Limestone Network, a Singapore-based blockchain project for building smart cities in the Cambodian capital, has announced that it will list its native token LIMEX on Bitrue crypto exchange for trading.
On July 23, it has been reported that LIMEX will integrate an entire smart city’s applications such as property management, retail malls, payments, financial services, transportation, parking, F&B, and entertainment, to create an intelligent urban ecosystem.
However, Limestone Network started with a 100-hectare private development project in Phnom Penh, the capital city of Cambodia. It plans to have 10,000 tenants and a daily population of 190,000 people on board.
It has been analyzed that Limestone Network has reportedly adopted blockchain technology to enable data collection through residents’ daily touchpoints and sharing without invading consumers’ privacy.
Smart city project Limestone announces intention to list its native token on a crypto exchange https://t.co/zyqH9j4w3B — Cointelegraph (@Cointelegraph) July 26, 2020
They also expect that this will give a more in-depth understanding of the city’s functions, including road traffic, power and water consumption, resident movements, and more.
Likewise, the project plans to include third-party partners such as ride-hailing apps, telcos, and financial institutions to strengthen the ecosystem later on.
As per the report, the project is said to allow consumers to manage consent for their data and usage, as service providers and merchants will be able to verify consumers’ identities by requesting the data through private smart contracts.
Eddie Lee, the Co-founder and Managing Partner of Limestone Network, said:
“The beauty of blockchain is the ability to give power back to consumers.”
Moreover, secure data portability also removes the need for intermediaries such as agencies between service providers and consumers. These cost savings can then be transferred to consumers.
It has also been analyzed that Limestone also has a mobile app that will be an interface for residents to register for a digital passport.
Thus, once their identities are verified after screening against global databases, they gain access to features such as digital payments, building access, applications for microloans, and more.