IOTA (IOT), a public distributed ledger that aims to power internet of things (IoT) networks, surged over 20% in late Sunday trading on news that Jaguar Land Rover is testing software that will allow its car drivers to earn IOTA rewards.
According to a report by Reuters, Jaguar Land Rover is planning to develop “smart wallet” technology, which will reward Jaguar drivers for actions such as enabling their vehicle to automatically report useful data or participating in a ride-share program. These tokens could ultimately be used to pay for tolls, pay to charge electric cars, or simply as a financial incentive.
“The smart wallet technology… can be easily adapted into all new vehicles,” Dominik Schiener, IOTA co-founder and co-chairman of its board, told Reuters on Friday. “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.”
IOT is currently trading for $ 0.299803, giving the altcoin an $833.3 million market cap and making it the 14th-largest cryptocurrency in the AltDex 100 Index (ALT100).
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