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Machine Money: Empowering Devices with Wallets

Posted July 15, 2019

Up until now devices were only able to send data to each other. This means that if a device wanted to sell something, to another device or a human, it would have to involve a payment system to collect the money. This adds fees, contracts and complexity to something that should be easy to do.

Charging electro car. Image credit: Vasyl Markin via Flickr, CC BY-SA 2.0

Charging electro car. Image credit: Vasyl Markin via Flickr, CC BY-SA 2.0

To fix this problem, the IOTA protocol was created. IOTA lets devices send data and money directly between each other, because if device can control its own money it can change the way it can interact with the world around it.

Challenge to you:

The Competitor is challenging you to build a machine that can buy and sell goods or services for money using the IOTA protocol.

The Competitor wants you to create something that wouldn’t be possible using standard technology. This could be something as simple as a light bulb that turns on when you send tokens to it or as complex as a set of devices that are generating electricity and selling it to other devices which are consuming.

Submission to this Challenge must be received by 6:00 AM PT on September 15, 2019.


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