IoT systems today tend to be built around the concept of IoT/cloud convergence, integrating heterogeneous data streams within cloud infrastructures, and thus benefiting from the scalability, performance and capacity of the cloud. This approach is very efficient for some IoT applications such as big data processing problems. However, these architectures promote a centralized data collection and processing approach, which introduces several limitations in terms of supported applications and business models that they enable. The main goal of M-Sec project is to empower IoT stakeholders to develop, deploy and operate novel IoT applications based on a scalable highly decentralized paradigm, which facilitates incentivized peer-to-peer interactions between objects and people. The project will explore semantically interoperable interactions between people/objects according to a given social context, beyond their simple peer-to-peer information exchange and internetworking. Overall, the M-Sec paradigm will enable the introduction and implementation of specific classes of applications and services that are not efficiently supported by state-of-the-art architectures. The M-Sec project will deliver a set of concrete and added value main results: 1. M-Sec distributed, self-organized, robust and trusted IoT infrastructure that empowers IoT stakeholders to develop, deploy and operate novel multipurpose IoT applications for smart cities on top of smart objects. 2. An open IoT market of applications, data and services that provides the framework upon which objects and people can exchange value and defines the motivation incentives for humans and smart objects to interact. 3. A sustainable ecosystem of stakeholders, roles, tools and infrastructures upon which new entrants and other players can build and experiment with the future application services. 4. A parameterized model on how to replicate the M-Sec approach further and guarantee its return of investment and benefits.