By CCN: Jaguar Land Rover produced over 600,000 vehicles last year. For a luxury brand, this is a substantial output. Tesla, by comparison, produced under 250,000.
The news broke sometime yesterday afternoon that JLR is utilizing the IOTA tangle (blockchain) for their new cryptocurrency program. They’re going to have on-the-go payments (such as tolls, similar to EZ Pass) and also pay owners for data collected.
“[O]wners earn credits by enabling their cars to automatically report useful road condition data such as traffic congestion or potholes to navigation providers or local authorities. Drivers could then redeem these for rewards such as coffee, or conveniently use them to automatically pay tolls, parking fees and for smart charging electric vehicles. ‘Smart Wallet’ removes the need for drivers to hunt for loose change or sign up to multiple accounts to pay for a variety of everyday services.”
JAGUAR FACES CRYPTO TWITTER BACKLASH FOR IOTA PARTNERSHIP
There’s some degree of privacy trade-off here, and the rewards don’t sound very high. You might be able to earn a cup of coffee now and then, but perhaps the toll-paying feature will be most interesting to users.
Presumably, they’ll top up an account with a fiat method and not have to worry about stopping at toll booths, similar to EZ Pass and other purposes.
If we assume that Jaguar will sell half its production, that’s a few hundred thousand people who will be on-boarded into a form of crypto.
Several people on Twitter have taken issue with their choice of IOTA, and indeed they could have chosen any given platform. IOTA has specific problematic elements that stem from its initial launch.
They made some interesting choices in their design, as well, such as using “trinary logic” and initially using their own hashing algorithm. The latter problem was fixed by switching to SHA-3.
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