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Jaguar Land Rover plans to allow drivers to serve crypto while They Run, IOTA Up Over 14%
According to Reuters, Jaguar Land Rover (UK's largest automaker and a wholly-owned subsidiary of India's Tata Motors), responsible for "designing, manufacturing and marketing both Jaguar and Land Rover products" , "testing software that will allow drivers of their cars to earn IOTA cryptocurrency as a reward for sharing data."
Apparently, Jaguar Land Rover (JLR) works with the IOTA Foundation to develop "smart wallet" technology that will reward drivers for their cars "with IOTA coins for actions such as that their vehicles can automatically report useful data, such as traffic load or potholes to navigation providers or local authorities."
The Reuters report also says that another way for drivers to earn IOTA is if th e car is part of a trip sharing program. IOTA tokens earned by drivers "could be used to pay for customs, parking and charging for electric cars."
JLR says the goal of this technology is to help achieve zero emissions, zero accidents and zero load. The software is built at the company's software development center in Shannon, Ireland, where "engineers have already equipped multiple vehicles, including the Jaguar F-PACE and Range Rover Velar, with" smart wallet "features; however, the company does not yet know when this technology will be" commercially available " . "
Dominik Schiener, co-founder and co-chair of IOTA, told Reuters:
" The smart wallet technology … can easily be adapted to any new car. IOTA will enable interoperability with all these different players. So there's no Jaguar coin, no BMW coin, but a universal token for this machine economy. "
According to Autocar," JLR predicts that 75 billion units will be connected to the IOTA network by 2025 and that transactions will be faster due to the absence of processing fees. "The report says that JLR drivers" will also be able to fill up their virtual wallet in more conventional ways. "
Here's how the IOTA Foundation describes IOTA:
" IOTA is a revolutionary new transaction settlement and data transfer layer for Things of Things (IoT). It is based on a new distributed management technology, Tangle, which overcomes the inefficiency of today's Blockchain design and introduces a new way of reaching consensus in a decentralized peer-to-peer system. By using IOTA, for the first time, people and machines can transfer money and / or data without transaction fees in a trust-free, unauthorized and decentralized environment. This means that even nano payments are possible without the need for a reliable intermediary of any kind. "
The news has led to the IOTA award increasing, with CryptoCompare showing that it is currently acting
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