What is a smart city coin?
A smart city coin is a type of cryptocurrency that is designed to be used within a particular smart city, which is a city that uses technology to improve the quality of life for its citizens and visitors. This type of coin could potentially be useful in a number of ways. For example, it could be used as a means of payment for public services, such as transportation or waste management, or as a way to reward individuals for engaging in environmentally friendly behaviors.
Impacting factors
However, the usefulness of a smart city coin would depend on a number of factors, such as the specific goals and features of the coin, the level of adoption and support within the city, and the overall effectiveness of the technology and infrastructure in the city. It is also important to consider potential drawbacks and risks, such as the potential for fraud or the possibility of the coin losing value.
Benefits
Overall, the use of a smart city coin could potentially provide a number of benefits. Blockchain already demonstrated its inefficiency in serving as a distributed storage that guarantees absolute transparency to the network members. Indeed, there are no limits where it can be applied, and car parking could be that case as well. Washa the decentralized parking coin, this digital currency is created to monetize the smart cities parking lots.