Internet-of-Things crypto platform IOTA has just announced that the EU Commission has given the green light to a smart city initiative, which will have IOTA involved. The smart city consortium called +CityxChange is a project to be hosted and led by the Norwegian University of Science and Technology (NTNU) and to be funded by the EU’s research and innovation programme Horizon 2020. They are going to collaborate on projects for urban tech and have been awarded $20 million for this.

In a post on the official IOTA Medium blog, Head of Business Development at the IOTA Foundation Wilfried Pimenta says about the project:

“The consortium project will receive 20 million Euros in funding by the European Research and Innovation programme Horizon 2020 […] Being able to explore and demonstrate the utility of IOTA within the smart city context in numerous cities across Europe will be incredibly valuable going forward. The fact that NTNU, Norway’s largest university, is heading this effort is tremendous. We have had a good relationship with NTNU and the municipality of Trondheim for quite some time now.”

A core aspect of the initiative is the creation of Positive Energy Districts, areas with a reduced carbon footprint.

The following cities will see projects launched by the initiative over the next five years: Limerick, Alba Iulia, Trondheim, Limerick, Voru, Pisek, Sestao, and Smolyan.

The future of energy production and usage has been the focus of many crypto initiatives lately and some of the biggest names in the industry looking to address questions of decentralised energy management. IOTA has focused on the renewable sector, banking on increased government pressure leading to more investments in green tech.

IOTA utilizes directed acyclic graphs as its chain mechanism, which is far more lightweight than blockchains are. This makes confirmations unnecessary for the whole network, meaning that transaction fees are minimal or nonexistent. Transactions aren’t mined but “forged” in a decentralized way, which also makes the transaction time required minimal (almost instant).

These qualities have put IOTA to the fore of crypto platforms when it comes to use in IoT. This recently announced initiative is part of several recent big wins for IOTA, including the MOBI car technology alliance.

Consortium Project Involving IOTA Wins EU Commission Approval to Roll Out Smart Tech in Several European Cities was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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