Blockchain Network IOTA will Team Up with Volkswagen

Johann Jungwirth, the Chief Digital Officer of Volkswagen, has just announced their plans to support IOTA cryptocurrency in hopes that the partnership will lead to a global autonomous automobile phenomenon. He further elaborates in his tweet:

“Imagine every MaaS electric self-driving vehicle as an entrepreneur with its own identity, wallet, autonomous pricing and payments for parking, charging, cleaning, maintenance, etc. I am a big believer in Distributed Ledger Technology and Decentralization Computing, esp. Tangle.”

To achieve his dreams, the Volkswagen CDO aims to integrate the IOTA technologies, along with IoT principles, to create an empire of self-driving vehicles. It was last month that Johann took the initiative by joining the supervisory board of the IOTA foundation. He further stated that he would be showing his full support to the IOTA cryptocurrency in BCW (Bosch Connected World) 2018 conference.

Now all of this might seem great and a step towards advancement and modernization, however, many people are rather skeptical as the IOTA market is declining at a rapid pace. Current market price for IOTA is at $1.78 with no rise in trend. Also, the fact that IOTA is still in beta, does put weight on this prevalent doubt.

IOTA has stated some reasons for its descent lies due to misinformative, speculative and FUD tactics. This is made clear in their recent tweet:

“The Next Web (TNW) is hereby blacklisted by the IOTA Foundation and we will not proceed with our planned arrangements with them. The reason for this is Mixtatiq, (who) repeated deliberate defamation through fabrication, lies and a complete mis-representation of our stances.”

But IOTA is trying to gain back its position and make a sort of back. Currently they have Microsoft as their active partner to help launch an IoT marketplace. This can lead to improving the cryptocurrency price. And the partnership with Volkswagen will definitely have an impact on their market share. On top of this, IOTA has promised to come out of beta later this year. This move will help them become a fully functioning foundation. So things are looking good.

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