Newsflash: IOTA shows new Proof-of-Concept, Tron development update & Ripple presents “Multi-Hop”

From a new proof of concept at IOTA, to development updates from Tron, to a new feature at Ripple. Here are some short news from the world of crypto currencies that will be interesting this Saturday.

What you'll learn 👉

IOTA

At the NewCo conference in Toronto, BIOTAsphere unveiled a new proof of concept solution for automotive insurance. BIOTAsphere is a Toronto-based company supported by the IOTA Hub that focuses on the development of real-world IOTA application cases for the industry.

The demo shown in the video is based on the IOTA protocol and a two year old Tesla. The proof-of-concept shows how the IOTA ledger can be used to automatically change a car owner’s insurance policy based on how safely the driver is driving. Based on the driving style, the technology automatically determines the best possible insurance rate and pays for the insurance with IOTA tokens.

https://www.youtube.com/watch?time_continue=994&v=6VYQYlzNPFs

Tron

Tron yesterday delivered a live stream update on the platform’s development progress. Founder and CEO Justin Sun began comparing Tron’s network activity with other blockchains and explained that Tron had received more unique addresses in the first 95 days after Mainnet’s launch than Ethereum had after its launch.

Sun has also announced that Tron has now destroyed 98% of all ERC20 Ethereum-based TRX tokens.

Sun also announced further details on how Tron and the BitTorrent file-sharing platform will merge (“Project Atlas”). He explained that there will be a new TRX20 token (Tron-based token) that will encourage users to share files and increase overall download speed. However, tokenization will not be mandatory and users will be able to continue to use the platform without new tokens. In addition, Sun assured that BitTorrent will remain free and will continue to allow users to upload all types of files.

Ripple

Ripple announced on Friday that Thailand’s Siam Commercial Bank (SCB) is the first financial institution to use the multi-hop feature on RippleNet, which allows financial institutions to make payments on behalf of other banks in the network without settling a bilateral relationship between the banks.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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