News

MOD Token sale to accept IOTA tokens

News

MOD Token sale to accept IOTA tokens

Business

August 21, 2017

We are thrilled to announce the start of a long-term strategic collaboration with IOTA by integrating IOTA tokens as a participation possibility in the MOD Token sale.

Dominik Schiener, Co-Founder of the IOTA Foundation, won the Shanghai Blockchain Competition with a supply-chain application: CargoChain digitalizes the bill of lading. Asked about modum.io, Dominik Schiener says: “It is great to see an IoT and Blockchain company, with a clear go-to market strategy, thinking about utilizing the IOTA infrastructure. modum.io is a blockchain enabler and we are happy to see IOTA be one of the enabling technologies of this project.”

The IOTA foundation is known for its innovative approach, regularly shaking up the distributed ledger world with big news and announcements. With the Tangle, IOTA has proven its ability to deliver an innovative and block-less solution to solve scalability issues; transactions can be settled with zero fees and data from data loggers are securely stored and verified on the Tangle.

Modum CEO Malik El Bay, explains: “Integrating IOTA tokens as a participation possibility for our token sale is just the first step in a long-term strategic partnership. To execute our vision, we need a technology for our sensor devices, allowing the transfer of value without charging tremendous transaction fees. For this reason, modum highly values IOTA’s infrastructure and we are aiming to integrate it as soon as possible into the modum system. The IOTA foundation and modum.io will be partnering to deliver a proof-of-concept for our next industry tests and we plan to publish the results by fall 2017.” He continues: “Since we are blockchain agnostic, we are always evaluating different technologies and protocols for our product and IOTA’s innovative approach with the Tangle has put it at the top of our list of technologies.”

We have already conducted several pilot tests with industry leaders and the first mass production of sensor devices is scheduled for Q1 2018. Modum is relying on a scalable solution to handle the micro-transactions that our devices are producing.

On Wednesday, August 23 modum.io and IOTA will host an AMA (Ask Me Anything) on the IOTA subreddit. We look forward to fielding any and all questions regarding this exciting, new partnership and how the IOTA token can be used in the MOD Token sale.