Category: Tangle Technology

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Cars and blockchain? Another use case presents itself

Categories Blockchain, Technology, IOTA, Tangle Technology, Automobile Industry

Cars and blockchain? Another use case presents itself

The automotive industry has long been considered as one of the most cutting edge and tech-friendly. From exciting new technologies such as AI and autonomous systems, stakeholders are not shy to lead the way. Blockchain is now being touted as another technology that can be integrated into the world of cars and machines.

Over the last 18 months, car manufacturers have been covertly picking up on the blockchain fever whilst trying to figure out how it can be integrated to suit their different needs.

Volkswagen and IOTA

For example, on June 11th, Volkswagen and IOTA demonstrated a proof of concept that utilises IOTA’s Tangle system for autonomous cars. This is just one way in which blockchain technology can be applied in the automotive industry.

Whilst we aren’t quite at the level of space-age apps and self-driving cars, companies such as BMW are using blockchain to keep track of the cobalt they use, to ensure that it is being mined ethically.

There are a large number of ways that blockchain can work within the automotive industry and some of these are being snapped up already. BMW, Mercedes, and Porsche have already put the tech to the test with various applications such as Mercedes safe driving programme that rewards drivers with cryptocurrency.

IBM and BOSCH

But it is not just the big players leading the way, manufacturers such as IBM and Bosch have entered the race, with the latter holding 958 autonomous car patents, way ahead of Audi who have 512.

Ford, BMW, Renault, General Motors and around 30 other companies have also come together to form the Mobility Open Blockchain Initiative that has come out of UC Berkley. Run by students and including members such as IBM and Bosch, it aims to promote blockchain within the automotive industry.

Formed on May 2nd, four leading car manufacturers launched a joint venture with a mission to increase the adoption of blockchain technology as well as to revolutionise transportation.

We are seeing an increasing number of blockchain use cases as the technology makes its voice heard in a number of sectors from corporations and banks to governments. But Brian Kelly, founder and CEO of digital asset investment firm Brian Kelly Capital Management stated that the motor industry is a new battleground for blockchain;

“This is a tectonic shift in the tech landscape, that has the potential to disrupt the growth plans of legacy tech into the auto.”

 

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What is the deal with IOTA?

Categories Blockchain, Cryptocurrency, Technology, Tokens, IOTA, Tangle Technology

What is the deal with IOTA?

IOTA has not been lucky enough to escape the digital beating that the cryptocurrencies have experienced over the last week as prices dropped by up to 25%. One IOTA is currently trading at around $1.27 at the time of writing, a drop of 37% from $2.04 one month ago.

The IOTA cryptocurrency is dedicated to the Internet of things and it has been touted as a forerunner for the third generation of blockchain. This means that it can be used by both machines and humans, but there are differences between it and other cryptocurrencies. The main difference between the two is that IOTA does not use a blockchain of any sort and instead it has been created on a new form of DLT called Tangle.

By using Tangle, it eliminates the need for miners from the entire process as every user has an equal role within the network. Verifications are carried out by all parties and combine to form a web of transaction verification that is completely free of charge. Tangle also boasts a fast transaction speed and quantum resistance.

Over the course of 2018, Tangle has suffered against the USD having started the year at $3.53 until settling at the time of writing on $1.27. During the end of 2017’s bull run, the value of a single IOTA exceeded $6.40 showing an 1800% increase but this success was not to last. Dropping to an all-time low of $1.02 in April, it then rose to the current price over the following months.

For the market to be considered a long-term bullish market, we would need to see the price break and remain over $2.66. For it to be considered a long-term bearish market, we would need to see the price go below the $1.02 point. If IOTA is able to break above the $2 mark then it is hoped that it would go on to reach its long-term peak of $2.66 however, it will need significant momentum to achieve this.

If bears begin to gather steam again and succeed in pushing prices below $1.11 then we could see prices heading once again to $1.02. When we look at the technical indicators, they are currently showing signs that favour the bulls. Let us see what the next few weeks have in store!

 

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IOTA – The third generation of blockchain

Categories Blockchain, Cryptocurrency, Smart Contracts, Technology, Cryptocurrency Exchange, Tokens, IOTA, Tangle Technology

IOTA – The third generation of blockchain

There is no doubt that blockchain is indeed an incredible invention and many tech experts believe that it could be the most significant development since the dawn of the internet. One thing is for sure and that blockchain is going to have a pretty significant impact on the world around us over the next few years and it is expected that this technology will infiltrate almost all sectors of our economy.

In short, blockchain is a digital, distributed, and immutable network that does not require a centralised authority to control it. It is a global ledger that function via a network of interconnected nodes that are universally accessible.

Blockchain 1.0

This was the first blockchain that was created by Satoshi Nakamoto. Designed to run Bitcoin, blockchain 1.0 keeps a detailed record of all transactions and then updates these transactions across all nodes.

Blockchain 2.0

This version of blockchain is a step up from blockchain 1.0. It was created by a Canadian student called Vitalik Buterin and it is popular because it facilitates the execution of smart contracts. Smart contracts are self-executing contracts that can take place between two or more individuals or entities. These contracts are able to manage, run, verify, and execute a range of transactions. Ethereum, the world’s number 2 cryptocurrency runs on this blockchain network.

IOTA – the third generation blockchain

This is the world’s most advanced blockchain platform. A third generation, immutable, digital network that uses an extremely advanced data structure known as Tangle to facilitate transactions. Tangle is known as an idiosyncratic data structure that uses a Directed Acyclic Graph. You can describe IOTA as an open source, permissionless, distributed ledger which is superior in almost every way to blockchain 1.0 and blockchain 2.0. The Tangle does not store information in blocks, but rather in adjacent nodes meaning it doesn’t grow in size like the blockchain does. The platform uses IOTA tokens to power the transactions that take place over the network.

One of the ways in which Tangle is superior to blockchain 1.0 and 2.0 is that it is scalable. One of the main drawbacks of previous blockchains is the fact that there are limitations on the supply and network scalability. Tangle is infinitely scalable and can grow to a truly astronomical size. Secondly, Tangle does not charge its users any fees. It is also fork-less which means it will always run in this way without the threat of a fork out. It is also completely immune to hacking and any other form of cyber attack and its integrity is impossible to breach.

Tangle is widely expected to become the next generation network for all cryptocurrency transactions. It is also a preferred network as it is fast, scalable, impossible to breach and it is also pegged to play a big part in the 4th Digital Revolution. Tangle and its token IOTA is going to power the future through the Internet of Things, Internet of Value, and of course, to run smart contracts.

 

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IOTA has introduced Qubic software

Categories Technology, Trading, Cryptocurrency Exchange, Tokens, IOTA, Tangle Technology

IOTA has introduced Qubic software

There has been an awful lot of talk around the latest IOTA project. This won’t come as much of a surprise to those that are familiar with IOTA and its native Tangle technology, but this new bit of tech is set to seriously raise the bar. Qubic is already being billed as a world-changing bit of software, but what do we really know about it?

How does Qubic work?

The short answer to this is “no one really knows”. Thus far, the specifics surrounding the project have been shrouded in an air of mystery but more details are scheduled to be released in the coming days.

So far, we have gathered that Qubic will seek to change the way that businesses interact with and use smart contracts. Similar in some ways to other more mature ecosystems, IOTA will provide the smart contract functionality- a great thing in a world where there is no such thing as a one-size-fits-all blockchain solution.

Qubic is expected to place a big emphasis on smart contracts and will provide an oracle system which will be capable of connecting USD/EUR conversions to a smart contract. The exchange rates will be taken in real-time from Bloomberg.com and this means that new trading vehicles that are linked to IOTA can be introduced.

A possibility of facilitating trading options

One possible outcome is that Qubic will facilitate a way for trading options that are related to IOTA. Speculating on any asset can lead to increased volatility and even though those behind IOTA would like to see a bit more stability, a balance is expected to be found. Hedging bets on crypto are increasing in popularity, but until the market truly matures, its volatility means its pretty tough to do so effectively and profitably. Qubic may offer a suitable solution, in this case, assuming of course that this is how the technology is designed to be used.

It also seems that Qubic will also offer a way for existing IOTA trading platforms to tap into the world of decentralising margin trading. This particular accomplishment will be achieved through using IOTA Tangle to offer a low-cost and simple infrastructure. For those who want to convert to and from USD/EUR and IOTA, the future is looking pretty bright.

Let’s wait and see

Scheduled to be officially launched in the near future, everyone is poised to see how this technology will measure up. If IOTA can deliver on their promise and the expectations around Qubic, it will be a big step for them, but until then, let us wait and see.

 

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