IOTA’s MIOTA coin recently skyrocketed to prices over $4 and has since stabilized to price in the $4.50 region (and has now risen again to $4.78).
IOTA, the blockchain network designed for the Internet of Things (IoT), recently enjoyed a significant growth spurt, as the network’s token, MIOTA, gained steadily against the US Dollar. Currently, the MIOTA coin holds position number four in terms of its market capitalization.
During an interview with IOTA co-founders, Dominik Schiener and David Sønstebø explained to Cointelegraph what exactly encouraged this latest growth spurt.
According to the co-founders, IOTA spent the majority of their time and capital resources over the last year on the coin and network’s development, instead of a marketing campaign. The duo stated that their first priority was always to create a next-generation blockchain network. During the two-year period, the network’s developers ensured that the entire system was working properly before making it available on the market.
This perhaps accounts for why the entire cryptocurrency industry is currently holding their breath for IOTA. The project has piqued the interest of several eager investors and enthusiasts after following the project’s development for quite some time. It’s only now that they can finally enter the market.
The co-founders also elaborated on their recently cemented partnership with tech giants, Microsoft and Fujitsu. According to the team, Microsoft offers the company cloud storage solutions via its Azure service. Several other device manufacturers, such as Fujitsu and Samsung have also joined IOTA’s initiative with Microsoft in order to research and explore the Data marketplace in terms of trading habits and trading security.
The co-founders also noted during the interview that IOTA has several advantages over regular blockchain networks, as the fees are minor, and they have minimized obstacles often faced by other networks, such as centralization issues and limitations imposed by scaling concerns. Every time a user conducts a transaction, they need to validate two other transactions. The validated transactions then serve as a reference to their own transactions. This system is often referred to as a Tangle.
This structure eliminates the need for transaction fees, as the user also plays the role of a validator, making it unnecessary to shell out extra fees for miners.
At the time of writing, MIOTA coins are trading at around $4.57, which indicates a 1.25% in the last 24-hour period.
It has been suggested that the MIOTA token is likely to gain some momentum in the coming days as users become more interested in the coin. If the momentum builds, the coin is likely to break the $5.00 mark, which will in turn hopefully encourage more growth.
