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How IOTA Can Influence The Autonomous Car Industry

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IOTA

The industry of self-driving cars has made a lot of progress in the recent years, and according to a recent demonstration by Volkswagen, a lot more is to come soon.

Volkswagen’s presentation at Germany’s CEBIT ’18 Expo in June of this year has unveiled that the carmaker is joining forces with IOTA blockchain. IOTA has become known for its association with car manufacturers and IoT devices. Now, Volkswagen wishes to show how IOTA’s blockchain technology can be used for improving self-driving vehicles.

IOTA’s PoC demonstration especially indicated that the project’s Tangle architecture can assist carmakers with the possibility of secure transfer of various software updates. The updates would arrive over-the-air and would be a large part of VW’s ‘Connected Car’ system. Obviously, the carmaker wishes to make the blockchain technology a large part of the future mobility.

It is also important to make a distinction between the terms autonomous and automated. According to Mathworks’ Jim Tung, autonomy is a concept of self-governance. This basically means the ability of a vehicle to make its own decisions, and not depend on the human intervention in new situations. This is different from automated robots, that would always perform the same action each and every time.

Automated machines can only work in the perfectly controlled environment, while autonomous machines can use the existing data to make split-second decisions that may differ from the situations that they are familiar with. The only issue is to give them enough data to make them capable of making such a decision, which is where IOTA comes in.

About IOTA

IOTA is an open source ledger that is distributed in quite a revolutionary manner. It doesn’t rely completely on its blockchain like many other such projects, but on its other invention by the name of Tangle. Its platform allows numerical money transfers between all of the connected devices. These transactions are what we know as micropayments. Another important part of the platform is that it has no fees for these transactions, which is more than beneficial for such micropayments.

The team behind IOTA wishes to allow all connected devices to contribute their own data and other properties in real time. This concept is revolutionary by itself, and when applied to autonomous cars, it can be a real game-changer for the industry.

Tangle explained

Now that we are a bit more familiar with IOTA, let’s take a closer look at Tangle. Tangle is a new way of structuring data, which is based on DAG (Direct Acyclic Graph). This means that the system has a topological order. Basically, it allows different kinds of transactions to go on different sidechains of the network, all at the same time. This allows it to eliminate things like chains, blocks, and even miners. This is also what made IOTA stand out from other blockchain projects, and what allowed this project to also eliminate transaction fees, and make data transfers more scalable and secure.

The fact that different types of transactions can all run at the same time can be of immense value if the system is used for a specific purpose, as in the case of Volkswagen’s new plan. There is another big difference that makes IOTA’s system stand out, and that is the way that transactions are made. Since there are no miners to validate transactions, they can only be made by those who are actively engaging on the network’s consensus. This is done by approving two previous transactions, which is a great way for a system to ensure that the network will achieve consensus.

IOTA’s website offers an entire list of various features, many of them quite unique. Those include things like the absence of transactions fees, quantum-immunity decentralization, and increased scalability.

Security issues

This process can have great applications when its implementation is perfected, and it will especially improve transparency and security. Previously, there was a lot of concern regarding the potential exploit of the autonomous cars’ software. Various studies have shown that it is possible to infect the software with malicious code, which would then interfere with steering, acceleration, breaks, or maybe even completely disable them.

Blockchain technology might be able to eliminate these dangers, but there are still a lot of tests and trials to be one. Especially, after considering that Volkswagen has had a two-year-long legal battle with security researchers after they uncovered a flaw in the cars’ keyless entry system. The fact that Volkswagen tried to keep things quiet when the researchers wanted to publish their findings did not help the company’s image.

Now, it would seem that the company is ready to turn to transparency. Hopefully, this might be enough to regain the trust of authorities, as well as its customers.

What does the future have in store?

IOTA’s goal is to bring the economy of autonomous machines where various devices can communicate with one another through Tangle. Of course, this would include autonomous cars as well. The project is already making steps towards this goal, and they have already launched a first car-charging station that receives IOTA coins as payment.

Additionally, IOTA wants to make its system a part of MaaS, and allow it to make use of its distributed technology for the purposes of accounting. This would allow for various new possibilities, like making payments and reservations or VW’s self-driving cars.

This technology might then develop to allow even more uses, like planning trips, booking tickets, and more. Not only that, but IOTA also entered a partnership with MOBI, which is a hint towards its plans to also enter the transport industry.

Finally, there are Volkswagen’s plans, which are envisioning the use of Tangle for data distribution in their autonomous cars industry. IOTA can allow all updates, transactions, and all other communications between devices to be secure and completely wireless. Over 250 million cars are expected to reach the roads by 2020, all of them connected with each other, and it would seem that Tangle will be the way to go.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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