IOTA has made lots of progress in the past year in terms of adoption. So far, it seems to be gaining traction in key aspects of IoT such as in the development of smart cities and self-driving cars. In spite of all these developments, IOTA has always had a major weakness, and that’s its wallet. Issues like people losing money while trying to send it from an IOTA wallet are always there. This has always given power to IOTA critiques, looking to spread FUD against IOTA (MIOTA) as an investment.
But this criticism has not deterred the IOTA foundation, and the whole IOTA community, from doing what it takes to rectify this problem. For some time now, the IOTA foundation has been working on the highly efficient and secure trinity wallet. The wallet has been beta for some time now, and they are now in the final stages of testing. As per the IOTA team, they are now undergoing a security update by a top security firm. Here is what the IOTA (MIOTA) team has published with regards to these updates.
“The audit will assess authentication, storage areas, configuration and validation in the applications, and will ensure that a high level of security is in place. Since submission for security audit, we have tackled the outstanding bug list for mobile reported by our beta testers.”
On top of that, the team has also announced that they are focused on test coverage. That’s because, while Trinity has done quite well in tests, it is yet to offer conclusive results on a few areas such as keychain and realm databases. It also needs end-to-end tests to ensure that it works perfectly in all environments. Essentially, Trinity is still a work-in-progress, but it is in the advanced stages before it becomes a fully usable.
In essence, the IOTA community has something good to look forward to. The moment this wallet is complete, all the FUD around IOTA will disappear. Besides, the IOTA team is also working on another source of FUD around IOTA and that’s decentralization.
IOTA still has a COO for security purposes, and it’s a key bashing point by critiques. However, the IOTA foundation and several other players working on IOTA have outlined a number of approaches that could be used to get rid of the COO, while at the same time maintaining the integrity of the IOTA tangle. Once this is done, the IOTA tangle will be in a position to do all that blockchain can do, faster, cost-free, and in a decentralized environment.
With such potential, IOTA (MIOTA) stands out as a project that has lots of potential going into the future. This is a project that is right in the middle of the machine economy, and that is the direction that the world is headed. Already, the technology that could push up IOTA, such as 5G is gaining traction. It’s only a matter of time before most of our lives are influenced by IOTA in one way or the other.