- OTA Tangle used by carVertical to bring IoT benefits to everyday life
- MIOTA cryptocurrency will also be supported for payment method along with CV tokens
Bringing IoT to Daily Life with IOTA
carVertical.CITY is a platform that is going to use the technology of the 13th largest cryptocurrency IOTA to take IoT mainstream. In order to bring the benefits of IoT to real life, it is starting with a solution for automatic car parking.
According to its CTO, Audrius Kučinskas,
“We’ve created a cute combination of OBD (on-board diagnostics) features, GPS tracking, and IOTA Tangle possibilities. Everything is packed and served in a single user-friendly carVertical.CITY app which accepts payments in cV tokens.”
The carVertical ICO that was completed in January is coming up with an app, carVertical.City that automatically starts counting the time a car is parked in a paid zone. No overpayments as the timer is automatically stopped when a car is driven away. Utilizing the Tangle, IOTA distributed ledger along with GPSWOX the data is maintained.
As for how it works, an on-board diagnostics (OBD) device tracks the car, constantly checked by GPS, and processes data to the IOTA tangle. “Coordinates, engine status and battery level is stored as an IOTA transaction,” while the goal is to have a device that control and send transactions to IOTA directly eliminating centralized steps on the way.
As for the payment mode, A. Kučinskas says,
“The primary payment method in carVertical.CITY app is CV token. But we’ve also added support for MIOTA cryptocurrency as IOTA is a backbone of our IoT infrastructure.”
The official announcement states that the “app communicates directly with IOTA.” As for the reason behind going with IOTA, it shares, “Because IOTA was made for the devices like our OBDs. IOTA Tangle lets check any car’s parking status anytime. Moreover, it’s very easy to join for the new market players: only their IOTA address is needed.”
Suitable for both public and private parking lots, carVertical.CITY is already available to use in municipal parking zones of Vilnius, the Capital of Lithuania. The app that will be “soon available on AppStore and Google Play” will allow the use of “same app and same cV tokens or MIOTA to pay parking tickets from the streets of New York to Tokyo suburbs,” in future.
“A solution potentially could work all over the world,” Nerijus Misius, carVertical IoT engineer says, “Every parking provider is welcome to our service. It’s easy to join, because you don’t need to build your own infrastructure. It’s enough to provide us the map of your parking lots and IOTA address.”
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.