IOTA [MIOTA] to bolster smart cities across EU, receives €30 million as funding

The +CityxChange consortium, which incorporates the IOTA Foundation, has won an offer to lead another smart city lighthouse venture under an EU research and development program. 30 million Euros worth of sponsorship has been conferred. About seven EU urban areas will be explored in different avenues regarding Smart City vitality advancements.

A sum of 25 associations, including the record innovation trailblazer IOTA, frames the +CityxChange consortium. The gathering, which will be driven by the Norwegian University of Science and Technology [NTNU] in the smart-city project, competed with 11 different propositions to finally get their project approved.

In the upcoming five years, the European urban areas of Sestao, Smolyan, Trondheim, Limerick, Alba Iulia, Pisek and Voru will explore different avenues of digitalized services. This will include utilizing advanced administrations, like blockchain and the peer-to-peer innovation, which will enhance personal satisfaction and living standards. The smart-city project is aimed to create more energy than they expend.

The encounters of the civilians living in smart-city will be imparted to urban areas in Europe. This will be proceeded to expand the idea of advancement of the smart city.

David Sønstebø, Co-founder and Co-chairman of the IOTA Foundation, said:

“The IOTA Foundation is excited about the approval of the first official Horizon 2020 project in which we are actively participating. Being able to explore and demonstrate the utility of IOTA within the smart city context in numerous cities across Europe will be incredibly valuable going forward….”

The consortium venture will get 20 million Euros in financing by the European Research and Innovation program Horizon 2020. A portion of the task accomplices includes 10 million Euros of in-kind associations. The project by +CityxChange is expected to start on the 1st January 2019.

Describing the project as ‘100% aligned’ with the IOTA Foundation’s DNA and an ambitious open innovation,

Wilfried Pimenta, Head of Business Development at the IOTA Foundation described the project to be ‘100% aligned’ with the IOTA Foundation. He further added that smart cities are one of the fasted growing cross-sectional areas of innovation for IOTA.

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