IOTA Shortlisted By Sweden’s Riksbank For e-krona Project

Updated On Feb 15, 2018 by Cameron Bishop

According to Computer Sweden IOTA (IOT) is one of the companies, which has been shortlisted by the Swedish Central bank, Riksbank, for building e-krona. As Sweden turns into a cashless society, the central bank believes that there should be an alternative for people who wish to access cash for any of their requirements.

Eva Julin, the project leader of e-crown, revealed that the central bank had negotiations this autumn with 19 software companies which had expressed interest to take part in the project. After studying the proposals of 40 companies, Riksbank has filtered it down to 19. IOTA, IBM, and Ericsson are the prominent companies in the filtered list.

Before summer, Riksbank will complete the assessment of the proposals and a final decision will be taken.
Eva Julin said

“This year, we will come up with a concrete proposal for a value-based e-crown and a more comprehensive concept for registry based.”

That means, the money will be stored in a data based and the value can be accessed through an app or a card. While Julin did not reveal any further details about the proposals of companies, she informed that companies have acknowledged that a technology for the concept of e-crown exists. Anti-money laundering, adherence to KYC rules, security, and anonymity are top most requirements for e-crown. A final decision on how to go about the project will be made in December meeting.

The short-listed companies are:

ACC YFL Elite Lmt
Cash Butler
ChromaWay / Sofitto
Gisecke / Devrient Currency Technology
IOTA Foundation
Roberto Giori Company

What is IOTA?

IOTA is a new, next generation public distributed ledger that utilizes a novel invention, called a “Tangle”, at its core. The Tangle is a new data structure based on a Directed Acyclic Graph. As such, it has no Blocks, no Chain and also no Miners.

As there are no miners, each participant in the network that wants to make a transaction has to actively participate in the consensus of the network by approving 2 past transactions. This attestation on the validity of two past transactions ensures that the whole network achieves consensus on the current state of approved transactions, and it enables a variety of unique features that are only seen in IOTA.

IOTA has a range of features that are uniquely enabled due to its architecture:
• Scalability: IOTA can achieve high transaction throughput thanks to parallelized validation of transactions
with no limit as to the number of transactions that can be confirmed in a certain interval
• No Transaction Fees: IOTA has no transaction fees.
• Decentralization: IOTA has no miners. Every participant in the network that is making a transaction,
actively participates in the consensus. As such, IOTA is more decentralized than any Blockchain.
• Quantum-immunity: IOTA utilized a newly designed trinary hash function called Curl, which is quantum immune
(Winternitz signatures)

Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

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