IOTA Says Deposy Prototype to Be Launched in Late 2020

IOTA Says Deposy Prototype to Be Launched in Late 2020

IOTA Deposy is a promising project based on IOTA. Developers of the BIOTA project plan to solve the problem of recycling the plastic waste. They also developed an IOTA-based innovative deposit system, according to Crypto News Flash website.    

The Deposy team stated that more than 50 percent of the plastic waste is burnt in Germany as producing plastic materials is cheaper than reusing the recycled waste. The use of Deposy could significantly decrease CO2 emissions:

In a blog post, the team stated:

“With recycled plastic, 2.5 – 4 t less CO2 emissions are produced per tonne of plastic compared to a waste incineration plant. With a plastic waste volume of 0.52 million t per year (in Germany), which is estimated to be accessible for the Deposy deposit system, the system could, according to own calculations, contribute to saving 1.3 – 2 million t of CO2.”

The team has earlier shed light on the progress of the Deposy project.

IOTA-based Deposy prototype to be launched in late 2020

The Deposy team stated that they are currently focusing on the technical details and implementation on an industrial scale with partners in Germany and around the globe. In addition, the project’s prototype would be launched at the end of 2020.

Moreover, the team has achieved significant progress in recent weeks.      

In early February, the Deposy project has succeeded in the development of Non Transactiontime Algorithm (Deposy NTA) which allows creating product IDs independently of transaction time. Thus, they can be used on an industrial scale.  

In addition to the technical implementation of the project, plastics manufacturers are currently being adopted, which will be critical for the success of IOTA Deposy. The team stated:

“In recent weeks there have been numerous enquiries from companies that are considering future cooperation with the Deposy System and are eagerly awaiting the first Deposy Test System. Currently, the conditions for future cooperation and collaboration are being created in a project-accompanying working group. Furthermore there are two offers for testbeds.”

On 12 February, the foundation suffered a hack on its Trinity Wallet software. IOTA has stopped its network on the same day to deter further security issues. However, hackers managed to steal 8.55 million MIOTA worth nearly $2 million from around 50 users.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.