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Jaguar IOTA partnership: Earn crypto rewards with car data sharing

Maya Mandz | Apr. 29, 2019
Jaguar IOTA partnership: Earn crypto rewards with car data sharing

April 29, 2019| AtoZ Markets - The recent Jaguar IOTA introduces an unprecedented initiative in the history of cryptocurrency circulation.

The largest car manufacturer in the UK has began testing software that will give IOTA [MIOTA] crypto rewards to drivers in exchange of their driving data.

Jaguar and IOTA partnership might lower car accidents

The local media reports that the open-source distributed ledger IOTA will develop technology, which will be integrated on Jaguar Land Rover cars. The technology will work on the principle of "smart wallet" and data on traffic jams or any other obstacles on the roads will be automatically transferred to navigation providers and local law enforcement.

On their turn, Jaguar drivers will get crypto rewards for their car data sharing. IOTA crypto rewards later can be used to pay for travel, parking and charging electric vehicles. According to the press, the partnership will contribute to achieving the goal of “zero emissions, zero accidents, and congestion.

Currently, the Jaguar F-PACE and Range Rover Velar have already been updated using the smart wallet feature. Despite the integration of testing a subsidiary of Tata Motors, the company did not announce a release schedule for the commercial version.

IOTA[MIOTA] in a brief

IOTA is an open-source distributed ledger company with headquarters based in Berlin, Germany. The firm offers a transaction settlement and data transfer service based on a new distributed ledger technology, the Tangle-a stream of interlinked and individual transactions. The transactions are distributed and stored across a decentralized network of participants.

The company's’ own crypto IOTA (symbol: MIOTA) was designed for efficient machine-to-machine transactions and released by the IOTA Foundation in Berlin in 2017.

IOTA crypto is not based on blockchain technology. It utilizes a directed acyclic graph (DAG) which provides different features such as zero-cost transactions, good scalability, and offline financial activities. While speaking about Jaguar IOTA partnership, Dominik Schiener, Co-founder and Co-chairman of IOTA told to one of the media:

IOTA wants to enable interoperability with all these different players. So, there is no Jaguar coin, no BMW coin, but one universal token for this machine economy.

Jaguar IOTA partnership news had a significant impact on IOTA’s price.

This news of Jaguar IOTA partnership has significantly affected the price of IOTA.

In 24 hours the coin jumped 17.11 percent against the US dollar. By the end of the month, this crypto attracted major attention, despite strong community focus on the Bitcoin price fluctuation. At 23:00 UTC on April 28, the coin jumped 18 percent from $ 0.261 to $ 0.308. It was the first increase in the price of the coin during this period.

The coin fell to $ 0.297, and then rose again to 5.31 percent.

Binance, the largest cryptocurrency exchange in the world, holds the largest trading volume for IOTA, accounting for 25.48 percent of the world total in the IOTA / BTC trading pair.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.