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Why IOTA is a project worthy of your trust: understanding the basic principles of Smart Cities and Tangle

Bitcoin

Instead of employing blockchain technology, IOTA uses Tangle which sustains transactions. Approval is needed for a transfer to be completed. Tips are unapproved transactions. Approaching transfers ventures through all the tips imaginable, and randomly selects two amongst them.

The Direct Acyclic Graph of the Tangle varies from the mechanics of Blockchain. A ledger keeps transactions secure, and edges connect them. I have already explained the process of validation.

Seoul is well on its path to becoming one of the world’s first smart cities. S-coins will be rolled out soon; folks will soon be able to pay bills and carry out all kinds of tasks with the help of this government-backed cryptocurrency.

A Smart City Hackathon was held this year. This event was sponsored by Groupe Renault, Engie Lab CRIGEN [who has been involved with the Jaguar Land Rover deal], Sopra Steria and a few other top-ranked firms. Smart Cities would lead to more effective energy conservation; as people and industries shall remain connected via a massive web.

Smart Mobility is a key area of focus of the IOTA Foundation. The I-Pace model [of Jaguar] is backed with a smart wallet that shall receive rewards if the driver forwards details related to potholes, traffic conditions, etc. This was unveiled at Trondheim recently; for more information take a look at this official blog post.

IOTA is ranked at #18 in the market. The altcoin diminished at a rate of 0.09% in the course of the past 24-hours. The trading volume recorded is $4.659 million, whereas the supply has 2,779,530,283 MIOTA coins involved for now. At present, the total market cap of IOTA is $687.400 million. IOTA is priced at $0.247308.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.