Bosch relies on the Bitcoin alternative IOTA

Original Post – https://www.wired.de/collection/business/kryptowaehrung-bosch-setzt-auf-iota
All Credits to Cindy Michel

IOTA and Bosch are now officially partners: Robert Bosch Venture Capital (RBVC) buys a huge amount of Altcoins and wants to push the industrialization of the Bitcoin alternative together with the Kryptostiftung.

IOTA has announced that it has a new major partner at its side: Robert Bosch Venture Capital GmbH (RBVC) : “The corporate venture capital firm of the Bosch Group has acquired a significant amount of IOTA tokens ,” it says , In addition, Hongquan Jiang, partner of RBVC, will join the IOTA advisory panel.

The IOTA alternative to Blockchain convinced Bosch to invest in the Berlin startup. This is the so-called Tangle technology , with which the Altcoin is to become the crypto-currency for machines. Instead of chronologically linking one block after the other, as in the Blockchain, Tangle weaves a net. Transactions are related: If you want to make a transaction through IOTA, you must confirm two previous ones. Thus, the IOTA token should become a fast and arbitrarily scalable crypto currency for the economy of the machines.

“Bosch is one of the pioneers driving the adoption of distributed ledger technology in the automotive and IoT industries,” says Ingo Ramesohl, Managing Director of RBVC. “The investment in IOTA tokens, the first ever token acquisition by RBVC, should help us work closely with the crypto foundation to explore the industrialization of this exciting technology.”

For Dominik Schiener, one of the IOTA founders, the RBVC investment is a validation of his work, of the technology and ecosystem that IOTA has built up over the past few years. “When it comes to unleashing the full potential of the IoT, distributed ledgers are the future. With IOTA, we see the potential to become the backbone of this emerging autonomous economy of machinery, “says Schiener. “We will continue to expand our collaborations with leading IoT companies and hope to be able to present initial market launch strategies by the end of 2018.”

After the Berlin Senate officially recognized IOTA as a crypto foundation in early November, things went uphill steeply. The interest in the startup is immense. It wants to be the “Next Generation Blockchain” for the Internet of Things (IoT). Over 30 companies such as Telekom, Fujitsu or Samsung are investing in the crypto foundation and its newly created data marketplace, which wants to enable new business models. In early December, a massive price increase followed, within days IOTA past Ripple and became the crypto currency for the short term with the fourth largest market capitalization after Bitcoin, Ethereum and Bitcoin Cash.