A Singaporean smart city project based on the blockchain in Phnom Penh is planning on listing its native token on a crypto exchange
The Limestone Network, a blockchain project based in Singapore focused on building smart cities, announced last week it would list its native token on the Bitrue crypto exchange for trading.
The report reveals that LIMEX will integrate an entire smart city’s applications. With the goal of creating an intelligent urban ecosystem in mind, LIMEX will have property management, payments and financial services, retail malls, transportation, parking, food and beverage, and entertainment.
The Limestone Network began with a private development project spanning over 100 hectares in Phnom Penh, the capital city of Cambodia. The project aims to have 10,000 tenants and a daily population of 190,000 people.
The network started using blockchain technology as a way to enable data collection through the residents’ daily touchpoints without breaching their personal privacy. The developers expect that this will provide a deeper understanding of the city’s functions, such as road traffic, consumption of utilities, the movement of their residents and more.
As the project progresses, the developers plan on including third-party partners such as telecommunication companies, financial institutions and ride-hailing apps to enhance the ecosystem.
Limestone is a permission-based network that allows consumers to manage their consent over data and usage. Merchants and service providers will be able to authenticate their user’s identities by putting in a request for the data through private smart contracts.
The co-founder and managing partner of Limestone Network, Eddie Lee, stated that “the beauty of blockchain is the ability to give power back to consumers.”
With secure data portability, intermediaries between service providers and consumers, such as agencies, are no longer necessary. The savings incurred can be transferred to their consumers.
The Limestone Network also has a mobile app that will function as an interface for residents to register for a digital passport. Their identities are verified by screening it against global databases and they gain access to more of the app’s features, such as digital payments, applications for microloans, building access and more.
Aside from Singapore, South Korea’s capital city is looking to launch its own digital currency as part of their plans to become a smart city based on the blockchain. China is also working on a blockchain-based identification system for its own smart city.
Smart cities allow for more advanced and sustainable urban management As a result, citizens benefit from increased mobility, waste treatment, energy efficiency, and even citizen participation.