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IOTA market overview: IOT/USD price spikes up following partnership with Trive.Park

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  • Parking garage owners can now digitize their asset and monetize it using the Trive.Park app.
  • IOTA has been deemed the best fit because it can process microtransactions with virtually no fee.
  • IOT/USD responded by going up from $0.24 to $0.261 this Thursday.

To facilitate easy booking and payment of parking spaces, German company Trive.Me has launched a new app Trive.Park. Motorists can now book and reserve parking spaces in advance. According to an EDAG Engineering report, users will have to pay for parking space and communicate with the garage over the Tangle, making the whole transaction quick. Through an online reservation system, the Trive. Park app will allow parking garage owners to digitize and monetize their asset.

Alexander Süssemilch, Trive’s Head of Product, thinks that IOTA is the best fit for the platform because the network can process the required microtransactions with virtually no fee. The firm stated that technology like IOTA can significantly disrupt the mobility industry, allowing users to experience a new level of efficiency for a lesser cost. 

IOTA is headed towards eliminating their centralized validator node. This is a big step towards their vision of decentralized micropayments. However, network security can be comprised if the move is not executed at the right time.

IOT/USD daily chart

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IOT/USD flew up on the back of this news and went up from $0.24 to $0.261 this Thursday. The bullish momentum continued this Friday and went up further to $0.266. The price broke past resistance offered by the 20-day simple moving average (SMA 20) and is trending below the SMA 200 and SMA 50 curves. The moving average convergence/divergence (MACD) indicator shows increasing bullish momentum.

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What is the IOTA Permanode?

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In the blockchain and cryptocurrency industry, network nodes play a major role of importance. The more nodes are online, the more secure the network has become in the process. As far as IOTA is concerned, the team has introduced a new solution which could be quite interesting. Known as Chronicle, it is a permanode solution which can introduce a lot of positive changes.

Running Nodes on IOTA

It is evident any cryptocurrrency network with many nodes will see some of its node operators run into issues sooner or later. In the case of Bitcoin, running a full node requires increasing amounts of storage due to the blockchain size growing rapidly. For IOTA, a similar problem persists. Considering how this venture is designed to revolutionize the Internet of Things, any node-based issues need to be addressed sooner rather than later. 

It now seems the developers have come up with a more permanent solution. Although the goal was to make local snapshots solve most of these problems, it is evident that a more permanent fix is in order. Although snapshots allow node owners to delete old transactions without causing network issues, it is good to see the developers look for other solutions regardless. 

The Permanode Solution

Earlier today, the IOTA team unveiled its permanode solution, dubbed Chronicle. It allows node owners to store all IOTA transactions in a scalable and distributed database. That latter word will undoubtedly irk a lot of cryptocurrency enthusiasts, as this technology is very different from traditional databases. That said, it is a good analogy, as this data flow of the Tangle will be made queryable. 

Additionally, the permanode will offer – in theory – indefinite storage of the Tangle’s history and makes it easily accessible to boot. From a scaling point of view, this is a concept which could have positive repercussions for the IOTA ecosystem as a whole. It would even become possible for node owners to earn money if they start offering data queries as a service. 

Public Release Needs to Wait

Despite all of the promising signs Chronicle seems to bring to the table, there is still a lot of work ahead for the developers. First of all, there needs to be a third-party audit of the code as a whole, which is expected to occur in the weeks to come. It would make no sense to launch a piece of code which could have bugs, exploits, or other shortcomings. Once the audit has been completed, the permanode will become production-ready.

It also seems additional functionality will be added to this project in the near future. The IOTA Foundation is willing to offer grants to those who develop and expand the permanode concept. If this venture proves to be successful, it wouldn’t be unlikely to see a similar permanode solution pop up across other cryptocurrency and blockchain networks in the future. For the time being, the project’s repo can be found on GitHub. This marks a prominent development in the history of IOTA, with a lot more progress waiting to be unlocked. 

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IOTA price analysis: MIOTA/USD bullish after symmetrical triangle breakout

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  • IOTA’s consolidation above the support at $0.2350 gives way for a breakout above $0.24 resistance.
  • The present positive technical indicators suggest IOTA is likely to correct towards 0.25.

IOTA has defied the broad-based bear pressure to post a subtle 1.3% increase in value on the day. Prior to the impressive correction on Monday, IOTA was consolidating above the short-term support at $0.2350. The initial recovery from the recent low at $0.2268 failed to break the resistance $0.25.

The trend since Monday has been forming a contracting triangle pattern. A lower high pattern below the resistance at $0.25 and a higher low pattern above $0.2268 (recent low). A break above the triangle resistance gave IOTA a boost above the short-term resistance at $0.24. Unfortunately, the momentum fizzled out leaving $0.2425 untested.

Looking at the Moving Average Convergence Divergence (MACD) we can tell that IOTA has an inclination to the upside. The growing positive divergence suggests that buying entries will continue to increase in the coming sessions. The price is sitting above the simple moving averages with the 100 SMA on the 1-hour chart offering support at $0.2385 and the 50 SMA at $0.2375. Other notable support areas include $0.2350, $0.2300 and $0.2275.

MIOTA/USD 1-hour chart

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Parascom Games partners with IOTA to launch Tangle-based development platform

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  • The platform, dubbed Caer Sidi, helps third party developers to launch games. 
  • The gaming industry is extensively using distributed technology and cryptocurrency.

Estonia-based Paracosm Games has recently launched Caer Sidi – a Tangle-based game development platform. The platform helps third party developers to launch games using the distributed nature of IOTAs network. Caer Sidi is developing an ecosystem of interconnected games that are run in a non-centralized manner. Presently, the gaming industry is extensively using distributed technology and cryptocurrency. Recently, Waves also collaborated with a game development platform called The Abyss. 

Caer Sidi gives an offbeat gaming experience. Paracosm Games also recently launched its first game: Post Scriptum. The game is set in a medieval period post the Christian apocalypse including select humans, demons and the undead survived armageddon. The use of a distributed layer to run the game will be beneficial in many ways. IOTA doesn’t charge any fee; therefore transactions and data transferred over the Tangle are virtually free. This will result in the reduction of cost to run their game but will require a decent amount of mining power to execute.

The network is gaining enormous benefits for having a gaming platform performing tons of transactions. The Foundation is helping the network to grow by signing up more partnerships to boost transaction volumes. With the coordicide launching in the next couple of years, increasing transaction volumes must undoubtedly be their business development goal.

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