A smart city is not just a great concept of the future of modern urbanization. Indeed, it is our dream to live in an interconnected world and work with technology with ease. We need to put a lot of work to build new infrastructure. IOTA Foundation is one of the key leaders in cutting edge technology that helps build smart cities. Many of us known MIOTA, a cryptocurrency based on Tangle technology. But there is much more about the whole ecosystem of IOTA that can offer to the world.

Today, we use a lot of smart technology. We are more than certain that the Internet of Things will have an enormous impact on our everyday lifestyle. We start seeing the first functional elements of smart cities in Asia, but we will build smart cities in the USA and Europe on a high scale soon.

By 2050, 66% of the world’s population will live in cities. 1.3 million people move into cities every day. IOTA Foundation set up a great vision of the future. Smart cities, where we access and share a big amount of data that helps us make better decisions and live an easier life.

IOTA Foundation

IOTA Foundation signs a strategic agreement with the South Korean Observer Research Foundation and Tanglehub to jointly apply for smart city projects within South Korea, South East Asia, and Europe in 2021.

Is IOTA future in smart cities?

Smart cities can be designed and built from the ground up: interconnected, sustainable, and adaptable to everyone’s needs. With IOTA’s vision and technology, we are one step closer to start creating them in 2021.

Tae IL Cho, CEO, Observer Foundation: “IOTA has a broad range of applications, to cover a multitude of smart city relevant use-cases with a single protocol. In particular, we want to support the design and implementation of a service-oriented ecosystem by discovering innovative services that can utilize distributed ID (DID) services such as objects, data, and contracts, as well as new services that link and utilize DLT/blockchain services (identity verification, logistics, payment, etc.) built through the Blockchain Free Regulatory Zone project.”

Dennis Schouten, CEO of Tanglehub said: “We have been actively developing with IOTA since its inception and are convinced of its potential to provide a globally secure and scalable infrastructure for data, micropayments, digital twins, and many other use-cases. With the upcoming version of the protocol and additional standardizations, IOTA will provide the basis to develop production-ready solutions. We are excited to work with the IOTA Foundation and the Observer Foundation in smart city projects.”

Smart city

Smart cities aren’t just a concept or a dream of the future. There are few smart cities mostly in Asia today.

A smart city is simply a city that uses lots of Information and Communication Technologies (ICT). The main reason to build smart cities is to develop and deploy sustainable development and overcome growing urbanization challenges. Citizens engage with the smart city ecosystem using smartphones, connected cars, or smart homes. Cloud-based Internet of Things receive, analyze, and manage data in real-time.

Here are some examples where the Internet of Things will play a crucial role in a smart city:

  • Traffic congestion and parking spots
  • Energy distribution
  • Trash collection
  • Air quality
  • Government services

Today, 54% of people worldwide live in cities and by 2050 the amount will reach 66%.

IOTA helps Internet of Things

IOTA was created to help thrive the Internet of Things. The main purpose of IOTA cryptocurrency is to serve the machine economy by enabling feeless M2M (Machine-to-Machine) payments.

The future is about a machine interconnecting. There will be so many smart things, we just need to make them speak and listen.

IOTA is a decentralized cryptocurrency engineered specifically for the Internet of Things. Its real-time micro-transactions and providing an ecosystem that is ready and flexible for scale. IOTA is not based on blockchain but it’s innovative technology Tangle.

Are you interested in IOTA technology? Read the article Why IOTA makes a bright future for the Internet of Things.

What is Observer Foundation

Observer Research Foundation (ORF) created an innovative platform where individuals and private firms trade daily weather data. Its technology allows collecting weather data from smartphones, mini weather stations, or automobiles. Anyone who collects the data is eligible to receive the Observer token as a reward.

Observer foundation already has few mini weather stations in South Korean cities, such as the smart city Jeju or Siheung. Observer Foundation already partnered up with Sevel Eleven in South Korea and Vietnam for the installation of mini weather stations in the country.

What is Tanglehub

Tanglehub is an official IOTA partner since 2019 that utilizes distributed ledger technology to control and share data. Its mission is to create innovations that boost data security and privacy by using decentralized technology.

Tanglehub offers innovative solutions to future-oriented organizations that prepare their IOT dataflow into a secure and controllable platform. Tanglehub paves new roads with innovative decentralized solutions for smart cities, e-health, supply chain, communication, and more. From strategy to implementation, Tanglehub provides organizations the competitive edge necessary in the fast-paced world of IoT.

IOTA price

The news about IOTA strategic agreement came out on 21st January 2021. The price of IOTA token was $0,45. Investors didn’t react to the news. The sell-off at the end of the day and the next day was caused by the inauguration of Joe Biden, the new president of the United States of America.

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The price of IOTA went down to $0,39 but the next day was up to $0,45.

The all-time high of IOTA was in December 2017 when the price was $5,07. During the bear market, the price dropped down to $0,11.

IOTA Technical analysis

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Is IOTA future in smart cities

Internet of Things has a great potential for the human race. Many futurists agree IoT will play a significant role in our everyday life. There is one more good thing for crypto investors. IoT will be one of the fastest-growing markets and IOTA is the key player in the cryptocurrency market right now.