IOTA Contributes to Cryptocurrency Bull Rally

MIOTA price Catapulting by 112% on a weekly basis
  • IOTA joining the Altcoins participating in the bull rally
  • Crucial updates made to systems that distinguish crypto’s performance globally

IOTA is an open-source distributed ledger and cryptocurrency that uses a directed acyclic graph to store transactions on its ledger. This is motivated by potentially higher scalability over blockchain based distributed ledgers. This technology does not use miners for validating transactions but must approve two prior transactions performing an amount of proof of work.

Significant Developments impacting MIOTA prices

IOTA 2.0 (Coordicide) would be going live soon, and it performed the first phase in August 2020. The Chrysalis update was made to prepare the network before its launch thoroughly. The second phase in December 2020 consisted of improvements towards speed and security. This update aims to implement many innovations such as increasing scalability, decentralizing finance applications free of cost, and using powerful oracles.

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Oracle was announced, which will be used on the network to transmit off-chain data to decentralized applications and other smart contracts in the IOTA network. As Oracle serves as a building between on-chain and off-chain systems, the data related to transactions on the IOTA network will witness more efficiency. The network transactions would be viewed in real-time, and transfer transactions would also be free of cost.

The German Ministry of Transport will use the IOTA protocol in traffic infrastructure systems to support a grant of 11 million euros.

Reason behind the recent bullish run of IOTA

Various ‘smart city’ projects are taking place in various parts of the world. In this aspect, South Korea has agreed with the South Korean Foundation Observer for various ‘smart city’ projects in South-East Asia and various pockets of Europe.

IOTA would be able to host CBDC’s (Central Bank Digital Currency), Decentralised Finance (DeFi), and Decentralised exchanges. The smart contract protocol can provide the technical foundation and a flexible development environment for improvising these services.

The anticipated updates have led to a rally of the MIOTA price in the last few days. They are expected to bring cheer with the other altcoins currently experiencing a rally in the cryptocurrency market.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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