Today, August 6, 2020, the European Union selected IOTA as a prominent pioneer in a recent funding research project.
Prior to the selection, IOTA had partaken in different funding projects which includes Horizon 2020 Positive City Exchange research program and also additional improvements of the Internet of Things and its probable usage in the unrestricted economy and commerce.
Furthering, two Norwegian industries including Powel AS and ABB AS were as well-chosen as Principal developers.
European Union Selects IOTA as Significant Front-runner
EU chooses IOTA to be a major pioneer in its just-concluded event, H2020, with a cumbersome amount of about eighty billion euros, meanwhile, the Positive City Exchange had begun with IOTA since the year, 2018.
IOTA is an open-source cryptocurrency and distributed ledger, built for the Internet of things (IoT). At present, the platform has attained compromise via a coordinator node, operated by the IOTA foundation.
One of the major tasks of IOTA is the expansion of dispersed energy trading marketplace, where users and manufacturers are at liberty to trade energy peer to peer in a regionalized model. IOTA technology however enables energy meters to interconnect uninterruptedly and as well interchange essential information.
The energy can be requested and offered in a decentralized manner. The applicable methods are handled through the Tangle such that the marketplace functions in a regionalized modus without external intervention.
The IOTA Foundation has therefore collaborated with Utility Analytics, Smart Energy Grids to conduct research on how local energy markets can be configured, hence, positive energy blocks and districts can be implemented in a Smart City in the long run.
The major focus is that the upcoming future will be able to function independently without human supports.
Furthering, IOTA is also currently in collaboration with FourC, an M2M and IOTA cloud structures operating on the improvement of an infrastructure that allows operators to handle multiple forms of journeys through various transport providers and to make automatic payments using MIOTA.
In order to carry out a suave and uninterruptable transaction, IOTA makes provision for a seamless method that allots all dealings to the exact beneficiaries through Masked Authenticated Messaging (MAM) channels of payment.
Also, Trinity Wallet is used so that users will be able to manage their financial dealings and as well keep their MIOTA protected.
IOTA, an Usher of Advancement
For some time now, the number of patents in which the Tangle or IOTA is referenced has skyrocketed to about 188.
This copyright emanated from a totaling of seventy different companies which includes tech giants including Siemens, Volkswagen, Bosch, and Ford.
In recent times, Siemens was awarded a patent for making use of IOTA in a database with extremely subtle data.