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IOTA launches $5 million Coordicide research grant program

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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.

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IOTA: The market falls as MIOTA price trades in the oversold region

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IOTA price is likely to resume its bullish trend soon because the price seems to have reached the oversold area of the market.

Key Highlights

  • IOTA/USD pair is trading below the $0.25 price level
  • IOTA market had been trading above the historical price level of $0.25 since April
  • The coin is likely to rise again as the market reached the oversold region

IOTA Current Statistics

The current price: $0.238367

Market Capitalization: $662,549,024

Trading Volume: $9,434,046

Major supply zones: $0.30, $0.35, $0.40

Major demand zones: $0.20, $0.15, $0.10

IOTA Price Analysis August 14, 2019

The price of IOTA is bearish as the market reached the oversold region. Presently, the market is trading above the $0.25 price level. This was the previous low of April when the market reached the oversold territory.

On April 28, the bulls scored an upward movement but were resisted at the $0.30 price level. The market fell to its previous low and commenced another upward move and broke the $0.30 resistance level.

The coin rose and reached the $0.45  overhead resistance in May. The market was trading below the $0.45 price level since the previous month before the bulls were resisted on June 22. The crypto’s price fell, and it is currently trading above the $0.25 price level. On the upside, the price of IOTA is likely to rise because the price action may respect the historical price level.

IOTA technical price analysis TWJ

Chart Indicators Reading

The RSI (Relative Strength Index) Period 14 is level 33, indicating that the coin’s market is advancing towards the oversold region. The 12-day EMA and the 26-day EMA  are above the price of IOTA, which means a bearish signal.

The price of IOTA is likely to rise after testing the lower trend line. On the upside, if the crypto’s price rises and breaks the upper trend line and then closes above the trend line, the market is likely to resume its bullish trend.

General Outlook for IOTA

IOTA price is likely to resume its bullish trend because the price seems to have reached the oversold area of the market. As was the case in April this, buyers are expected to emerge. Traders should benefit and lookout into buying setup to initiate large orders. Traders should place stop-loss orders below the $0.24 price level.

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IOTA Price Analysis: IOTA To Continue To Bearish Run For Quite Some Time Now, May Trade Around $0.30 Only

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IOTA was valued at $0.34 on 13-July-19. Post this date, the prices of the coin began to drop, and there were a couple of sharp falls. Due to this, the price of the coin fell as low as $0.25 on 16-July-19. The coin did manage to change the scenario and rose upwards; however, prices began to fall again. From 27-July-19 till about 7-Aug-19 the movement of the coin has been more or less in the same pattern without any drastic rise or fall. At the time of penning down, the price seemed to be more or less stable around $0.25.

Let us look at how the coin has performed over the past month.

The price analysis of IOTA is as below:

IOTA Price Prediction
IOTA Price Chart by TradingView

Current Data of the coin:

  • IOTA is currently ranked at 19th position in the crypto market.
  • Coin’s current market cap is marked as 711,279,092 USD.
  • IOTA is valued at $0.25 at 07:45 UTC.
  • 24-hour volume numbers are $6,092,995
  • The circulating supply of the coin is 2,779,530,283 IOTA.
  • The coin offers an ROI of -59.90%.

IOTA Price Evaluation and Future Forecast:

If we compare the current trading price of the coin with the highest value of last month when it had reached $0.34 on 13-July-19 at 15:30 UTC, it indicates a bearish run by 26%.

As per the current trend, we anticipate that IOTA may continue to trade around $0.25 by the end of the day. After about a few days, the coin may manage to change the bearish scenario and begin to rise upwards. The MACD of the coin also indicates a bearish move in the negative zone as the signal line crosses the MACD line.

Conclusion:

Looking at the movement of the coin today, investors may purchase as well as sell the coins as per their discretion. Trading for a short-term basis in the coin may not be that effective as the coin has enough potential to attain newer price marks.

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IOTA grants $5 million for Coordicide research program

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  • The IOTA Foundation has granted $5 million for Coordicide research, as reported via an official blog.
  • It is part of an upgrade for IOTA, that was announced back in May, as they wanted to remove the centralized coordinating note from the network. 

IOTA will be granting Coordicide research program $5 million for the research, according to a blog statement by the foundation.

Back in May of this year, the move towards Coordicide was announced, it was an upgrade for IOTA which has been planned; the centralized coordinating node of the network was to be removed by this move.

The IOTA Foundation is further contributing to this process by offering five million dollars IOTA grant in the form of smaller grants for research related to Coordicide. In terms of fields of interest they include; the prevention of spamming, optimization of the network, reputation systems, and the decentralized random number generation.

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