TronWeekly

Crypto World News

You are here: Home / Archives for IOTA (MIOTA)

IOTA (MIOTA)

IOTA Dives Into The World Of Smart Contracts With Its Latest Release

by

IOTA has been in the news throughout the year following an array of developments pertaining to the network. Lengthening the list, the IOTA Foundation announced its latest Smart Contracts Platform.

IOTA Smart Contracts Protocol [ICSP]

The IOTA Foundation elaborated on the release of its latest platform in a blog post. The Foundation pointed out that the lOTA Smart Contracts Protocol [ICSP] was scalable, flexible as well as a feeless smart contracts platform. The IOTA Smart Contracts Pre-Alpha was made available to the community. The platform took to Twitter to make the announcement. The tweet read,

The Foundation suggested that the latest release was merely an opportunity for developers to explore the prospects of the IOTA Smart Contracts Protocol. A full release of the product will reportedly hit the market in the coming months. The smart contracts on IOTA have been implemented on a distributed DAG-based UTXO ledger, aiding to the “flexible and feeless” aspect of the smart contract. This further permits IOTA smart contracts to be deployed for real-world use cases.

The blog post further read,

“IOTA Smart Contracts Protocol lays the foundation for a rich ecosystem to be developed, with a large variety of the extensions and building blocks that we anticipate will be created by the community.”

This release included prominent features such as Wasp node software version 0.0.1, three demo dApps, proof-of-concept [PoC] smart contracts called TokenRegistry, FairAuction, and DonateWithFeedback as well as CLI wallet. However, this release misses a pertinent section of the ISCP, the Wasm Virtual Machine as well as the Rust programming setting for smart contracts. The blog post pointed out that these would be released by the end of this year.

While the platform considers the release of the IOTA Smart Contracts Pre-Alpha a step towards the creation of something even bigger, the Foundation revealed the next steps for smart contracts in IOTA. This included maturation of core protocols, core security adjustments along with several other updates.

The Foundation further urged the community to explore IOTA’s latest venture and also requested for feedback.

Cardano [ADA], IOTA, Dogecoin [DOGE] Hold Fort as Bear Tries to Shake Up Crypto Industry

by

The cryptocurrency market’s performance over the past week has been slightly positive with bullish changes across prices and market caps. Although Bitcoin is yet to cross the $11,000 mark this week, investors were hopeful that it was setting a good precedent for the rest of the industry.

On Friday, the altcoin market displayed green across the board with some major altcoins pumping after extended time periods. Tokens like Cardano, IOTA, and Dogecoin stood the test of the bear by showing increases in prices and daily trading volumes.

Cardano

The Charles Hoskinson co-founded Cardano shot to fame because of its promise to integrate virtual assets with daily use cases. Although it has not spiked to its expected potential, the cryptocurrency was still holding strong in the face of stiff competition.

At press time, ADA was trading for $0.093 with a total market cap of $2.91 billion. A 1.43 percent price increase over the past 24-hours had elevated the daily trading volume to $999.4 million.

adausd 1

Cardano’s Chaikin Money Flow indicator had spiked above the zero line, a sign that the capital coming into the Cardano market was much more the capital leaving the market. The RSI, on the other hand, was still struggling to break into the zone because the graph had fallen below the oversold zone.

IOTA

iotausd

Another altcoin enjoying a decent stint on Friday was IOTA, climbing by 1.4 percent in the hourly spectrum. IOTA was valued at $0.27 with a total market cap of $774.207 million and a 24-hour trading volume of $8.089 million. The cryptocurrency’s technical analysis was more bullish than Cardano’s as evidenced by the RSI and the CMF.

IOTA’s CMF was right on the zero line, signalling the slowdown in capital inflow. Some analysts predict that if the Internet of Things based cryptocurrency shows more developments, then it could head towards a significant price increase. The IOTA RSI was on the verge of breaking towards the overbought zone due to an increase in the number of people buying into the IOTA market.

Dogecoin

dogeusd

Dogecoin, the meme-inspired cryptocurrency was one of the few tokens showing green on all three timeframes. At press time, DOGE was trading for $0.0028 and held a market cap of $354.679 million. The Jackson Palmer founded virtual asset was one of the few assets that showed a decent performance on the price charts.

DOGE’s Chaikin Money FLow had reached its highest point since March, signalling a massive shift in investor sentiment. The surge in capital could be because of the lack of stellar movements from the incumbent cryptocurrencies. Dogecoin’s RSI had also spiked over the past week after having fallen to a 6 month low.

 

Ethereum, IOTA, Monero Technical Analysis on 25th August 2020

by

Altcoins have been performing well and have also been outperforming Bitcoin for the past several months. The market corrections sustained by the coins along the way attracted profit booking for short-term traders.

Ethereum [ETH]

eth 3 e1598333844222

As the uptrend gained traction, Ethereum crossed the crucial resistance point and was trading at $402.88 after surging by 2.47% over the last 24-hours. Its market cap stood at $45.24 billion while the 24-hour trading volume was found to be at $10.29 billion.

However, despite the upward push above the key level, technicals indicated a bearish picture for the coin as the signal line dominated both Klinger Oscillator as well as MACD. If the bears continue pressure ETH/USD, a drop to $379 zone is possible

IOTA [MIOTA]

iota e1598335258261

After a rise of 1.95% over the past day, IOTA‘s price was pushed to $0.389 as it registered a market cap of $1.083 billion and a trading volume of $17.87 million over the last 24-hours.

The Chaikin Money Flow struggled to hold above the bullish territory. On the other hand, Awesome Oscillator is yet to demonstrate a shift in momentum as bearish presence continued to severely resist IOTA from an upside break to $0.422-level.

A failure to retain this level could drive the coin to retest support at $0.307-level.

Monero [XMR]

XMR e1598335308542

Monero [XMR] has been trading close to yearly highs as it continued to maintain a steady upward price movement.

At the time of writing, XMR was valued at $93.42 after it rose to 2.31% over the last 24-hours. The privacy-centric coin recorded a market cap of $1.65 billion and a 24-hour trading volume of $83.39 million.

The dotted markers of Parabolic SAR were below the price candles which was indicative of the fact that Monero bulls have continued to defend the support at $87.10. The RSI just above the 50-median line indicated the sentiment of buying pressure among the traders in the XMR market. If this trend continues, a breakout above the $102-level could be in the offing.

IOTA’s Influence on the Internet of Things to Help Widespread Lidbot Sensor Usage

by

The integration of the Internet of Things into new products has been the marker for an industry elevation. With the advent of cryptocurrency markets, it was easier for new-age inventions to leap forward in updates.

IOTA, the cryptocurrency based on the Internet of Things had a decent 2019 with the development team citing new features in the pipeline. One of the first releases in that roster was the partnership with Lidbot, a sensor that uses IOTA-Tangle for intelligent waste management. 

The company claimed that the Lidbot sensor was one of the most intelligent sensors in the market for both solids and liquids. According to sources, the system will be based on IOTA-Tangle and was sold out in four days. IOTA’s latest technology was a way to improve waste collection systems in urban areas.

IOTA stated that the sensor will combine with the hardware to measure the level of waste bins in real-time and send the data to its Tangle system. The decentralized waste management system receives the information and then empties the trash according to commands.

Lidbot’s features can command the entire waste management system to create time slots for taking the trash out. The Crunchbase listing for Lidbot said:

” Lidbot is an IOT sensor that sticks to any waste/recycling bin and turns it into a smart one. In the background, these sensors also create a digital twin. The twin consists of location, fill-level, type of waste and owner. We believe this is the first step towards an accountable and transparent waste future.”

People close to the project have realized that the product will have a lot of use cases. With the Lidbot sensor, truck drivers will be able to save hours of their time not driving to unfilled trash cans.

This process also brings down the costs for both personnel and vehicle fleets. The Lidbot sensor is expected to become a more popular choice for integration because of its facilities.

IOTA-Tangle utilizes the Distributed Ledger Technology which maintains high scalability and opens the market to better economic aspects. The Lidbot sensor was developed in such a way that it will use MIOTA to communicate with the Internet of Things.

Each waste item is given a unique identity that will be managed by the TangleID app. Tangle ID will function as a platform for the drivers to know the pickup points, waste quantities, and disposal stations.

Each Lidbot sensor is equipped with a global SIM card to piggyback on the roaming technology of Japanese firm Soracom. IOTA claimed that the Soracom’s low-cost roaming technology enables Lidbot sensors to work seamlessly across industries. All the smart contracts that run on the decentralized ledger will make use of dedicated energy meters that communicate with one another. \

Cryptocurrency proponents were excited to see this integration as it opened up real-world use cases for cryptocurrencies. Waste management in developing countries has always been a tricky operation and Lidbot may be the answer to solve their problems.

IOTA’s David Sønstebø to Compensate for 2.4 million Losses as Relaunch Approaches on March 10th

by

The 2nd half of February was terrible for the collective digital asset industry as the bears started to take over but matters were far worse for the IOTA foundation, as a wallet hack led to the organization shutting down its entire network.

Now, according to recent reports, it has been revealed that David Sønstebø, co-founder of the IOTA Foundation, has taken matters into his own hands as he has announced that he will directly compensate hack victims from his own digital asset holdings.

Sønstebø released the announcement on Discord and stated that in light of slow progress over the investigation, he had decided to utilize a significant portion of his own funds to compensate the victims personally. Sønstebø stated,

“To bring assurance to everyone, I will commit to the fact that all victims identified here shall be made whole again. […] In practice this means that a significant portion of my own holdings will go towards resolving this unfortunate incident. I have made the decision to safeguard the IOTA Foundation’s runway. We are closer than ever to cross the finish line in terms of delivering on the tech and paving the road towards adoption and standardization ever.”

Picture 1 for Article 2

Additionally, the IOTA founder clarified his stance that he and the IOTA Foundation themselves, were fundamentally unaccountable but they ‘ultimately feel responsible’ because they were unable to avoid the situation and prevent the major losses.

Furthermore, Sønstebø said that the authorities were still working on the situation in order to bring down the hackers and exhibit a sense of justice to the uneventful past proceedings.

Reports indicated that over 2.37 million US dollars were stolen during the attack; hence the community applauded the founder’s commendable gesture to remunerate the lost funds.

Trinity Wallet Hack and Current Update

On February 12th, 2020, IOTA foundation reported that a suspicious situation had risen with Trinity and users were informed not to access their wallets until further notice.

The situation got worse thereon as 30 minutes later, the foundation shut off the Coordinator node and since then, zero IOTA transactions have taken place on the network.

According to members from the IOTA team, the hackers targeted 10 high-profile IOTA accounts via “a third-part integration” of Trinity wallet. The exploitation of the wallet eventually allowed the attackers to steal the IOTA funds.

On 1st March, the foundation released a seed migration tool in response to the vulnerability detected in the Trinity wallet, through which users would be able to move their IOTA assets to safety.

The migration process has gone smoothly over the past week and according to a recent interview, the Co-Founder of IOTA suggested that the foundation is on track to re-launch the network of 10th March.

In spite of the longest outage suffered on a blockchain network, IOTA’s valuation and market sentiments remained fairly stable over the past 4 weeks. At press time, IOTA was valued at $0.21 with a market cap of just under $600million.

10 Days since IOTA Shut Down, Centralized Digital Assets and their Actions

by

Ten days ago IOTA reported that funds were stolen from ten of its highest-value users to counter the situation the project shut its network for further investigation. 

In the official release, they stated,

“Currently the Coordinator is halted until further notice to investigate reported issues with stolen funds. We ask you to keep the Trinity wallet closed for now until further notice.”

In a progress report, the IOTA group clarified that the issue came from a third-party integration in the desktop app of Trinity – their official wallet for MIOTA tokens. The vulnerability in the framework was exploited by the attacker who stole users’ seeds [digital key passwords] and accessed the wallets.

Pros and Cons of centralization

Pros: Every other day, users holding funds in millions lose their seeds keys, undergo phishing attacks and ever so often get their wallets hacked due to lack of security. Nevertheless, no question of a rollback or re-gaining the assets come in the picture. Except in 2019, when Binance was hacked for 40M USD and CZ thought he could rollback [yup, we still remember that]. However, no matter what rollback is not possible with Bitcoin. The primary reason being its decentralized network that runs with no central point of authority to make decisions. Which is why if you lose your key, you lose your coins. 

Funnily enough, centralized cryptocurrencies can actually rollback the chain and write over the ledger to gain lost coins, like Ethereum did when it split into ETC and ETH. 

Similarly, IOTA has published multiple steps for remediation plans to get things going. 

  1. Users need to install the latest updated version of the Trinity wallet.
  2. Users need to change their wallet passwords to new ones.
  3. Users need to transfer their assets to a safe seed using seed migration tools

Once all the precaution is taken users will be in a position to reclaim their stolen MIOTAs. This will happen through the IOTA team taking a global snapshot of the network which other users will have to validate. Following this, the project will take the help of a third-party to restore what’s lost and credit it back to the users.

Cons: Centralized digital assets are no different than centralized banks. If someone can keep you from using your assets irrespective of what has happened, your assets are managed by them even if its owned by you. 

From the past 10 days, the IOTA network has been shut. This limits MIOTA users from using their funds for any purpose. Especially for users that work with MIOTA tokens on a daily basis. One day it works normally and suddenly something goes wrong, to battle it the decision-makers of the project shut down the whole network. You’re stuck with your tokens, unable to convert, trade or use.

Speculations suggest this was also done in order to prevent MIOTA price crash since history repeats itself and dumps usually come in when a particular coin/token has been hacked or used for malpractices [although, this doesn’t show any correlation with Bitcoin anymore].

 

People have expressed how anxious the network shutdown of IOTA makes them feel:-

Reddit user, gynoplasty Platinum | QC: ETH 344, BTC 301, CC 29 | TraderSubs 254 says:

“No excuses for IOTA, the ability to stop transactions is ridiculous. A lot of what you describe. That’s pretty much a big fear for all cryptos. There’s massive op sec openings for coin theft, network issues, huge selloffs in 24/7 markets. Being decentralized and new, moving fast and breaking things is a scary way to hold your money. But us crypto junkies love the drama. Waking up to the DAO hack, watching prices plummet 30-50% and exchanges freezing transactions. New forks popping up, with different services supporting them at different times. It’s a mess out here in cryptoland.”

Dan Ballard, a Twitterati says,

“This exact same class of coding “issue” is why the IOTA network has been offline for 10 days and counting. The only difference is they were unlucky enough to be loading a .js file from a small github repo that got hacked instead of a font from google”

 

IOTA Releases Updated Trinity Version after Security Breach

by

Cryptocurrency companies have been known to experience problems and social media has helped them in informing its users of what to expect. IOTA, the cryptocurrency based on the Internet of Things [IoT] recently witnessed a suspicious attack on Trinity following which the organization solved it. 

When the activity was first detected, IOTA warned users to not open or use Trinity on their desktops. This was still not enough to stop the attackers from stealing funds off the blockchain. So what has finally been done about it?

Latest updates stated that the coordinator was halted until further notice to investigate reported issue with the stolen funds. All Trinity wallets have also been asked to be not used. To combat the security lapse, IOTA released a new version of Trinity that allows users to check their balance and transactions.

IOTA has stated that with the new update, users will be able to remove the aforementioned vulnerability. In a report released by the company:

” …we will release a seed migration tool that will allow users to transfer their tokens to a safe seed. We strongly recommend that ALL users who have opened any version of Trinity (Desktop or Mobile) since the 17th of December 2019 utilize the tool and migrate their tokens to a new, safe seed during the soon-to-be-announced migration period BEFORE the coordinator is re-started.”

The seed migration tool was created to render the attacker incapable of making unauthorized transfers of a user’s token. The release also talked about the number of bundles that were stolen from Trinity.

According to IOTA, only a very few were transferred successfully by the attacker to another wallet. The company has stated that it will repay all stolen tokens by considering the snapshots of the wallet before the attack. All the affected customers will be receiving more news from the company soon.

IOTA furthermore explained that it was in the midst of creating a set of remediation tools and processes to prevent similar attacks in the future. This was part of the community-centric workaround where IOTA has asked members to help.

The news of the attack did have a small impact on IOTA’s price as it fell by 15.14 percent over the past week. At the time of writing, IOTA was trading for $0.29 with a total market cap of $808.8 million. The 24-hour market volume was slowly on the rise and had settled at $15.3 million.

IOTA In Policy Making and Regulation

by

Great administration is basic for the development of good technology. Both, be that as it may, have a sort of harmonious relationship. The mandate of future-minded policies is to create a world strict compliance laws that do not affect the prosperity of innovation.

It would seem that the blockchain’s practicality was only aligned to finance. However, trends in the application and implementation of blockchain have proved otherwise. Blockchains are driving social transformation and the creation of new governance structures.

The Internet of Things (IoT) and its coin IOTA, is working with national, regional and global level policymakers to create sustainable governance. 

Implications of Blockchain and DLT in Policymaking

The biggest challenge the blockchain needs to overcome is regulatory scrutiny. To understand the implications of innovation policy makers and financial regulators are still digging in. The space is still uncertain and it is highly speculative how policymakers will choose to regulate it.

Meanwhile,  the social impact sector is also attempting to experiment and adapt blockchain. This has led to the rise of terms such as blockchain charity, decentralized justice, and governance.

IOTA is fascinated to address all these challenges. The internet of things coin is betting on a better world where people with good intentions come together to design and deploy beneficial technology. 

In a press release on its website, IOTA announced to incorporate a distributed ledger non-profit foundation in Germany. The foundation will steward fundamental commitments of the European Union in law, governance,  constitution, and human prosperity.

Challenges in governance that the foundation wishes to address include administrative costs and unclear regulatory structure. There has been proof that smart contracting can help reduce overhead costs by cutting intermediaries in administration.  

IOTA Public Regulatory Affairs and PolicyMaking

IOTA together with its Public Regulatory Affairs teams is providing expert briefs, lawmaking reports, educative workshops and reports to compliance and policymaking bodies across the world. The foundation will work with major advocacy groups and innovators around the IoT and  DLT space.

Therefore forging partnerships that are likely to contribute to the deployment of effective, principled and innovation-friendly public policy frameworks that hold public interest at its core. In the release, IOTA promised that it would hold this responsibility seriously. 

In 2018, Malta made history as the first government to set a regulatory framework for blockchain, distributed ledger, and cryptocurrencies. The engagement of government in the decentralized universe made the Island one of the most favorable destinations to set a blockchain enterprise.

This shows how significant favorable governance structures can be for the development of blockchain innovation. The structure of the IOTA foundation makes governance an important mission to its mandate.

For instance, the foundation gets the majority of funding from government grants.  Donations from various individuals and enterprises make the organization put the interest of good intentions into its heart.

IOTA believes that active engagement with policymakers and regulators will drive the next phase of growth for the distributed ledger.  

It is interesting and fascinating to watch the unfolding of this technology, especially the interweaving of Blockchain and the Internet of Things in governance. 

 

 

 

IOTA Raises The Bar With Latest Coordicide Release

by

Network developments have been the hallmark of the growing cryptocurrency industry and several coins have taken the motto to heart. IOTA, the cryptocurrency based on the Internet of Things [IoT] has been at the forefront of such developments and recently launched another update.

On February 3, IOTA announced that they had launched the Coordicide alphanet 0.1.0 to bolster the cryptocurrency’s network.

The alphanet was initially supposed to be released on the Rust-based node in the second quarter of 2020. IOTA decided to change directions because of the success attained by the company’s Hornet team.

IOTA stated that the alphanet will act as an important stepping stone towards reaching a coordinator-free IOTA mainnet. Coordicide also has multiple implementations within the network, with GoShimmer being its Go implementation.

The latest Coordicide implementation also has multiple features embedded in it. These features include Autopeering, Gossip, API and Rate Control. Autopeering allows automatic peer discovery and distance-based neighbor selection. The Gossip tag enables the network layer to send and receive new transactions.

To ensure that there is a controlled usage of the network, rate control was implemented. This feature is a temporary non-mana based rate control to limit transaction issuance. According to an official IOTA  release:

“In our tests, a new node joining the network takes only a few seconds to discover and connect to neighbors. Similarly, when a node goes offline, its neighbors find an alternative within a few seconds. This responsiveness of the network is particularly important for the dynamic environments we are designing IOTA for, where nodes can join and become active at any time, for any period of time — especially important with sporadic connections.”

IOTA claimed that the future versions of GoShimmer will include a number of performance enhancements. The company further urged the community to contribute to the development of the IOTA ecosystem. The company also informed users that they were in the process of building multiple modules. These modules are slated to release one by one in accordance with IOTA’s roadmap.

The modules include Snapshots, Mana, Initial FPC implementation, Tip selection, and Mana-based rate control. The release comes in the wake of Sergey Invancheglo threatening legal action against fellow co-founder David Sonstebo. Invancheglo has accused his compatriot of embezzling 25 million MIOTA tokens.

IOTA Sees Developments On All Sectors As HoneycombOS Launches

by

The hardware component of the cryptocurrency industry is at times overlooked in discussions related to the field. That has slowly been changing with the advent of new and improved machines to facilitate better networking capabilities.

IOTA, the cryptocurrency based on the Internet of Things revealed a lot of plans for 2020 earlier this month but now it has also received a hardware boost.

In his latest blog, Bernardo Rodrigues spoke about the honeycombOS release which was launched to make IOTA and the Tangle network more seamless. The honeycombOS is an embedded Linus Distribution tailored for IOTA nodes, clients and Tangle related tools.

The operating system will be majorly based on Poky and will take tools from OpenEmbedded and the Yoto Project. Poky is a reference distribution of the Yocto Project which contains the OpenEMbedded Build System as well as data to build one’s own distro.

The Yocto Project as a whole was created as an open-source collaboration project that helps developers create custom Linus based systems. This would be done regardless of the system and hardware architecture. The latest honeycomb OS will work on meta-iota which will also be supported by the IOTA Ecosystem Development Fund. The IEDF webpage claims that it wants to empower development and innovation within the IOTA ecosystem by funding ideas across the globe.

The IEDF chooses projects based on merit and according to the developers of honeycombOS, it performs better than standard distros like DietPi, Armbian, etc. The functionalities of the honeycombOS were stated in its official release as:

“honeycombOS is meant to be as minimalist and light as possible, so all CPU power is used for Tangle related computations. Therefore, there’s no GUI, and everything needs to be done via terminal. honeycombOS is 100% cross-compiled from source, which means community feedback will drive improvements for next iterations”

At present time, the honeycombOS only contains the Hornet v0.3.0 which does not contain all the functionalities of IOTA’s IRI [IOTA Reference Implementation]. The IRI runs on nodes in the public IOTA networks where clients can transfer IOTA as well as other cryptocurrencies. honeycombOS’s has only been tested on the Raspberry Pi 3 and 4, with later iterations to be tested out soon.

The aforementioned developments are aimed to bolster IOTA’s mainstream adoption which in turn will affect the cryptocurrency’s price. At press time, IOTA was trading for $0.25 with a total market cap of $699.4 million. After a 2.43 percent increase on the daily chart, the 24-hour market volume was at $8.74 million.