DMRM: Distributed Market-Based Resource Management of Edge Computing Systems

Resource management is a key technique for efficiently operating devices in Internet of Things (IoT). In this paper, we propose DMRM, a new algorithm based on economic and pricing models for dynamic resource management of IoT networks under CPU, memory, bandwidth and latency constraints. We use a supply and demand model, smart data pricing and perceived valued pricing, implementing a marketplace where IoT devices and Gateways buy and sell computing and communication resources necessary for task execution. Our new market-based algorithm is compared to relevant approaches showing that it not only reaches near-optimal results, but also, its scalable, distributed nature leads to three orders of magnitude lower execution requirements compared to centralized approaches.