Britain’s largest auto manufacturer, Jaguar Land Rover, went to partnership with major cryptocurrency aimed at the Internet of Things, IOTA, and is now testing a new service that will allow drivers to earn cryptocurrency and make payments on the move.
The company is developing a so-called “smart wallet” technology which will be installed in its automobiles. In that way, Jaguar car drivers would be rewarded with IOTA coins for their actions.
Are You Sure You Want To Share Your Data?
Everything here is about sharing data. So if you enable your vehicle to automatically report useful data, such as traffic congestion or potholes to navigation providers or local authorities – you get your share of IOTA.
From the company, they said that the drivers could also earn rewards if the car participates in a ride-sharing program. The tokens earned could be used to pay for tolls, parking and charging for electric cars – or even a cup of coffee on the go.
It will certainly be interesting to see how the competitors (and yes Elon, we are talking about you here) will react, especially knowing that Jaguar Land Rover is making an electric vehicle push. Just for reminder, Tesla‘s CEO Elon Musk recently revealed that the company decided to compete Uber and Lyft by using its strategy for an autonomous ride-hailing fleet.
Some tweeters hurried up to “warn” about “the virus being spread”.
BREAKING: Jaguar Land Rover has partnered with IOTA to enable car owners & drivers to earn cryptocurrency.
We’re talking digital wallets, tokens, and an entire ecosystem.
THE VIRUS IS SPREADING 🚀
— Pomp 🌪 (@APompliano) April 28, 2019
Exactly, the virus of critical vulnerabilities is spreading. 🤣
— elizabeth stark (@starkness) April 29, 2019
IOTA markets reacted instantly as it was expected and the token went over the hills from an intraday low of $0.26 to $0.33 adding almost 20% in the past 24 hours. Daily volume had also doubled from $10 million to $25 million at the time of writing. The 20 percent pump has been a long time coming for IOTA which has dropped way down the market cap charts in recent months.
However, this IOTA’s move could be probably predicted since last week at the Paris Blockchain Week Summit when Schiener said that they are expecting the entire year to be really exciting because they are focused on making IOTA the first enterprise-ready permission-less ledger.