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 👉
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.
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 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.
.@scb_thailand will be the first to use “multi-hop”, a key feature on RippleNet that allows financial institutions to forward and settle payments for other network institutions.https://t.co/v2Ch1bJB29
— Ripple (@Ripple) September 28, 2018
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