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IOTA turns up - will the MIOTA explosion follow the Bitcoin rally?

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Written by   1
1 year ago
Topics: Defi, ETH, BTC, Hardfork

In the past few weeks IOTA was able to benefit relatively little from the Bitcoin price rally, but now the tide has turned and the MIOTA price shoots up - are there any further price increases to come?

Compared to other cryptocurrencies, the IOTA price could not benefit much from the recent Bitcoin rally. But since November 23, the cryptocurrency has been on the rise.


At the time of going to press, the MIOTA price had increased by 16 percent in the last 24 hours and by as much as 30.2 percent over the entire week.

IOTA is making progress

The change to IOTA 2.0 is a constant and lengthy process. After the Tangle network had overcome an important milestone with Chrysalis Phase One in August of this year, the developers are now working on Chrysalis Phase Two.

In addition, according to a weekly blog post, the developers did IOTA 2.0 made significant progress on the updates. The Chrysalis Two Upgrade is supposed to introduce a new wallet that replaces the existing Trinity wallet.

Although the developments are still running on a private test network, they should soon come to the main IOTA network.

We are now in a phase in which we are testing the Chrysalis functionality on a private test network. As soon as we have completed the first implementations and we have all the supporting software ready, we will publish the test network.

Jakub Cech, IOTA Foundation (IF)

In addition, new details on the standardization of the IOTA protocol are to be announced this week.

Update to standardize the protocol

In order to be the future machine-to-machine (M2M) standard protocol for industry, the standardization of the IOTA protocol is essential. In addition, the IOTA Foundation has already taken some steps in the past to advance the goal of creating an international M2M standard.

In addition, according to IOTA co-founder David Sønstebø, 80 percent of developments take place behind the scenes. However, Mike Bennet, one of the IF coordinators, wrote on Twitter that an update should come this week.

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What is interesting about this is that Bennett is a co-founder of the Financial Industry Business Ontology (FIBO) of the EDM Council, a standard-based repository for concepts and definitions in the financial industry.

The EDM Council comprises more than 200 participating companies worldwide and deals with a variety of industries. Academies, governments, service providers, banks, real estate, data providers and regulatory authorities are therefore involved in the EDM Council.

For these reasons, it is likely that the IOTA community will be able to prepare for some bullish news this week, which may have the potential to drive the MIOTA price even higher.

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Avatar for Zeal
Written by   1
1 year ago
Topics: Defi, ETH, BTC, Hardfork
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