Alleviating traffic congestion is one of the main challenges for the Internet of Vehicles (IoV) in smart cities. Many congestion pricing systems have been proposed recently. However, most of them focus on punishing the vehicles that use certain roads during peak hours, neglecting the proven fact that rewards can encourage drivers to follow the rules. Therefore, in this paper, we propose a new congestion pricing system based on reward and punishment policies for the IoV in a smart city environment, where the vehicles are rewarded for voluntarily choosing to take an alternative path to alleviate traffic congestion. The proposed system is implemented using vehicular ad hoc networks, which eliminate the need for installing a costly electronic toll collection system. We propose a new virtual currency called T-Coin (traffic coin), that is used to reward the vehicles for their positive attitude. T-Coin is also used in the tender between vehicles to manage the road reservation process. The proposed system uses dynamic pricing to adapt to peak-hour traffic congestion. Using simulated traffic on a real map of Beijing city, we prove the usefulness of T-Coin as a traffic congestion pricing system.
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