Tue, Aug 4, 2020 6:31 PM

IOTA: From Pollen To Honey

CJ and MIOTA

Fintech enthusiasts remember the hacker attack that happened in early February, when Trinity wallet users lost over 8.55 million IOTA tokens. In March 2020, the IOTA network returned to work. What is the project doing now, and does it have any good news? In this article, we will dwell upon IOTA coin reviews, analytics and IOTA price prediction.

What is IOTA (MIOTA) coin?

IOTA is a next-gen cryptocurrency powered by Tangle technology alternative to blockchain. It was designed to serve the Internet of Things (IoT). The IOTA coin project team, together with technology giants such as Google, IBM, Microsoft and Samsung, are working together to implement the idea of ​​a worldwide M2M computing network. Until IOTA cryptocurrency gains wider circulation, the network has adopted the unit called MegaIOTA (MIOTA). At the time of writing, 1 MIOTA = $0.301935

 

MIOTA Price Prediction

According to CoinMarketCap, IOTA is currently the 22nd largest asset in the cryptocurrency market. The coin’s weekly price graph is really promising, and it has grown by almost 5% in 24 hours. In recent months, its rate has risen from less than $ 0.25 to $ 0.30, but remains below the all-time high of $ 5.69 by nearly 90%.

MIOTA CMC Chart

The IOTA project team, combining distributed ledger technology with the IoT, have presented their 2020 roadmap, which outlined the changes that were planned for their ecosystem. Naturally, not all of them have yet been implemented. 

 

IOTA news 

This June, the crypto project announced the launch of an updated node software called Hornet. IOTA developers strive to rethink the DLT approach by means of the Internet of Things. For this purpose, they employ Directed Acyclic Graph (DAG) technology.

Hornet

 

Hornet is written in Go and, according to Decrypt, it has already demonstrated superiority over earlier IRI software. A stress test was performed with 150 Hornet-based nodes, which showed a 20-fold increase in throughput to 650 transactions per second. Besides, Hornet requires 10 times less memory compared to IRI.

 

One of the main drawbacks of IOTA was its highly centralized network. Especially the "Coordinator" mechanism, which was used by the developers in February after a hacker attack to completely stop the transfer of assets. With the latest update, a "Coordicide" process has been launched to remove this mechanism.

 

This is not the only way the project increases its decentralization. IOTA developers are launching the testnet known as IOTA 2.0 to become a “fully decentralised network”. The launch will take place in three phases, the first of which was announced. The phase called Pollen will allow initial testing of the second version of the protocol. It will be replaced by Nectar, which consists of opening a test network with the possibility of earning real rewards. Rewards will be distributed not only to node operators, but also to potential attackers to test the resilience of the new system. 

 

The first decentralized version of the IOTA mainnet is called Honey and will initially be submitted as the final candidate for evaluation. The release will also include a new architecture consisting of three layers: application layer, communication layer and network layer. This approach is expected to be the most optimal for the implementation of future IOTA functions, including tokenization, scalable smart contracts, DApps with zero fees, and no sharding.

IOTA coin price

There are hardly any doubts that MIOTA cryptocurrency will be in high demand. So far, the Internet of Things does not have a well-functioning infrastructure for normal operation. And society is not ready yet for widespread use of the IoT, which is still a very promising field of activity.

 

The full integration of blockchain technologies into the economy will take at least 5 years, so when investing in IOTA, you should not expect an instant profit. Buying any cryptocurrency is a long-term investment.

 

One should keep in mind that IOTA and Tangle technology have not yet worked at full load, which means that you cannot be 100% sure of the project's reliability. It is very difficult to give any predictions about the value of IOTA. The potential of the Tangle system will be revealed only after the implementation of the concept of the IoT.

 

Disclaimer: This article should not be considered as offering trading recommendations. So far, IoT technology does not have a well-functioning infrastructure for normal operation. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. We kindly ask traders to do their own research.