IOTA might introduce e-currency

President of the Crypto Valley Association says that IOTA is in talks with central banks about introducing e-currency
02 December 2017   3688

Oliver Bussmann, a President of the Crypto Valley Association, Global Ambassador for UK-based Innovate Finance and Strategic Advisor of IOTA Foundation, has participated in Q&A Session while make an introduction to and the IOTA Evangelist Network on December 2.

The serioussness of the IOTA model is the scalability, the simple set-up and the cost in doing business and they are in serious discussion with central banks to introduce some e-currency or cryptocurrency for central banks and it shows for me that they are being handled and percieved as one of the leading technology providers.

Oliver Bussmann
President, Crypto Valley Association

During the Question and Answer session Oliver Bussmann claimed that IOTA is currently discussing the introduction of e-currency with central banks.

The members of IOTA community believe that if that actually happens, the price of IOTA might seriously skyrocket. users comments towards IOTA users comments towards possible IOTA introduction of e-currency

At the moment of press, these are main market parameters of IOTA:

  • Average price: $1.38
  • Marketcap: $3 829 664 619
  • 24h volume: $132 089 000

Volkswagen to Use IOTA Technology For Software Updates

This project is designed to solve the key problem of secure transmission of software updates "on the air" (OTA) to the network of autonomous vehicles
12 June 2018   228

This week, the German automaker Volkswagen announced cooperation with the IOTA, which develops solutions in the field of the Internet of things. At the CEBIT 2018, the companies are planning to show a new experimental sample of their joint project based on the IOTA DAG network.

IOTA Twitter
IOTA Twitter

This project is designed to solve the key problem of secure transmission of transparent, undamaged software updates "on the air" (OTA) to the network of autonomous vehicles. At the moment the data is distributed centrally, so there is no guarantee that the information delivered to each car is genuine and unchanged. This problem can be solved using a distributed ledger or other similar technology.

In addition, because the scope of autonomous vehicles continues to grow, the system must not only decentralize to monitor each update, but also be able to scale to the right size to cope with the increasing load on the network. Another major factor is security. This factor will become more important when cars become more dependent on software for performing basic tasks and functions related to security.

Johann Jungwirth, Volkswagen's senior director of digital engineering and member of the IOTA Foundation's Supervisory Board, believes that the technology of a decentralized distributed registry will form the basis of a safe ecosystem that does not require participants to trust each other - just the one Volkswagen needs to further develop its the project of autonomous cars. He calls IOTA "an excellent example of how distributed ledger technology can be used in the future."