IOTA Partnered With Taipei To Become A Blockchain-Powered Smart City

It seems like IOTA partnerships are one of the biggest highlights of the cryptocurrency community.

When all prices keep plummeting (including IOTA’s), and the market fears tighter regulations, the IOTA Foundation doesn’t seem to be worried about the alleged market crush and keeps on moving forward with its plans.

One of the most recent developments was announced only yesterday – IOTA partnered with Taipei To Become A Blockchain-Powered Smart City.

The IOTA Foundation has signed a partnership agreement with Taipei on Tuesday, January 31, to explore ways how IOTA’s Tangle technology can be integrated into the Smart City Project.

From the statement made by the Co-Founder of the IOTA Foundation, David Sønstebø:

“It proves that our next-generation technology is ready for real-world use cases and is more than just a theory. We’re just beginning to scratch the surface of the effect IOTA can have on making the world of IoT ever-more connected and paving the way for not just smart cities, but a smart world.”

The Smart City project had started last year when significant municipalities in Taiwan introduced a wide range of experimental projects, including “smart” roadside parking and citizen cards that could be used to pay for bus fares and even borrow books.

The innovative technology behind IOTA will start a new era of smart cities not only for the citizens of Taipei but hopefully around the world.

The Details of IOTA and Taipei Partnership

One of the first projects in the pipeline is creating citizen ID cards that are built on the Tangle technology – ‘TangleID’.

Similarly to the Estonian blockchain ID cards, the Tangle-based ID cards will eliminate the risk of identity theft and voter fraud. At the same time, they will allow for new benefits, such as health records’ storage, government and community-related services.

But – there is more.

The IOTA Foundation is already working on another project that would be first tested in Taiwan’s Smart City – palm-sized cards Airbox which will be equipped with sensors that detect temperature, light, humidity and pollution.

The citizens of Taipei would get live up-to-date information about the weather conditions in the city through a comprehensive environmental network across the city.

This project confirms that the IOTA technology is undoubtedly ready for real-world use cases as opposed to the majority cryptocurrencies which tend to start and end on a theory.

What Does It Mean For The Price Of IOTA?

If you’re a cryptocurrency investor, then you probably tend to spend quite a bit of time tracking price changes on CoinMarketCap.

If you do so, then you would realise that after announcing the new partnership, the price of IOTA instead of going up, kept on going down.

Why is that?

First of all, you shouldn’t be panicked.

Second of all, the cryptocurrency market is still recovering from the January market correction, and it’s likely that the rest of 2018 will be shaky for most crypto-coins (more on that in our article about Cryptocurrency Market Predictions For 2018).

The likelihood of IOTA falling below the $2 mark is quite low. Meaning, the current price is perhaps the weakest it will get.

One of the first things that BiteMyCoin always tells new cryptocurrency investors is to believe in the technology and possibilities of the coin, rather than its price.

The nature of cryptocurrency is to be volatile and be a long-term investment. So unless you’re a cryptocurrency trader, prepare yourself for a long wait before you see the profits.

But in case of IOTA, it’s almost certain that the price will blow up.

Regardless of cryptocurrency regulations around the world, there’s one thing that won’t change – the technology behind virtual currencies, which inevitably is the next step forward.

So to use it, some form of cryptocurrency will have to be accepted and adopted.

From the looks of it, IOTA has great chances of becoming known not for being cryptocurrency, but for the technology it has introduced to the world.

And for that reason, IOTA is one of the best cryptocurrency investments at the moment.

If the fact that IOTA partnered with Taipei to become a blockchain-powered Smart City is still not convincing enough, look at another recent partnership with Volkswagen and look at the bigger picture beyond the current price.

However, if we managed to change your mind, you can register with Binance to invest in IOTA.

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Megan is a self-taught blockchain enthusiast. She enjoys combining finance with technology, from a less-techy perspective. BiteMyCoin is her most recent project underneath the umbrella of an international digital marketing agency ANCHOVY.