment of their product. Augmate indicates on their website that they are in talks with various security hosting exchanges, and expect for their token to become tradable immediately upon distribution.
To learn details about the project, please view our Augmate Token Listing page.