Jaguar Land Rover Planning to Allow Drivers to Earn Crypto While They Drive, IOTA Up Over 14%

Siamak Masnavi

According to Reuters, Jaguar Land Rover (the UK's largest car manufacturer and a whole-owned subsidiary of India's Tata Motors), which is responsible for the "design, manufacture and marketing of both Jaguar and Land Rover products", is "testing software that will allow drivers of its cars to earn the IOTA cryptocurrency as a reward for sharing data."

Here is how the IOTA Foundation describes IOTA:

"IOTA is a revolutionary new transaction settlement and data transfer layer for the Internet of Things (IoT). It is based on a new distributed ledger technology, the Tangle, which overcomes the inefficiencies of current Blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system. Using IOTA, for the first time ever, people and machines can transfer money and/or data without any transaction fees in a trustless, permissionless, and decentralized environment. This means that even nano-payments are possible without the need for a trusted intermediary of any kind."

Apparently, Jaguar Land Rover (JLR) is working with the IOTA Foundation to develop "smart wallet" technology that would reward drivers of its cars " with IOTA coins for actions such as enabling their vehicles to automatically report useful data, such as traffic congestion or potholes to navigation providers or local authorities." The Reuters report also says that another way for drivers to earn IOTA is if the car is part of a ride-sharing program. 

IOTA Foundation says via a blog post that drivers "could then redeem these for rewards such as coffee, or conveniently use them to automatically pay tolls, parking fees and for smart charging electric vehicles," and that "‘Smart Wallet’ removes the need for drivers to hunt for loose change or sign up to multiple accounts to pay for a variety of everyday services."

Also, IOTA Foundation believes that other benefits of this system are that "it requires no transaction fee to operate and over time transactions will get faster across the entire network, forecast to include some 75 billion connected devices by 2025."  

The research "forms part of Jaguar Land Rover’s Destination Zero strategy which aims to achieve zero emissions, zero accidents and zero congestion," and that part of "reaching this target is developing a shared economy where the vehicle plays an integral role as a data gatherer in the smart city of the future" One example it gives is that "the connected ‘Smart Wallet’ services will promote a reduction in congestion with the sharing of live traffic updates and offering alternative routes to drivers, reducing tailpipe emissions from idling in traffic."

Russell Vickers, JLR Software Architect, said: 

"The connected car technologies we are developing will be transformative and truly turn your Jaguar or Land Rover into a third space, in addition to your home or office. In the future an autonomous car could drive itself to a charging station, recharge and pay, while its owner could choose to participate in the sharing economy — earning rewards from sharing useful data such as warning other cars of traffic jams.”

Holger Köther, director of partnerships at IOTA Foundation, had this to say:

“Our distributed ledger technology is perfectly suited to enable machine-to-machine payments for smart charging, parking and tolls, in addition to creating opportunities for drivers to earn their own digital currency. We are excited to partner with Jaguar Land Rover in implementing its IOTA-powered car wallet, delivering a major convenience benefit for their customers worldwide.”

Dominik Schiener, IOTA co-founder and co-chairman of its board, told Reuters:

"The smart wallet technology ... can be easily adapted into all new vehicles. IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy."

The news has caused the IOTA price to surge, with CryptoCompare showing that it is currently trading at $0.3104, up 15.26% in the past 24-hour period:

IOTA - 24 Hour CC Chart - 29 Apr 2019.png

Featured Image Credit: Photo via Pixabay.com

Tether Gold (XAU₮): A New Tokenized Gold Product Built on Ethereum and TRON

Siamak Masnavi

On Thursday (January 23), Tether launched a new product called Tether Gold (XAUt), which is a crypto token -- available as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain -- representing "ownership of one troy fine ounce of physical gold on a specific gold bar" held in a Swiss vault. 

Paolo Ardoino, CTO at Tether, had this to say:

There is growing demand for digital exposure to physical gold, making the launch of Tether Gold a timely innovation in the crypto ecosystem. Tether Gold provides the combined benefits of both physical and digital assets, removing the drawbacks of holding gold in more traditional ways, such as high storage costs and restricted access.

The XAUt token "can be transferred to any on-chain address from the purchasers' Tether wallet where it is issued after purchase." A particular gold bar(s) "will be associated with each on-chain address where Tether Gold is held."

The allocated gold is "identifiable with a unique serial number, purity and weight" and XAUt token holders are able to verify "the details of the gold bars associated with their address" via the Tether Gold product page on the Tether website. 

Tether Good Lookup.png

Tether Gold is a cryptoasset issued/sold by TG Commodities Limited (a UK company incorporated in December 1998). Each XAUt token represents "one troy fine ounce of gold on a London Good Delivery gold bar" and may be "fractionalized up to six decimal places (i.e. in increments as small as 0.000001 troy fine ounce)." 

Here are a few more important things you should know about Tether Gold:

  • You need a verified account with TG Commodities Limited if you want to buy XAUt directly from its issuer. The minimum purchase amount is 50 XAUt (worth approximately $78,250 as of 23 January 2020). The purchase price must be paid in USD.
  • XAUt tokens can be traded on supported exchanges (such as Bitfinex) "in fractions as small as the exchanges permit.", but you do need to pay 
  • There are no custody fees, but you do need to pay "a one-time 25 basis point fee at the time you purchase an XAUt from TG Commodities Limited and certain additional fees on redemption." 
  • To redeem Tether Gold tokens, you need a verified account with TG Commodities Limited. You must have at least "one full bar of gold worth of tokens" in order to use the redemption service. The physical gold can be delivered to either somewhere in Switzerland or the XAUt token holder can ask TG Commodities Limited to sell their physical gold and receive USD from the proceeds of the sale. 

Featured Image Credit: Photo via Pixabay.com