IOTA announced a $5 million grant program to contribute to “Coordicide”-related research, the elimination of the project’s centralized coordinating node.
IOTA is a cryptocurrency that aims to facilitate IoT transactions by creating a fee-less, highly scalable, asset transfer network.
In May 2019, IOTA Foundation announced its push toward Coordicide—a planned upgrade for IOTA which removes the network’s centralized coordinating node. Currently, in theory, the IOTA Foundation could harm the network by choosing which transaction receive priority or freeze user funds. The Coordinator is also a single point of failure which may be susceptible to hacking and is a bottleneck to scalability, said the Foundation.
To further contribute to the process the IOTA Foundation is offering $5 million in grants for Coordicide-related research. Some of the areas of interest include spam prevention, network optimization, reputation systems, and decentralized random number generation.
Unraveling the Tangle
Unlike other major cryptocurrencies, IOTA does not use a blockchain-based structure for its network. Instead, the project uses a different distributed ledger technology called a directed acyclic graph (DAG), allowing multiple chains of transactions to co-exist and interconnect (hence the name the “Tangle”).
DAGs allow for high scalability but present unique challenges around security, decentralization, and asset management.
For reference, unlike Bitcoin which relies on miners to validate transactions and maintain network security, the Tangle depends on users who send transactions to validate the correctness of two other transactions while the Coordinator ensures transactions do not contradict previous transactions. Some instances of this would include double spends or accessing non-existent funds. These characteristics make the network more inherently sustainable and scalable, assuming a large enough number of transactions are conducted.
Initiatives such as this research grant may expedite the transition to Coordicide, cementing IOTA’s position as a decentralized tool for machine-to-machine transactions.
IOTA (MIOTA) Embarks Improvement During the Intraday Movement
The crypto market is in its highly volatile phase. The unexpected price jumps and drops are quite disturbing for the traders. There is a possibility of improvement in the momentum, but the same might take some time. Today, the cryptocurrencies are spotted tremendously falling. The top players like Bitcoin, Ethereum, Ripple, Litecoin etc. are also under the same influence.
IOTA cryptocurrency is reflecting a similar trend, and thus the intraday trading in the coin might not bring any considerable profit to the traders. Yesterday, IOTA price was seen touching a high at $0.222328 and a low at $0.213707.
IOTA Price Prediction
Yesterday, IOTA started dealing at $0.213. The opening hours took the coin to $0.214 by 0.74%. The price shifted to $0.211 in the later hours and marked regression of 1.74%. Further, the currency tried to recover and touched $0.2155 but couldn’t hold itself for a while and dropped to $0.2069 by 3.98% fall. The last few hours brought the IOTA price back to $0.21134 by 2.13%. Still, the intraday movement recorded a loss of 0.95%. Today, the currency started the day at $0.21134 and touched $0.2129 with the first few hours of opening by 0.73%. The price escalated to $0.2134 by 0.26%.
IOTA coin is under the bearish market influence. The currency has violated the immediate support level at $0.213 by dropping to $0.211. There is a strong possibility for IOTA to breach the next support level at $0.209. IOTA cryptocurrency is speculated to give flourish returns to long-term investors. The short-term might not help the investors in drawing huge returns.
IOTA Wants New Ideas. Got Any? Here’s Your Chance to Build the Future
IOTA spreads the word encouraging its community to share ideas on the IOTA protocol development for climate change and support sound innovation from its members
IOTA is encouraging its community members to come up with ideas on further IOTA development and its participation in climate action to build the future of the environment together.
IOTA’s participation in Climate KIC
A while ago, IOTA announced its participation in the event to do with climate change – Climate KIC. The team plans to break the traditional model of short-term decisions harming the distant future of the environment and asks for ideas from its community to present a different concept – how the IOTA protocol can help preserve and improve the environment in the future – that is about consumption, goods production and other related topics.
IOTA’s blog post says:
“We aim to do this together with innovative thinkers from within the IOTA community.”
“We want to invite you to get concretely involved in designing experiments that have the power to shift entire consumption, production, or investment systems toward more forward-looking decisions and actions.”
IOTA seeks innovative ideas
IOTA wants to collaborate with active community members, listen to their innovative ideas and support them.
“In service of this vision, we want to support spontaneous innovations from our community that create the future by simply building it.”
“We want to get a better feel for the ideas and sentiments in the community and explore how IOTA can become the backbone of a sustainable, long-term society.”
The blog article sums up that IOTA wants to find innovative solutions that would help to save planet’s ecosystems and improve human livelihoods.👉MUST READ
IOTA has created a small list of questions and is expecting the community to answer them, as well as offer their innovative ideas.
The IOTA team will consider and evaluate all the proposals and will choose three best. Their authors will get invited to a workshop set up by IOTA in Berlin in early December.
There the creators of the ideas and the IOTA team will work on them to see how they can be developed and applied in the real world.
Unity Video Game Engine Supports IOTA (MIOTA) as Payment System
According to a Tweet by IOTA developer Marlon Morales on November 25, IOTA’s native digital currency – MIOTA – can potentially work as a medium of payment for all Unity supported platform games or applications.
A Big Breakthrough for MIOTA
IOTA, a Germany-based non-profit organization that is looking to foster a global Machine-to-Machine (M2M) economy by leveraging its Internet of Things-based (IoT) Tangle blockchain technology, was recently implemented as payment system for games and apps running on myriad platforms including Android, iOS, MacBook, Windows, WedApp, Playstation 4, and Xbox, among others.
In a recent Tweet, IOTA developer Morales said that he had implemented IOTA as a payment system for the Unity Game Engine. Per sources close to the matter, the unofficial implementation by the developer allows users to send, receive, and check MIOTA balance.
In a subsequent Tweet, Morales cleared the air urging the IOTA ecosystem to see the development as a “community program.”
The initiative was acknowledged by IOTA Co-Founder, Dominik Schiener, who seemed very impressed with Morales’ work. In response, the developer added:
“Now I will work on the design. And then the game. There will be possible to play against each other and also get IOTAs for free for the IOTA newbes. I will also go for a Chat. Later we will have some streaming services over IOTA.”
Blockchain and Gaming
To date, some of the most successful use-cases of both distributed ledger technology (DLT) and cryptocurrencies have emerged in the gaming industry.
As reported by BTCManager on July 26, 2019, major battle royale game PUBG partnered with DLT reward and marketing firm Refereum (RFR) to enable the latter’s users to earn the platform’s native digital token by completing in-game tasks and missions.
In a similar development during September 2019, video games-focused fintech firm UTRUST had introduced support for DASH cryptocurrency to provide safe and secure payment options to the nine million-strong customer base of web gaming platform Whow Games.
That said, the crypto gaming space is, without a doubt, still in wait of its watershed moment that can propel the space into the mainstream. With the recent pace of developments in the space, one could argue that it won’t be too long before spending cryptos in everyday games becomes a norm.