IOTA Price Surges As It Partners UP With Bigshots Such As Samsung, Volkswagen and Microsoft
The Dark Horse Of Crypto World Surges By 70% Following Partnership With Technical Magnets
Just when people are going gaga over the Bitcoin phenomenon, a little known crypto form is making heads turn with a $3 billion increase in market capitalization lately. This occurred exactly after the firm teamed up with an array of technical big shots such as Samsung and Volkswagen on a “data marketplace.” The cryptocurrency known as IOTA spiked on Sunday evening registering more than 70% increase over the last 48 hours hours. London time registered the price of IOTA at an all-time high of $2.54 which was a 71% jump over the Sunday’s price of $1.48. With such statistics, IOTA has dethroned Dash to become the fifth largest cryptocurrency categorized according to market capitalization. This was immediately followed by an announcement made by the German non-profit firm, IOTA Foundation that it had established collaboration with heavyweights such as Fujitsu, Microsoft, Volkswagen and Samsung last Tuesday on a blockchain-based marketplace which will enable them to sell data. IOTA’s co-founder and CEO, David Sonstebo said that data is “the new oil.” He also holds the view that the data marketplace will help reduce tremendous data loss by letting firms share their extra in exchange of funds.
At the time of publishing this articles, IOTA price was $2.82 with a market cap of $7,826,572,576
Sonstebo told CNBC via an email that, “At present, up to 99 percent of this precious data gathered is lost to the void. IOTA incentivize sharing of data through its zero fee transactions and by ensuring data integrity for free on the decentralized distributed ledger.”
He also added that the marketplace presently is a pilot project and the examples of data sharing include air and weather quality data. Sonstebo also emphasized upon the fact that the cryptocurrency’s surge in price was triggered by its approach in regards to blockchain technology as well as the partnerships with established firms.
“IOTA’s seemingly ‘out of nowhere’ explosive growth can be traced back to the fact that it has been somewhat of a sleeping giant. IOTA has resolved the three major issues of blockchain — fees, scaling limitations and centralization — and built up real-world partnerships and projects with world-leading companies since 2015,” pointed out Sonstebo who feels that the growing publicity is the main cause behind this unparalleled growth of this cryptocurrency worldwide.
“Unlike the overwhelming majority of projects in this space, IOTA has not done any paid promo, so now that there’s a steady stream of these large news stories the major technological advantages become known to the wider audience. I believe this is the reason for the rally, as well as the fact that IOTA just entered China and Korea, which are naturally huge markets, meaning a lot of new people buying,” he said.
The massive decentralized database of blockchain keeps a record of every transaction entered into. It was originally devised to cater as a ledger of all Bitcoin transactions. However, the open-source blockchain platform of IOTA differs substantially from the mainstream blockchain networks using encrypted “blocks” for recording those transactions. Rather the digital ledger of the firm is “blockless,” inspired by the technology powering internet of things and provides a free platform to users for entering into transactions.
Bitcoin, the world’s largest cryptocurrency have undergone significant splits this year given the ongoing frustration in regards to its speed and transaction cost. For adding transactions to the blockchain, users have to currently pay a transaction fee to the Bitcoin miners. The Bitcoin community has been trying to bring about an upgrade to the blockchain plethora for speeding up the mining process and increasing the block size. The upgrade termed as SegWit2x Hard Fork was scheduled to take shape on 16th November but was then suspended due to lack of community support.
However another Bitcoin Hard Fork is soon to happen known as Bitcoin Diamond.
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Tarunima Ghosh Laha
Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.