Jaguar Land Rover Tests IOTA (MIOTA) Reward System
Following the news of a reward system under testing, MIOTA prices reawakened and rallied from recent lows.
Jaguar Land Rover, one of the largest British-brand auto manufacturers, is testing a system to use IOTA coins as a reward for sharing data, reported Reuters. Newly manufactured vehicles may be equipped with a wallet, to reward drivers for sharing data on traffic and road conditions.
Following the news, IOTA (MIOTA) prices bounced off recent lows, rallying more than 15% overnight to above $0.31. Until recently, MIOTA was a largely forgotten asset, as the coin drifted away from the hype of December 2017. MIOTA had peaked above $5.50 on the expectations it could replace older digital coins. Since then, however, the coin crashed to lows under $0.30.
IOTA is one of the first assets created to serve the Internet of Things, and car data is one use case for the coin.
“The smart wallet technology ... can be easily adapted into all new vehicles,” said Dominik Schiener, IOTA co-founder.
“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,” he said.
IOTA has become more user-friendly since the launch of its Trinity wallet, and the addition to leading hardware wallets. However, most of the price rise is speculative. MIOTA sees majority of its trading happen on Binance, against Bitcoin (BTC), with a 22% Tether (USDT) share among total trading pairs.
The IOTA network has a specific way of sending out coins, which is not using a blockchain, but instead, each wallet is a node which connects with other nodes. The IOTA system also uses a ternary counting system, an internal feature that is seen as innovative, but also problematic. In the past, Ethereum’s Vitalik Buterin has criticized IOTA for making its system unnecessarily complex.
In the past, the IOTA network has also seen troubles with attempting to implement its own hashing mechanism, which proved vulnerable. Additionally, IOTA users have reported losses due to wallet-related issues.