- IOTA is a project associated with the internet of things.
- Its Swiss entity got registered in the “crypto valley” of Switzerland.
- IoT devices are increasing in numbers every day.
Tangle in Crypto Valley
IOTA remains one of the most interesting projects in the cryptosphere due its association with the Internet of Things. Recently, Project’s Swiss entity, Tangle, got registered in Switzerland’s “crypto valley,” Zug. The event has attracted a lot of affluent people and organizations to their ecosystem.
According to the filing, IOTA is an independent, not for profit organization working to develop, promote and manage technologies based on open-source softwares in the digital ledger tech and blockchain sector. IOTA is a proof-of-stake blockchain associated with internet of things devices.
Its staging network Shimmer, which facilitates network upgrades, was working on transfer of NFTs over blockchains like Ethereum and Polygon. The project focuses on IOTA’s web3 ecosystem with the entire Web 3.0 to improve the user experience. The community took it to Twitter, posting that the blockchain needs to reach a point where NFTs can be transferred on Shimmer from the blockchains mentioned above and vice versa.
Shimmer has its own native token, SMR, which is used to incentivize the tests for several functionality and attributes before their official release on Mainnet.
The EU passed the final assessment for the ENSURESEC, an IOTA project focused on e-commerce and security, adding another achievement to the pocket. It began during May 2020, the team worked hard to deliver some core infrastructure tools according to the document.
The Internet of Things is becoming a vital aspect in our lives without our knowing. Everything we see or engage with today, from a mobile phone to a vending machine, all are connected to the internet. They provide crucial data which helps in development of technologies like artificial intelligence.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.