The British multinational car producer, Jaguar Land Rover, is running tests with a software that enables drivers who choose to share driving data, to earn IOTA. The Earned cryptocurrency then can be used to pay for road bills, parking and charging, as indicated by Reuters on April 28th.
Jaguar F-Pace, Source Wikipedia
IOTA is a decentralized cryptocurrency that uses a DAG instead of a blockchain. Unlike Bitcoin IOTA has not the scalability problem. Using the Tangle technology IOTA can process a high volume of transactions making it a perfect choice for such applications. The name of the cryptocurrency is an abbreviation of “internet of things” (IOT) which IOTA aims to become. In the near future when scalability will be perceived better from investors coins like IOTA will get a lot of attention and might get to top positions in the coin market.
According to the Reuters report, the company has not announced a release date for the data sharing reward program to be introduced. While the project is being tested seems like a good step toward adoption of cryptocurrency for useful things.
“The smart wallet technology … can be easily adapted into all new vehicles,” Dominik Schiener, the IOTA co-founder said speaking for Reuters.
“IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy,” he included.
IOTa ranks on the top 15 cryptocurrencies by market cap and has been hit violently by the bear market hitting $0.20 in December 2018 and had slight recovery signs in 2019 hitting $0.26.
After the partnership announcement, the IOTA price surged by 18 percent hitting $0.3218 according to coinmarketcap.com at the time of writing.