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IOTA’s EnergieKnip projects uses decentralized ledger technology (DLT) to help citizens in the Dutch municipality of Emmen save energy and live more sustainably without compromising their privacy. The IOTA network allows the locals to share their energy consumption data anonymously with local authorities, and the easy-to-use app offers local reward tokens to incentivize residents to reduce their carbon footprint.
While the crypto market licks its wounds after the FTX scandal, projects on IOTA emphasize what will matter for digital currencies in the future – utility! EnergieKnip uses IOTA’s novel technology to promote sustainability, trust, and accountability in Dutch communities.
The EnergieKnip project chose IOTA after recognizing that the two partners share the same ecological ethos, making the network the right technology for the job. IOTA offered:
The possibility to store the collected data in a decentralized way on the IOTA network
Fee-free transfer of the project’s reward token from the municipality to households
Instant transactions (below 2 seconds)
Households could get their own dedicated wallet for the reward tokens
The residents can spend the reward tokens earned for low energy consumption at local retailers to acquire new energy-saving devices, like LED lighting, radiator foil, or thermostats. This project has been implemented in three separate communities and has achieved roaring success with over 30,000 active wallets.
Read more on IOTA's blog post here: https://blog.iota.org/using-data-to-cut-energy-use-while-boosting-local-economies/
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