Sometime back, CarVertical announced that they would be making a big announcement that will impress IOTA investors. They have now confirmed that the date for this announcement is the 7th of November. According to a tweet that CarVertical sent out yesterday, they have been looking into how to integrate what IOTA has created, and that the idea is taking shape. They have also announced that they will “sort out” the tangle on the 7th of November. Below is the tweet from CarVertical with regards to the 7/11 announcement.
From this tweet, it is clear that CarVertical has found a way of integrating the IOTA tangle into their systems.
CarVertical is a very interesting project, one that takes a very innovative and pragmatic approach to blockchain technology and cryptocurrencies. Unlike most crypto projects that are aiming to compete with fiat in the currency space, CarVertical is looking to solve problems that car owners have to deal with at one point or the other. Some of the problems that CarVertical deals with include those of falsified odometer readings, stolen vehicle registration, and basically other issues related to a car’s history before purchase. Simply put, CarVertical is leveraging DLTs to ensure that at the point of purchase, the buyer has full information about the car they want to purchase. This is a big deal considering that millions of dollars are lost each year to car thieves and scammers misrepresenting information to sell faulty vehicles.
Implications of CarVertical choosing to use IOTA Tangle
If indeed CarVertical has found a way of integrating the IOTA tangle, then it will have a wide range of implications to the value of IOTA.
One of the biggest implications is that it will hasten the move towards the removal of the COO from the IOTA network. The IOTA network has a COO to protect against attacks on the network. While the COO makes IOTA centralized, it is necessary, and will remain there until transactions running on the network are big enough to protect the network from attacks. As such, anything that adds to the transaction volumes on the tangle is a plus in the move towards full decentralization.
Therefore, if CarVertical, a platform that has the potential to process millions of transactions daily does it through the IOTA tangle, it would play a major role in pushing IOTA forward. The closer IOTA gets to removing the COO, the more investments it will draw in, especially from institutional investors looking to invest in truly decentralized projects.
Integration of IOTA tangle into CarVertical would also have an impact on the price of IOTA both in the short and the long-run. That’s because it will could create FOMO around IOTA (MIOTA) as this date approaches. Such FOMO will come from a combination of CarVertical and the increased association of IOTA with the automobile industry. This deal will be confirmation that IOTA is taking over this industry, both upstream and downstream, and that’s huge. The auto industry is a multibillion industry and if IOTA dominates it, then its long-term value growth is pretty much guaranteed.