The European Union Chooses IOTA As Key Innovator In Funding Program

The European Union has just chosen IOTA as the key innovator in the H2020+CityChange Research program which is a funding program that includes financial support of more than 80 billion EUR by the end of 2023. In our latest IOTA news crypto we find out more about the funding program and the prize.

IOTA participated in many funding programs for the research and further development of the Internet of things as well as its use in the free economy. A lot more companies are starting to recognize the potential of the IOTA tangle and are now piloting the new innovative technology for their own business processes.

IOTA has been recognized as key innovator in the EU H2020 +CityxChange project to bring #DLT innovation in the energy trading marketplace. Stay tuned for more technical details on how #IOTA is being used in the project solutions. https://t.co/Uwiqn3g2G6@plusCities @EU_Commission

— IOTA (@iotatoken) August 5, 2020

As a part of the European Union 2020 research program with a funding volume of more than 80 billion EUR, the +CityxChange already started with IOTA back in 2018. One of the main goals of IOTA is the development of the decentralized energy trading marketplace where all users and producers can trade energy in a decentralized manner. The IOTA foundation teamed up with Powel and Smart Energy Grids to research how the local energy markets can set up and how they can be implemented in a Smart City. The goal is that the city of the future will be able to operate autonomously without the support of people.

IOTA’s technology enables the meters to communicate automatically and also exchange information. The energy can be requested and offered in a decentralized manner so all processes are handled via the Tangle so the marketplace works also in a decentralized manner without a middleman. Furthermore, IOTA also takes on the far-reaching tasks in the field of e-mobility. It cooperated with FourC which is an M2M/IOT cloud infrastructure company that will develop infrastructure that will enable users to book multimodal journeys via the different transport providers and to use MIOTA and pay instantly.

IOTA also provides a system that distributed all transactions to the designated recipients via a MAM payment channel, as well as its Trinity Wallet, is used so that the users can manage their transactions and keep their MIOTA secure. Therefore, the European Union choose IOTA as the key innovator in the research project while two Norwegian companies ABB As and Powel AS were selected alongside IOTA as Key innovators.