Limestone Network, a Singaporean blockchain smart cities project, announced on 23 July that it will introduce its native token-LIMEX to the crypto Bitrue exchange for commercial purposes.
According to the report, LIMEX will integrate entire smart city applications such as property management, shopping malls, payments, financial services, transport, parking, finance and entertainment to create a smart urban ecosystem.
Limestone Network has launched a 100-hectare private building project in Phnom Penh, the capital of Cambodia. It plans to have 10,000 tenants and a daily population of 190,000 people on board.
According to reports, Limestone Network has adopted blockchain technology, which makes it possible to collect data through the residents' daily contact points and share it without compromising consumer privacy. They also expect this to provide a deeper understanding of the city's functions, including traffic, energy and water consumption, residents' movements and others.
The project plans to involve external partners, such as ride-hailing applications, telcos and financial institutions, in order to strengthen the ecosystem in the future.
It is said that Limestone, a permission-based network, enables consumers to manage permission for their data and use. Service providers and traders will be able to verify the identity of consumers by requesting data under private smart contracts.
Secure data portability also eliminates the need for intermediaries such as agencies between service providers and consumers. These cost savings can then be passed on to consumers.
Limestone also has a mobile application that will provide an interface for residents to register for their digital passport. Once their identity has been checked in global databases, they can access features such as digital payments, access to buildings, micro-loan applications and more.
