The IOTA project has enjoyed some serious airtime in recent weeks, following the launch of the IOTA Hub, an open-source platform designed to make it easier for service providers to implement IOTA into cryptocurrency exchanges.
If you are unfamiliar with IOTA, now is a good time to get acquainted. It is somewhat different to most crypto tokens given that its unique architecture was devised with the Internet of Things (IoT) firmly in mind. However, IOTA’s Tangle infrastructure has thwarted crypto exchanges from easily integrating IOTA into its platforms. Issues with seed management, double-signing of transactions and deposit address monitoring had put IOTA’s long-term future in doubt prior to the launch of the IOTA Hub.
The Hub provides a much-needed solution to the above issues, providing an open-source gRPC API that makes it easier than ever for service providers to integrate IOTA. The Hub will enable services such as crypto exchanges to start offering support for IOTA through its platform within a matter of weeks rather than months. As the IOTA token secures support and listings within the leading cryptocurrency exchanges, crypto investors will no longer be required to go through the arduous process of purchasing IOTA tokens. IOTA is already supported by the largest crypto exchange in South Korea, UPbit, and has been paired with the South Korean Won (KRW). Nearby, in Taipei City, IOTA partnered earlier this year to further cement the hopes of Taiwan’s capital to become a fully-functional smart city.
The next step for IOTA to ensure its readiness for consumers was to design and launch a suitable mobile and desktop wallet that allowed users to store and transfer their IOTA tokens with ease and security. The Trinity wallet has been worked on since the early spring and the mobile wallet has had over 20,000 beta testers. The desktop version is set to undergo similar beta testing before its final roll-out. The Trinity wallet is a big step forward for the creation of a platform upon which the Internet of Things can reliably function.
However, the launch of IOTA Hub and the recent developments regarding the Trinity wallet should have had a positive impact on the price of IOTA and it hasn’t. In fact, since late July, the IOTA price has almost halved to around $0.51 per IOTA. It reached lows of just over $0.40 per IOTA on August 14 but received plenty of support at this price point to take it back beyond $0.50. It’s somewhat alarming that the price of IOTA has been cut so dramatically given that much of the fundamental analysis surrounding IOTA has been very positive this month. The world’s leading social trading community, eToro, has also announced that IOTA has been added to the selection of cryptocurrencies that can be traded using IOTA contracts for difference (CFDs).
With all of this in mind, it’s hard not to see the market becoming more bullish towards IOTA. Its steady inclusion in more crypto exchanges will also curry favor with experienced investors who will be watching the developments with the Trinity wallet with interest.
*Information in this article should not be taken as investment advice.