The Internet of Things, also known by its initials IoT, makes reference to the way in which daily objects are digitally connected, by means of the Internet, thanks to sensors that catch the signals of the environment and digitise data that later on will be part of a big database in real time. This new model of communication enables that any object or thing can be connected in a “smart way” with the environment, by sending and receiving information in a continuous way.

As a result of the growth and development of the IoT, the IOTA, the cryptocurrency for the Internet of Things, emerged.

What is the IOTA or the Internet of Things cryptocurrency?

The IOTA cryptocurrency is born in 2014, also thanks to the recent launch of the IoT, allowing the commercialisation of the information that was generated in an open market or B2B (Business-to-Business), in other words, the IOTA enables to monetise the information generated through the IoT, so that the companies may commercialise the information generated and collected by the objects that are connected to the network.

Certain companies could, for instance, sell statistic data about their clients’ consumer habits to other companies, thus creating positive synergies for both parties: the companies that market the information, and the clients as the final beneficiaries of the product or service.

The “Horizon 2020” project

The “Horizon 2020” project is an ambitious research and innovation programme created by the European Union, which has an 80 million budget to be distributed between 2014 and 2020. What is expected from this project is not only that it helps to provide with a higher amount of progresses and discoveries at the world level, but also that they can be put within the users’ grasp by means of sustainable growth.

How will the cryptocurrency help the “Horizon 2020” project?

According to a recent statement by the co-founder and co-president of the IOTA Foundation, five Norwegian cities (Trondheim, Limerick, Alba Iulia, Pisex, Sestao, Smolyan and Voru) will act as pilot cities for the next five years with a view to test the long-yearned transition towards the model of smart cities, and afterwards they will be able to share this information with the rest of the cities all over the world.

This shift will be possible thanks to technology, thanks to the internet of Things, and the IOTA will be more than involved in this process, which will allow that these small cities not only become self-sufficient, speaking in terms of energy, but also that their CO2 emissions are near zero. All of which will be carried out through the use of digital services that will generate more energy than consumed, thus enhancing the quality of life of the population in a notable way.

The purpose of the IOTA is to prove how useful their network can result in the physical world, by offering support and tools for decision making, and seeking a radical change “from top to bottom” (local authorities first) with reference to energy use and consumption.

It is expected that this project starts up on January 1, 2019. This innovative plan has the support of 20 million Euros from the Research and Innovation European programme, as well as 10 additional million coming from a few partners of the project, guaranteeing in this way its implementation in the two first cities, Limerick and Trondheim.

Another IOTA success stories

Europe is not the only interested in making its cities into the “smart” model, the Taiwanese city and capital Taipei also craves for becoming a smart city, and it will be achieved thanks to the technology offered by the IOTA.

The first project that will be performed is the creation of citizen identity cards with the IOTA Tangle technology. This technology has a unique protocol that enables to remove commissions completely, carry out transactions more quickly or make bank transfers in a totally secure way, amongst many other functions.

These cards, known as “TangleID”, have been specifically designed to avoid the possibility of electoral fraud or identity theft. Besides, the TangleID will contain information as important as the users’ medical record or other relevant data related to the government.

The purpose of the card created by the IOTA is to offer the user relevant data such as temperature and humidity or pollution levels in real time.

The emergence of projects of such a high nature will mark a milestone at the world level and this system may be adopted in a massive way in small and big businesses all over the world, making it possible to bring the Internet of Things closer to the citizenship, as well as to reality.

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