The next-generation Distributed Ledger Technology platform, IOTA has partnered with motor industry giant, Trive.Me.
Trive.Me, the creator of Trive.Park has brought IOTA’s Tangle technology together with Trive.Park platform to facilitate automatic booking and payments for the parking spaces management in Germany.
IOTA is the popular acronym for Internet of Things Applications. It allows users to enjoy instant transactions with zero fee charges which make it an unprecedented mode of cost-effective micro-payments involving cryptocurrencies.
With the growing demand for parking in Germany, an array of advanced systems, infrastructures, and solutions are surfacing up to render to the problem. The new app created by IOTA and Trive.Park lets the motorists reserve their parking spot in advance.
The prominent online reservation feature of the app gives the parking garage owners a fair opportunity to make their assets in the digital form and later monetize them.
Alexander Süssemilch, the Head of Product at Trive, applauds IOTA for its crucial minimal fee micro-payments service. He also addresses the digital platform as the best solution for their parking management app.
Trive.Me acknowledges IOTA to be efficient in giving the ultimate satisfactory experience to the motorists who have until now struggled for parking spaces.
IOTA or the reputed coin for the Internet of Things transactions is a new-edge technology that leaves behind the traditional blockchain network pedagogy, unlike the majority of digital coins, and finds its base in a platform named Tangle.
Tangle is an advanced technology that employs a mathematical concept of Directed Acyclic Graphs to run its system. The DAG Tangle relieves the investors by restraining the involvement of miners in validating the transactions. This, in turn, speeds up the trading process. Also, it fosters a directly proportional link between the network’s growth and speed with the number of users in operation.
IOTA rubbishes scaling issues and allows users to benefit free-of-cost transactions. It is also facing a downfall due to high selling pressure like other major cryptocurrencies. On Monday, IOTA opened at $0.2449. The intraday high showed the figures of $0.24528. Presently, IOTA is struggling at $0.2391 after experiencing a loss of 2.25% during the day.