Limestone Network, a blockchain-based smart city project from Singapore is planning to list its native token on a crypto exchange. The company is currently building a smart city project in the capital of Cambodia.
LIMEX token to be listed
Limestone Network said that it will be listing its native crypto token LIMEX on the Bitrue cryptocurrency exchange. According to the company, LIMEX will help in integrating applications like financial services, parking transport, retail malls, payments, property management, F&B, and entertainment of an entire city into an intelligent urban ecosystem.
The company has started working on a 100-hectare private development project in the Cambodian capital Phnom Penh. The project will boast of a daily population of 190,000 and will have around 1,000 tenants as well. Limestone Network has also adopted blockchain technology to enable the collection of data via the daily touchpoints of the residents. All this will be done without invading the privacy of the consumers.
Limestone Network is focused on answering the privacy concerns of the users. They would be collecting data from the residents to help the city’s understand road traffic, power consumption, water consumption, and citizen movement concepts much better. It could also include telcos, ride-hailing services, and other financial institutions into the network at a later date.
Limestone will be a permission-based network that will allow consumers to manage consent for their data. All service providers will be able to verify a customer’s identity by requesting their data using private smart contracts. Limestone’s co-founder and managing partner Eddie Lee said,
“The beauty of blockchain is the ability to give power back to consumers.”
The secure data portability of the network will remove the need for intermediaries like the consumers and service providers. The cost savings that are made here could then be transferred to the consumers. It also has a mobile app that will work as an interface for residents who will be able to register for a digital passport. After their identities have been verified, they will be screened against a global database.