IOTA used by industry giant to cut energy use and boost local economies in billion-$-market – CryptoNewsTo

IOTA used by industry giant to cut energy use and boost local economies in billion-$-market

  • IOTA-powered crypto wallet EnergieKnip ensures the anonymous collection of consumer data and effective distribution of token rewards.
  • So Far, EnegieKnip has 50,000 wallets created resulting in 300,000 euros distributed to 9,000 active wallets.

The IOTA Foundation has been one of the most active participants in the blockchain industry sharing its contribution to some of the important issues of climate change and energy saving. In the latest development, IOTA has partnered with distributed ledger technology (DLT) EnergieKnip to streamline and optimize energy consumption and document the data accurately.

Over the last year, we have witnessed energy shortages amid rising demand in different parts of the world. Local governments need to collect data on local energy use while complying with data security and processing rules. However, only after the collection of accurate information on energy consumption, the authorities can present incentivize consumers and present solutions to optimize further.

Citing a major opportunity here, BlockchainLab Drenthe has launched an IOTA-powered cryptocurrency wallet EnergieKnip. With EnergieKnip, the IOTA Foundation is conducting a small experiment in Emmen, a municipality of about 100,000 citizens in the northeast of the Netherlands.

Crypto wallet EnergieKnip rewards users with digital tokens for anonymously sharing data regarding the energy-saving measures used at home. Users can redeem these tokens against the purchase of energy-saving devices in local stores. On a broader scale, this initiative will help the Netherlands government to reduce energy expenditure and meet its climate control goals.

Data Collection and Technology Prowess

Complying with the data privacy requirements, EnergieKnip ensures that the data collection happens anonymously such that it cannot attribute the date to a particular household. EnergieKnip also doesn’t keep any data of user identity during the setup process. Thus, it will never keep data such as name, email, phone number, or address.

Furthermore, EnergieKnip is an easy-to-use platform thereby making customers easily understand the project’s operations. Additionally, it also incentivizes users through a unique rewards system.

The IOTA Foundation said that they have found the right partner with EnergieKnip and a more ecological alternative of its own DLT ledger. EnergieKnip’s distributed ledger platform has some key USPs such as the ability to store collected data in a decentralized way on the IOTA Network. Some of the other benefits include:

  • Feeless transfer of reward tokens from the municipality to households.
  • Instant transactions and no delays in collecting the data and sharing of rewards.
  • Each household gets a dedicated wallet for the rewards token. This helps maintain privacy while ensuring that the data is from one household.
  • A fraud-proof IOTA architecture ensuring the accuracy of data.

In order to ensure 100% anonymity of the participating households, IOTA distributed QR codes within the Emmen municipality. Using the QR code, homeowners could connect the app with EnergieKnip. Activating the app would automatically create a wallet for the reward token. This allowed the transfer of rewards from the community’s wallet to the homeowner’s wallet. Talking further about the project’s success so far, IOTA noted:

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In the first EnergieKnip project, 50,000 wallets were created for as many households (a total of about 106,000 citizens). This ultimately resulted in 300,000 euros distributed to 9,000 active wallets – and all this in a decentralized and anonymous way.

As of data, EnergieKnip has 30,000 active wallets making it the biggest public government blockchain project in the Netherlands.

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