Understanding the recent significant checkpoints achieved by the IOTA foundation.
What is Internet Of Things and IOTA?
Internet Of Things has been the most talked about technological innovation in the current era. According to the practical applications of internet of things, various devices are connected to the internet and can easily communicate with each other, in order to increase the overall functioning of a particular system without the intervention of human beings. The IOTA blockchain platform incorporates the functionalities of IoT in their functioning. The Blockchain platform has been very successful as it provides effective decentralization, Security, as well as scalability to its community members. Having been under constant development since 2015, the blockchain platform has managed to be the most reliable investment option.
Key attributes of IOTA
The modularity of the IOTA blockchain platform has enabled it to become, one of the best options for transactions as it entails relatively lower transaction fees. The IOTA wallet has also been under constant development and recently its collaboration with the exchange, Bitpanda has accelerated its popularity. The exchange has Incorporated trading facility outside its Crypto exchange ecosystem by collaborating with the IOTA wallet for easier transfers of tokens.
Specialty of Tangle
It is also worth mentioning that the transfer of tokens concerning the IOTA blockchain platform, can be undertaken with the help of email too. The facility can be exploited after the connection of the wallet with Delion API. The Delion application programming interface connects directly with the Tangle Blockchain, which indirectly uses that Directed Acyclic Graphs instead of blocks. The blockchain network doesn’t incorporate the proof of work consensus mechanism, to verify the transactions but for every transaction added, previous two transactions are verified. Therefore, the IOTA platform provides infinite scalability.
What is bIOTAsphere?
The IOTA blockchain platform can also be implemented for a power grid where the usage of every unit of electricity can be recorded and tracked respectively. This will automatically track the usage of electricity and keep the electricity bill under the budget. To give a push, towards the development of the applications based on the IOTA blockchain platform, the IOTA foundation has also mentioned unveiling bIOTAsphere. Individually, the project has been tested with cars, as different kinds of insurance are provided at the different point of times. Volkswagen was one of the major supporters of IOTA, in testing the applications of the Blockchain concerning cars.
Recent collaborations of IOTA
Upbit, which is regarded as one of the most popular Crypto exchanges across the world, incorporates the IOTA Blockchain Technology for their functioning. The Crypto exchange predominantly uses it for its deposit and withdrawal operations. The IOTA foundation has been continuously supporting, the development of the Crypto coin and seems to be highly reliable regarding its future adoption.
Attributes of MIOTA and price analysis
Although MIOTA is considered to have been in controversies for a long time, the fundamental use case would propel the price of the cryptocurrency tokens. According to some reports, revelations have been made that the native asset of IOTA Blockchain platform would be made available to be stored on the most popular hardware wallet, Ledger Nano S. Price analysis is one of the most crucial factors in understanding the market situation of a particular blockchain platform. Therefore, we’ll try to analyze the IOTA blockchain price for a past few months to gain some insights regarding the development of the IOTA project.
The price of MIOTA during the initial days of July 2018 was around $1.19. Later, on July 11th the coin broke its support level at $1 and was trading around $0.985. The price again recovered and during mid-July, the price reached the all-time high of the respective month, with the price being $1.14. By the end of the month, the price had again fallen to $0.99.
The month of August was not entirely well for MIOTA as the prices, significantly dropped from $0.99 to almost $0.45 levels. On August 14, the all-time low of that respective month was recorded with the price being $0.42.
Even in September, the price broke past its support level at $0.6 from $0.69 and stopped at $0.544. The cryptocurrency coin has been hovering around since then,
and the current price, as of October 5, 2018 (while writing this article), is $0.554925.