IOTA is a cryptocurrency and an open-source blockchain network that aims to be a secure marketplace for data plus a free payment system. It has gained worldwide praise for its futuristic technology, future usefulness of recording and keeping track of assets. All for the low low cost of 0 for transaction fees. The project aims to create a market for data which companies can buy and sell. If you need more information about IOTA, their project and team you can read our IOTA guide.
What is IOTA?
IOTA is a digital ledger of transactions, an open-source payment network and a cryptocurrency designed for the Internet of Things. It is headquartered in Berlin and they aim to create a marketplace for data. More than 3 quintillion bytes of data are generated daily. But 99% of this data is wasted and lost forever because there is currently no way for owners to securely sell or share it.
When the Internet of Things becomes an industry of its own any data could be monetized. As soon as the data is put into IOTA’s decentralized ledger, it is distributed to countless nodes and computers, ensuring that the data can’t be tampered with. They got rid of the blocks from the blockchain and are going beyond that, removing any limitations that the blockchain technology has such as fees, centralization and scalability.
IOTA states that the next-generation technology will allow machines to securely transact both money and data with one another, while also recording the fact of the transaction without third party involvement.
The IOTA team grows again
IOTA has teamed up with some of the biggest global corporate names like Cisco Systems, Volkswagen, Bosch and Samsung. It is also supported by China’s Huawei group. A big new announcement is that Johann Jungwirth, the Chief Digital Officer of Volkswagen will be joining the supervisory board of the IOTA Foundation. This foundation and IOTA’s parent company is non-profit and wants to bring value first. It is the first cryptocurrency company that is government-approved and non-profit.
With this new addition there should be an increasing interest towards the project. His role in Volkswagen is Chief Digital Officer (CDO). As such he is majorly responsible for the digital transformation of the whole Volkswagen group, including Porsche, Audi, Bentley, Lamborghini, Buggatti and more. He has also worked as President of Research at Mercedes-Benz. Also as Director of MAC Systems Engineering for the European wing of Apple.
Mr. Jungwirth has incredible in-depth experience with technology and technology markets. His vision and presence in the IOTA board is likely to bring great value and experience to the project. This could mean that the foundation will work faster to bring the technology to the market as soon as possible. Doing this they will bring new business models and new applications for the Internet of Things.
The IOTA technology has already enabled large payments to be transacted without fees. It has increased transparency in logistics, secure updates and free from fees micropayments for electric vehicle charging and parking.
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