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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Canopy Growth bought out its competition to consolidate leadership
Canopy Growth announced the acquisition of one of its main rivals, Supreme Cannabis, in a transaction valued at $345.6 million...
Aortyx closes €1.6 million financing round to initiate clinical trials
Aortyx, a Barcelona-based startup specialized in devices to treat vascular problems.closes $1.9 million (€1.6 million) financing round. The company, which...
Third successful million-dollar campaign in three months for Walliance
The real estate equity crowdfunding campaign for "Treviso G Park" project raises $2.4 million (€2 million) bringing Walliance's Q1 2021...
US crypto exchange Coinbase had a record quarter before IPO
The US crypto exchange Coinbase has presented brilliant financial figures for the 1st quarter of 2021. This further fuels expectations...
The Bank Al-Maghrib’s liquidity deficit increases
Despite the slowdown recorded at the beginning of the year, the bank liquidity deficit should continue to grow in the...
Business6 days ago
Why Elon Musk Should Consider Precious Metals-Backed Currency
Cannabis6 days ago
Senators in Mexico seek agreement on cannabis regulation changes
Business7 days ago
How to create blog content to attract your ideal target audience
Featured6 days ago
A close look at the huge margin debt and the Archego Capital collapse