In a post on Reddit, one of the users claimed that IOTA Foundation is only second to Ripple Inc. in future institutional investments into the blockchain projects. With valid arguments and some debatable ones, one thing became very clear in the post, IOTA is getting a lot of attention from institutions across various industries across the globe. The well-known partnerships with automobile giants Volkswagen and Audi complemented by the recent partnership with ENGIE, the French energy data company are some of the few institutional investments coming into IOTA.
Of all the goodies running around IOTA during the course of the year, the price has not been doing so well and the recent adoption of internet of things (IoT) technology in the smart energy industry has raised investors’ hopes once again for a HODL signal.
“In order to avoid emissions, wind and solar energy are an important element here. In order to make sensible use of this renewable energy in a decentralized energy system, the exchange of innumerable data and payment flows is necessary. At this point, IOTA comes into play,” Markus explains,
IOTA utilizes its Tangle which can become a key component in handling the data and transactions, as well as processing and analyze them to optimize the functioning of this system.
IOTA in the Smart Energy industry
IOTA has remained one of the blockchain powerhouses in internet of things (IoT) technology. IoT is set to spread across all industries in the world as it offers efficient, instant and secure communication across devices around the world. The IOTA Foundation, the custodian and build of the IOTA blockchain has partnered with a number of institutions to come up with blockchain-based solutions across various industries including smart energy and the automobile industry.
For example, in a world with autonomous cars that recharge themselves, data such as forecasts or trend data needs to be exchanged in a seamless way to determine, for example, when it is most suitable to charge the vehicle.
Smart Energy-IoT partnership to push IOTA back above top 10
In a light moment of advice, forget the all-time high market prices witnessed in December last year and earlier this year. The market then proved irrational and a bubble formed around the prices causing a subsequent crush through the year to today’s lows.
IOTA, token symbol MIOTA, is a crude victim of the bear trend witnessed in the last 8 months or so as its price plummeted from a high of $5.25 USD on major exchanges to a tenth of that today at $0.501280 USD. Part of the massive drop was caused by the systemic factors and the internal conflict leaked from emails between the cofounders and board of directors.
More so, the coin dropped from the top ten largest coins in market cap rank after the incident and is yet to recover fully as it lies 12th with a total market capitalization of $1,393,321,951 USD.
However, with the issue resolved and IOTA’s partnership network growing stronger with every agreement, IOTA Foundation has its hopes on its project.