For many traders out there, IOTA (MIOTA) is not as popular as Bitcoin or Ethereum. True, that’s an undisputable fact. Although those cryptos are more popular than IOTA, it doesn’t necessarily mean that IOTA is not worth investing in. Did you just come across IOTA for the first time? If yes, the aim of this piece is to help you understand the progress that IOTA is steadily making toward taking a prominent position in the cryptocurrency industry, an independent analysis of its performance and everything in-between.
Progress made thus far
- MIOTA receives a listing on FCoin
More exchanges around the world are increasingly seeing the need to include MIOTA in their catalogs of cryptos. And joining the list of exchanges listing MIOTA is FCoin. It is a China-based exchange, which announced last week that it would start listing IOTA on July 25th. - IOTA team bags an award
Another progress that has clearly set the cryptocurrency apart is winning at the startup Autobahn pitch gathering. This event put together for blockchain-based automobile solution providers. An epoch-making event attended by thirty startups and other big brands in the automobile industry, including Mercedes and Porsche, IOTA shone bright that day by snagging an award. - Partnership with NGOs and other firms
IOTA organized its first Summer Summit this year as a way of bringing together gurus from different fields and diverse culture working for the company. By doing so, the objectives of IOTA were re-emphasized with partnership and successes of IOTA highlighted, says the co-founder of IOTA Foundation, Dominik Schiener, about the summit. Held in Norway, the summit is one of the steps IOTA Foundation has taken to align the goals of the company with those of her staffers, Schiener added.
Independent Analysis
Despite these steps that the IOTA Foundation is taking to make its currency stronger, the currency continues to suffer volatility in the market. Looking at stats, this year, the price suffered a dip below a $1 mark. The projections that the digital currency is likely to return to previous high prices this year remains a mirage. It’s even more worrisome that despite bitcoin hitting $8,000, IOTA has dropped by 2.67%.
Many analysts believe that the trend is occasioned by Bitcoin’s volatility over the last couple of months. They also believe that when Bitcoin becomes a bit more stable, IOTA will lead other cryptos on the gainer’s side.
Background Information
IOTA is a scalable, decentralized, modular, and feeless blockchain-based protocol. Developed by IOTA Foundation, IOTA aims to incorporate the concept of IoT (Internet of Things) on one platform, thus using a next-gen technology called The Tangle, a DAG (directed acyclic graph) for ledger maintenance.
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