IOTA Resists the Decline, Maintaining 170% Gain Since Last Month
The German Distributed Ledger Technology (DLT) non-profit organization IOTA Foundation keeps rising even after the market lost momentum at the start of the week.
While most cryptocurrencies and/or other blockchain-powered platforms and token systems are on the verge of a downtrend – with their respective token prices ranging between -0.4% and -3%, MIOTA, IOTA’s native currency, manages to hold against the tide and in-fact shows growth of +11% during the last 24 hours alone.
The IOT-focused token, tailored for the machine-to-machine economy, was bartering around $0.94 just a month ago. Today, you won’t be able to find it below $2.27, as listed on Cobinhood, according to CoinMarketCap.com.
IOTA showcased overall growth of up to 170% during the past month, climbing back to the 9th position in terms of market cap, from its previous status at No. 12.
Foundation’s Recent Moves
Below are some of the IOTA project’s biggest moves of late.
- IOTA recently joined the Mobility Open Blockchain Initiative (MOBI), among firms like IBM, BMW, GM, Ford, and Renault to mention a few.
- IOTA and Porsche team up in a common effort to study and develop the future of mobility, under the supervision of Startup Autobahn, a Berlin-based startup incubator backed by Daimler, Arena2016, Plug and Play, University Of Stuttgart, Hewlett Packard Enterprise, DXC. technology, ZF, BASF, Porsche, Deutsche Post DHL Group, Murata, Hella, and Benteler.
- IOTA Foundation recently announced the release of their long-anticipated project Q, which is presented as “Qubic” as from the date of the announcement. While there is not enough information regarding what exactly Qubic might be or do, some keywords and concepts previously revealed by the company’s founding members strongly suggest that Q is the most revolutionary project IOTA has presented so far. Some of the first intel regarding Qubic indicate the introduction of Oracles in the Tangle, and a voting system for the community.
Dominik Schiener (Co-founder) stated previously this year that “IOTA will be either a trillion-dollar project or nothing”.
Whether MIOTA reaches a price of $300* per unit or not, the IoT organization has definitely attracted some highlights lately with global industrial titans investing both economically and strategically into the Foundation. Recently, BOSCH and Volkswagen joined the Foundation’s boards of advisers and management, respectively.
The company had to struggle with publicity issues regarding their network’s credibility after both MIT’s Digital Currency Initiative (DCI), and University of London’s Center for Blockchain Technologies (CBT) expressed their concerns about IOTA’s own DLT network, Tangle’s functionality and security.
Despite the long battle between the involved parties, neither DCI nor CBT could provide accurate and solid information indicating possible flaws in Tangle’s functionality and security, setting IOTA back toward growth.
IoT, as a concept, is not a sci-fi scenario as many believe, but an actual disruptive technology being employed across various industries. This potentially makes IOTA not just another cryptocurrency but a visionary project.
*$350 USD is the approx. price per token when the Foundation’s market cap reaches $1 trillion dollars.
Featured image courtesy of Shutterstock.