The potential of the IOTA (MIOTA) appears to be to be underutilized even after its recent partnerships and improved Trinity wallet security. With its capabilities of storing data in a distributed ledge that does not fully ride on blockchain, the coin seems to be the choice to users who care more about low cost of transaction and fast processing time.
With the cryptocurrency market not showing any signs of recouping the last year gains, IOTA has embarked on a unique journey by building partnerships that will sustain it in the future. The ambitious project has the capacity to power the future auto economy despite the current bearish spell that not only affects MIOTA but other digital currencies as well.
A week ago, IOTA (MIOTA) surprised many after making a deal with the largest bank in Norway, DNB ASA which is set to test the Tangle capabilities. The two partners appear to share the same internet of things as well as the machine-to-machine vision. As part of the deal, the two will collaborate to bring user centric solutions to the consumer and giving them the opportunity to embrace a decentralized data marketplace.
The IOTA Volkswagen deal is another interesting collaboration that will see the Tangle technology stretched even further. The deal will see the two partners promote the proof of concept which will see more than 250nillion cars get connected to each other by end of 2020. This one of the most striking deal for IOTA to put to test is ambitious machine-to-machine connectivity.
Early May, the blockchain outfit partnered with UNOPS and the UN to help connect their system to a distributed ledger and ease communication bottlenecks between the organization and their agencies spread across the globe in a bid to make disbursement of humanitarian aid flow seamlessly and fast.
IOTA Addresses Trinity wallet Security Concerns
In its bid to win the trust of its partnerships and simplify the transaction processes on its platform, IOTA released the Trinity wallet to add convenience. The wallet is designed to be a cross-platform mobile app that comes with desktop and mobile features. According to David Sønstebø, the IOTA co-founder:
“It is a great demonstration of the Foundation and the community coming together” to “test, iterate and release this amazing piece of software.”
However, hours after the release security of the Trinity wallet came into focus, Charlie Varley of IOTA developer team while updating the community on the Trinity wallet status said:
“There are a number of minor security/privacy concerns…ability to screenshot seeds and failure to hide seeds from the app thumbnail when minimized… the inability to hide your IOTA balance when displaying the QR code on the Receive page…are some of the notable issues that have popped up and have since been rectified.”
IOTA MIOTA Market Price Check
With these positive developments, appears to be headed north, at least for the last 24 hours. The coin has traded on the green after staying in the cold for the better part of June. Currently MIOTA is trading at $1.28 and appears slightly strong to hit the $2 in the coming days.
The marginal gains however do not indicate a major breakout especially after gaining 5.29% to the USD and 4.27% to Bitcoin. With the major coins skydiving, it will be hard for smaller coins to play on a level ground since investor
ap charts. The trends have been blamed on the unwillingness of institutional investors jumping in and confidence is at its lowest across the board.
The market appears to be dictated by the bigger digital coins and a correction seems to be far from forming according to CoinMarketCap, the recent Coinrail exchange hack a week ago has complicated the matter plugging the market even down.