IOTA (MOITA) Development Update; What You Need to Know
IOTA, since its emergence, has enjoyed massive success stretching its reach to a large number of industries with its IoT based blockchain tech.
IOTA’s quest to start the smart revolution has moved from a vision to a project in the works.
The IOTA R&D Project Development Update
IOTA Foundation has enjoyed more mainstream acceptance than most other digital assets, as a result, its groundbreaking projects and partnership.
The projects found in the IOTA ecosystem are ever increasing, and on June 16 IOTA released more information on the R&D Projects. According to IOTA’s tweet, the R&D is
” The first open source distributed ledger that is being built to power the future of the Internet of Things with feeless micro transactions and data integrity for machines”
The R&D Project include smaller independent projects that will strengthen the infrastructure of IOTA (Network), improve processes on the IOTA blockchain, and include developers in the IOTA ecosystem (Dapps).
Further, it will make use of cryptography to formulate techniques for the IOTA ecosystem (Cryptography), establish a purpose for a distributed ledger for decentralization (Decentralization), and encourage IOTA users for widespread adoption (Adoption).
The R&D projects of IOTA aim at maintaining a connection between what IOTA is doing, where they are now, and where they want to be in the future.
The medium post released by IOTA Foundation showed some of the projects under R&D waiting to be implemented.
There are currently 18 projects waiting to be implemented. IOTA went ambiguous with dates, stating that there are no specific dates set for the release of each project in order to allow for free-flowing creative processes required to reach the goal of each project.
Some interesting projects are:
- Exchange Hub: A platform to enable exchanges to integrate IOTA in days or weeks rather than months. It was formerly known as IXI Hub and is currently running in closed beta with several exchanges.
- Coo-free IRI: Will rebuild IRI to allow for alternate consensus mechanism on the IOTA network.
- Qubic: This project will enable oracles, outscored computations and smart contracts on the Tangle Network.
- IRI: will take care of ongoing maintenance and improvements to be made on the IOTA node software.
- Local Snapshots & Permanodes: Will enable node operators to maintain or dispose of the Tangle history as they see it.
The 18 projects announced by IOTA Foundation are focused on improving Tangle whilst consolidating what IOTA has already achieved with the network.
These projects will solidify and perhaps redefine IOTA once they are completed.
IOTA’s (MOITA) Market Performance
The increasing frequency of the bearish trend has led to the devaluation of the entire crypto market.
Although MOITA has suffered at the hands of the bears, it makes up for dropped value with sharp hikes when it gets the chance to, which makes IOTA one of the least affected digital assets.
As at the time of this writing, MOITA is trading at $1.19 as a result of a 0.8% rise in value over the last 24 hours. IOTA’s market cap of $3.306 billion USD makes it the 9th largest cryptocurrency.