invezz.com
IOTA (MIOTA/USD) is helping promote energy savings across the Netherlands and boosting local economies in the process.
This is the latest in IOTA news, with developer BlockchainLab Drenthe noting in a blog update on Wednesday, 1 February 2023 that all this has been possible via the EnergieKnip incentive program .
IOTA’s EnergieKnip project incentivizes energy saving
Early last year, Invezz highlighted the launch of EnergieKnip, an IOTA-powered crypto wallet that works as an energy wallet app.
Built by BlockchainLab Drenthe and leveraging IOTA’s distributed ledger technology (DLT), EnergieKnip allows homes to anonymously and securely share data on their energy consumption with local authorities. In return, they get token rewards distributed via the IOTA blockchain.
As Invezz also covered, the incentive program benefitted 30,000 homes in the first two weeks of its launch in the Dutch municipality of Emmen.
In total, the first EnergieKnip initiative involved 50,000 households, with approximately 106,000 citizens participating and 300,000 euros eventually offered as rewards to 9,000 active wallets. Currently, EnergieKnip has almost 30,000 active wallets, with over 50,000 transactions generated on the IOTA blockchain.
What else is possible with IOTA?
As the EnergieKnip project enters the next phase of its implementation, BlockchainLab Drenthe says it is a shining example of what’s possible with blockchain technology. It’s also an indicator of what is likely to matter for the future of cryptocurrencies – it isn’t price speculation, but token utility.
Adri Wischmann, EnergieKnip co-founder and Project Lead at BlockchainLab Drenthe, believes most of what is possible can be achieved if the global community taps into the benefits of DLT, particularly on IOTA.
Potential use cases include incentivizing communities on tourism initiatives and healthcare programs. He noted:
“We’d like to see our project expanded by other communities. With new technology like IOTA’s tokenization framework, first introduced on the Shimmer network and then ported to the IOTA mainnet, a variety of ideas for more sustainable energy consumption can be implemented as well as similar solutions for different fields.”
The goal is to promote sustainability and of course, blockchain and DLT technology are key to that. Features such as data privacy and network security made possible with a decentralized network are crucial cogs in this, as are benefits like instant and feeless transactions. All of these add to the economic feasibility of using DLT to promote sustainable energy consumption and other climate-related goals.
You can find out more about EnergieKnip in the project’s latest blog post here.