Iota has been formally invited by the European Commission to become part of a smart city initiative.
+CityxChange, a project that is aiming to develop eight European smart-cities has been selected to be a crucial part of the EU’s Horizon 2020 plan. The cities span the European Union, with Spain, Ireland, Norway, Estonia, Czech Republic, Romania and Bulgaria all participating. The project began with a vision of “co-creation of the future we want to live in”, and is working together to achieve this goal.
The Iota Foundation is one of a consortium of thirty partners enabling the +CityxChange project, and will be used to provide crucial economic infrastructure.
According to the Foundation’s blog a smart-city is defined as:
“smart positive energy cities, that use digital services to improve quality of life for and together with all of their citizens, generate more energy than they consume, and exchange experiences with cities across Europe to learn faster, together”
The project will be lead by the Norwegian University of Science and Technology (NTNU) and receive twenty million euros from the European Research and Innovation programme Horizon 2020. Implementation is scheduled for 1 January 2019, and the Iota team are apparently highly enthusiastic to be involved. Iota Co-founder and Co-chairman David Sønstebø wrote:
“Being able to explore and demonstrate the utility of IOTA within the smart city context in numerous cities across Europe will be incredibly valuable going forward….As a Norwegian I am personally ecstatic about this project.”
This isn’t the first instance of a cryptocurrency being involved in a smart-city project, earlier this year VeChain announced it would be working with the Chinese government to create provide infrastructure for smart cities in the Gui’an New Area.
Perhaps these news stories should come as no surprise. Cryptocurrencies are a huge technological leap forwards for humanity, offering a huge range of efficiency and organizational solutions. The world’s future cities need a stable and reliable backbone of infrastructure, and the EU Commission seems to have found promise in Iota’s fee-less and allegedly infinitely scalable design.
- XRP Price increase 100%? This Chart confirms a MASSIVE Breakout soon
- Senate Discussion On Blockchain Power Grids
- Charles Hoskinson says: “Cardano isn’t killing Ethereum. Ethereum is killing itself”
- LUNA Crash to 1$! Proposal to fix UST is out, will LUNA recover soon?
- IOTA Guide – Everything you need to know about IOTA Crypto
- Digital Day 2018: EU Commits To Blockchain Collaboration
- Dominik Schiener: Cryptocurrency Needs Innovation, not Speculation
- Founder of Terra Arrest – Will LUNA Collapse AGAIN?
- Weekly Tidbits: Crypto News from the German-Speaking Sphere
- Africa Blockchain Week features Continent’s Technological Leapfrog
- XRP Price can TRIPLE in the next few weeks if THIS Happens, Here’s Why
- EU Commission Roundtable Mulls Cryptocurrency Regulation
- AIBC Summit to Hold its First Ever Fully Virtual Event
- From California to Dubai: Municipal Crypto Spreading Around the World
- XRP Price Prediction – Can XRP reach 2$ before 2022?
- This Coin gained 1,000% amidst the Crypto Crash…BUT BEWARE!
- These 5 Projects have Great Potential
- XRP Price Prediction – Can Ripple reach 1 $ before 2023?
- SAP Joining Blockchain Bandwagon
You might also like
More from Blockchain
What is Reddit Avatars? How to Buy Reddit Avatar? And most importantly, what is RedditFloor? Let's dive into it.