Microsoft and IOTA has launched the first cryptocurrency market for the Internet of things
Cryptocurrency IOTA started cooperation with Microsoft, Fujitsu and other 20 companies to launch the first publicly available market data for the Internet of Things. What makes this event particularly intriguing is the fact that the market is fully equipped with a distributed register.
The initiative, which will enable stakeholders to share and make the monetization of their data in a safe way, is designed to demonstrate a launch concept for the market data protected from unauthorized access. After loading in a decentralized Ledger IOTA, all data are distributed to multiple nodes to ensure complete stability and security.
Currently, IOTA is the ninth largest cryptocurrency in the stock market Coin Market Cap, with a market capitalization of $ 2.95 billion. It is noteworthy that IOTA uses a new technique for allocation and decentralization of its Ledger. Unlike the standard blockchain technology used by the majority of companies, and IOTA relies on a fundamentally different method, which is called Tangle.
The co-founders of IOTA Dominic Shiner and David Sonstebo declare that in comparison with bloccano, Tangle offers free transactions and better scalability.
In addition to Microsoft and Fujitsu in a demonstration will also participate a number of other well-known companies, including Deutsche Telekom, Bosch, Accenture and PwC.
Demo on the market will work until January. IOTA promises to inform interested parties of any changes in the project by sending messages on forums and blogs.
Ordinary web users also will be able to sell these on the market, connecting your IoT devices to register IOTA. This will allow you to obtain cash on a variety of data, such as statistics of meteorological stations and more.
In the introductory presentation, the representatives of IOTA were informed that all data will be valued equally, but this may change in the future. “In the next iteration we run a simple and intuitive mechanism for assigning rates in combination with a more complex query for a set of data,” said Shiner.