According to a research result published by the European Commission on September 9th, the IOTA Foundation-led and EU-funded CityxChange project is ready for operation. With this, IOTA’s technology celebrates another success on a global scale.
Read more about the CityxChange project and when it will be operational in Europe, with our companion app, Born2Invest. Download it for free and be the first to find the most important business news in the world.
CityxChange for a more sustainable Europe
The initiative, which runs until October 2023, aims to create a “decentralized and cost-effective energy trading platform” for a sustainable urban environment by 2050, focusing on the construction and deployment of energy blocks that will be scaled up in cities across Europe.
All this is part of the European plan for the transition to sustainable and clean energy sources by integrating energy saving and front-efficiency measures.
As part of the overall sustainability objective, CityxChange will include local renewable energy, local storage and a P2P energy trading platform, where the IOTA Foundation is the main innovator in the EU’s Innovation Radar initiative. Innovation Radar identifies innovators and potent projects within EU-funded research programs and at the same time assesses their market readiness.
According to Innovation Radar, the CityxChange is now mature and market-ready, which means that “concrete market-oriented ideas have been put together (e.g. market studies, business plans, end-user engagement), but further progress in technology development is needed (about 20 percent of all innovations fall into this category).”
IOTAs Tangle and CityxChange
In the center of CityxChange is the Tangle of IOTA. This is a blockless system that allows IoT or Machine to Machine (MCM) data to flow seamlessly and reliably within a secure and scalable system with low fees and fast turnaround times.
The IOTA Foundation is working on the abolition of the central coordinator and has recently activated Chrysalis 1.5, which is a decisive step towards a decentralized IOTA. Just recently, the project has published important new details about the pollen update and explained what further steps will be taken to help IOTA get back on its feet in its full decentralization.
In any case, CityxChange has developed several demonstration cases in different cities in Ireland and Norway. Five more are being replicated in Bulgaria, Romania, Spain, the Czech Republic and Estonia.
The framework underlying this project aims to create a common energy market and connected communities that are malleable enough to integrate new policy interventions, regulations and business models.
In other related news, the European Patent Office published an application from Xi’an Jiaotong University of China that describes a supply chain data management system using IOTA as the base layer and the HyperLedger fabric as the control layer.
Previously, Mastercard Asia/Pacific (APAC) has been granted a patent by the European Patent Office that describes a “method and system for aggregating micropayment devices based on the Tangle Network” of IOTA.
Although this is not necessarily good news for the IOTA course, as there is often talk of the technology (primarily the Tangle) rather than the native token, it shows that IOTA is gaining acceptance on a global scale. Whether the same is true for the cryptocurrency of IOTA is the subject of controversial discussions and is up to the thorough research and assessment of each investor.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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