Smart Cyber-Physical Systems (SCPS) aim not only at integrating computational platforms and physical processes, but also at creating larger "systems of systems" capable of satisfying multiple critical constraints such as energy efficiency, high-performance, safety, security, size and cost. The AXIOM project aims at designing such systems by focusing on low-cost Single Board Computers (SBC), based on current System-on-Chips (SoC) that include both programmable logic (FPGA), multi-core CPUs, accelerators and peripherals. A dataflow execution model, partially developed in the TERAFLUX project, brings a more predictable and reliable execution. The goals of AXIOM include: i) the possibility to easily program the system with a shared-memory model based on OmpSs; ii) the possibility of scaling up the system through a custom but inexpensive interconnect; iii) the possibility of accelerating a specific function on a single or multiple FPGAs of the system. The dataflow execution model operates at thread-level granularity. In this paper the AXIOM execution model and the related memory memory model is further detailed. The memory model is key for the execution of threads while reducing the need of data transfers. The preliminary results confirm the scalability of this model.