The IOTA Foundation is in the latest cryptocurrency news for partnering with the popular car manufacturer from the UK, Jaguar Land Rover. The partnership sees a new initiative that may catapult cryptocurrencies into the limelight.
Right now, Jaguar Land Rover is preparing and testing a smart wallet technology that would incentive drivers to earn cryptocurrencies while driving. This is where the IOTA Foundation can help and provide their expertise. Jaguar Land Rover’s main vision is to allow drivers to earn crypto rewards in exchange for sharing data surrounding “useful road [conditions] such as traffic congestion or potholes.”
The IOTA Foundation will also help the company send information to “navigation providers or local authorities.” As Jaguar Land Rover noted, this is the price that should be paid for helping slash the carbon footprint left by otherwise idling vehicles that take a different route thanks to the heads up.
The news went viral on many best cryptocurrency news sites and Twitter, where a lot of crypto evangelists posted about the initiative and development of Jaguar Land Rover with IOTA Foundation.
BREAKING: Jaguar Land Rover has partnered with IOTA to enable car owners & drivers to earn cryptocurrency.
We’re talking digital wallets, tokens, and an entire ecosystem.
THE VIRUS IS SPREADING 🚀
— Pomp 🌪 (@APompliano) April 28, 2019
Exactly, the virus of critical vulnerabilities is spreading. 🤣
— elizabeth stark 😷 (@starkness) April 29, 2019
Fck still can't be seen driving a Land Rover though https://t.co/sPEujOHFA8
— Su Zhu (@zhusu) April 29, 2019
IOTA Foundation will help with its distributed ledger technology – used in the smart wallet “to make and receive payments.” There will be no crypto transaction fees attached and as the technology matures, payments will also speed up.
The Software Architect at Jaguar Land Rover, Russell Vickers, commented on the initiative stating the following:
“In the future, an autonomous car could drive itself to a charging station, recharge and pay, while its owner could choose to participate in the sharing economy – earning rewards from sharing useful data such as warning other cars of traffic jams.”
Holger Kother from the IOTA Foundation also stated:
“Our distributed ledger technology is perfectly suited to enable machine-to-machine payments for smart charging, parking, and tolls, in addition to creating opportunities for drivers to earn their own digital currency.”
Right now, IOTA is the number 15 cryptocurrency based on market cap. As the coming altcoin news show, this coin may rise even more in the future. As a result of these news, the coin has increased by 12% in response to the development, which is nothing but good news for IOTA investors.
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