IOTA rates rise another 12% this week, while pollen testnet brings 1,500 TPS and a 20x improvement
The first progress reports from Pollen - the first IOTA 2.0 testnet infrastructure - are in progress, with over 20,000 value transactions already being exchanged between the nodes in the network. Such good news and some new partnerships obviously also help the IOTA course develop positively over the past 2 weeks. But will the latter finally succeed in breaking out of its downward trend due to the approaching introduction and first tests towards IOTA 2.0?
Initial pollen testnet results show improved performance
On Tuesday of this week July 7, 2020, IOTA tweeted that the pollen test network had already recorded more than 280,000 messages between node operators. Of these 280,000 messages, 20,000 were value transactions.
In addition, it took between 10-12 seconds for messages or IOTA tokens to reach the recipient. Looking at the performance on the current main network, the new confirmation time corresponds to a 20-fold improvement in performance for IOTA.
The attached tweets continue:
During the process of synchronizing a new node with the network, we saw a peak performance of up to 1,500 transactions per second. We are very pleased that our early node software works so well given the many optimizations and improvements planned for the future.
The pollen test bed, launched in June 2020, is the first of three stages to move the network to IOTA 2.0. The following levels are Nectar and Honey. The goal is to use the IOTA upgrade to make it a fully decentralized, scalable network.
Pollen is intended to provide a first glimpse into the transition to a leaner network architecture. According to Tuesday's Testnet status update, the memory requirement for operating a pollen node is now 340 MB, while the CPU utilization is only 3.5 percent.
IOTA is advancing with new partnerships
In addition to working to create a decentralized ecosystem, IOTA has also been involved in a number of developments and partnerships. As reported IOTA only recently that they have teamed up with the Department of computer science at the University of Oslo (UiO), the GDPR conformity to examine their technologies, and the Tangle.
The network speed has also increased significantly after the release of the latest version of the Hornet node software Hornet v0.4.0 .
IOTA is also continuing to gain acceptance among various industries and organizations. In May 2020, the German company Pickett used Tangle technology from IOTA to achieve error-free results in intelligent manufacturing. Another company, Zebra Technologies , also integrated the Tangle to ensure improved traceability in the supply chain.
At the beginning of the year, the IOTA Foundation teamed up with 16 other companies to form the Tangle EE working group. The formation of the group will help accelerate the adoption of IOTA.
Is the IOTA price currently overbought or breaking its downward trend?
As a result of the positive developments surrounding the project, the IOTA course was able to gain some additional space in the past two weeks. However, the weekly chart clearly shows that the IOTA price is still in its downward trend. The stochastic RSI indicator also indicates that IOTA may currently be overbought. In the past, such signals were usually followed by a further correction downwards.
It will be interesting to see whether the news and successful tests around IOTA 2.0 will help the bulls push the IOTA course over the downward trend line that has determined its downward trend for 1 year, or whether we will see another in the following weeks Will experience correction during which the price of IOTA will drop noticeably again.
Investors are positive about the latest developments at IOTA.