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Altcoin News: Will IOTA and VW Build the Car of the Future?

January 29th, 2019 by Marko Vidrih on ALTCOIN MAGAZINE

Volkswagen is one of the world’s largest automakers, and a primary focus of IOTA is on the mobility sector. IoT-driven blockchain platform IOTA is one of the largest cryptocurrencies by the market capitalization. In IOTA’s Internet, billions of devices should be connected.

They exchange data, communicate with each other and even pay. That is why IOTA is also called “machine” of cryptocurrency. And this Internet of Things is emerging.

With more and more sensors, chips and programs being installed in all devices, this network is growing day by day. Big companies are already testing Tangle and now IOTA-VW could help build the car of the future. But how can this collaboration look like and how can Volkswagen benefit from it?

The IOTA-VW partnership

In addition to the IOTA Bosch partnership and the IOTA Fujitsu cooperation, there is now also cooperation between the “machine” cryptocurrency and the world’s largest automotive group VW from Wolfsburg.

The cooperations with Bosch and Fujitsu are also going well. This could soon be applications in the real world. First tests were successful. And the great thing about the new news is:

The cryptocurrency and the Wolfsburg want in year 2019 the first car with blockchain technology on the market. But how is that supposed to work and what distinguishes this car?

Benjamin Sinram, head of the Blockchain team at the Wolfsburg-based automotive group, announced plans to develop a “Digital Car Pass”. This digital car pass should use the Tangle and use this technology to reliably collect and communicate data about the car.

Especially with the background of autonomous driving, this application should be very interesting. In addition, cars can make payments with the Digital Car Pass. For example, a car could pay for the parking garage when passing the barrier or even pay a toll on certain roads and highways. These applications are very interesting for both companies.

  • Already at the CEBIT 2018, the two parties had announced cooperation. At that time, however, it was not so deep in the project. First steps have been announced, but now the partnership seems to be even better applications possible. Because now it was announced that it will be further intensified.
  • So not only cars of the brand VW are to work with it, but soon Porsche cars will be equipped with it too. In addition, the IOTA Foundation and VW are developing a solution if several people want to use an autonomously driving car.
  • This can be very important for liability or for payment and for data collection. In this area, both parties are thus pioneers and could completely change the car market and reinvent.

In addition, work is underway to document the supply chain for the automotive group. Today, where just-in-sequence production takes place, so every supplier part has to arrive at the plant just in time and in the right order to assemble the car, documentation of the supply chain and production steps is extremely important.

Again, Tangle can help companies like VW to optimize production. This is very important because of the cost and the time factor.

What could the partnership look like in the future?

For the cryptocurrency, a commitment to pay would be very important and lucrative. On the one hand, the MIOTA token would serve as fuel and keep the network going. This would probably ensure that the price increases enormously.

  • In addition, the Foundation could charge a small fee from the carmaker or other partners to fund further research. Because the Tangle itself does not cause any costs, these fees can be very low and all sides would be helped.

In addition, it is conceivable that by integrating the cryptocurrency into so many cars, public attention and thus acquaintance will grow exponentially. In 2017, the year of the cryptocurrencies, we saw the impact that big media coverage had on impact.

  • This alone could increase the value of the cryptocurrency and make many investors happy. In addition, however, even more, corporations should become aware of the “machine” cryptocurrency. This attention could lead to further partnerships, bringing Tangle to even more businesses.

Should you buy IOTA?

The coin — also called MIOTA — is currently listed at around $0.30 per coin. Although this is significantly higher than the ICO, but also significantly lower than the all-time high of over 5 dollars. The crash has to do with the fundamentally bad crypto year 2018. Because the Bitcoin and many other cryptocurrencies fell so strongly, the “machine” cryptocurrency could not escape the pull.

  • Many of the established currencies fell by 80 to 90 percent. Some lesser known and worse projects even rattled directly into bankruptcy. But that will not happen with the “machine” cryptocurrency. It is already too well-known for this, has too good technology and could be indispensable in the Internet of Things.
  • Basically speaking, there is a lot of investment at the moment. For example, there is no mining and all 2.8 billion MIOTA already exist. This narrows the supply and thus ensures that the token is likely to rise in the medium term. Because nobody has to create and calculate blocks, the network is very scalable.
  • Distributed Ledger Technology ensures that the cryptocurrency is truly decentralized. For many other projects, centralization occurs because most of the nodes — nodes that check the blockchain — are bundled back to very few people. This is not the case with cryptocurrency IOTA.

So who wants to invest in the cryptocurrency, should get a good wallet and put on the IOTA future. Such a digital wallet is important to be able to receive, store and send the tokens. Look in peace for a good product and then invest your investment well. And for information: the best products are mostly the hardware variants. They are not very vulnerable to hackers.

Author: Marko Vidrih

Image via Shutterstock

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Marko Vidrih

Marko Vidrih

1.3K Followers

Most writers waste tremendous words to say nothing. I’m not one of them.