As a researcher with a background in cryptocurrency and blockchain technology, I’m excited to see the recent price surge of IOTA following the launch of its IOTA 2.0 public testnet. With the backdrop of the volatile crypto market, the increase in price is even more noteworthy.
The token of the IOTA cryptocurrency project has grown sharply after announcing a new initiative.
As a researcher studying the crypto market, I’ve noticed an uptick in prices across the board following the latest U.S. inflation rate announcement and Bitcoin‘s (BTC) subsequent growth. Intriguingly, IOTA has also experienced a price surge after the IOTA Foundation unveiled the launch of the IOTA 2.0 public testnet. This new version incorporates a proof-of-consensus mechanism stake, which might be contributing to its upward trend.
Based on information from CoinMarketCap, the price of IOTA has significantly surged after the unveiling of its public testnet. Prior to this event, IOTA’s price had remained stagnant. As a result, there was a 3.8% price increase, which raised the coin’s value to $0.2118. Amidst the rollout of this new endeavor, IOTA’s market capitalization experienced a growth of 4.4%, surpassing $692 million.
Significantly, there was a notable decline in token transactions among traders during the past 24 hours. The trading volume decreased by 2.8%, resulting in approximately $12.8 million worth of trades at the current moment.
Based on the creators’ statements, the objective is to develop a safer, more expansive, and eco-friendly infrastructure for the network.
“The rollout of IOTA 2.0’s public testnet signifies a significant advancement in the progression of digital ledger technology, highlighting continuous investigation, creation, refinement, and user input.”
IOTA announcement
As a crypto investor, I’d describe it like this: In the latest update, we say goodbye to the need for a coordinator to manage the consensus. The IOTA Foundation highlights that this is a significant step towards a completely decentralized system.
Moreover, the consensus mechanism enhances the network’s capacity for handling greater workloads and maintains its robustness. It is now open for users and developers to experiment with and share their perspectives.
In November last year, IOTA unveiled the establishment of a $100 million distributed ledger technology (DLT) foundation based in Abu Dhabi Global Market and regulated under its laws. Named the IOTA Foundation, these assets will be managed for a span of four years with the primary objective of developing and expanding the IOTA ecosystem.
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2024-05-15 19:38