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IOTA is the top choice for the European Union blockchain project

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  • The EU announced IOTA as one of seven cryptocurrencies chosen for the development of the European blockchain project.
  • IOTA recently launched its smart contract beta, offering zero fees and faster transaction processing to developers and users.
  • IOTA remains the top choice for multi-chain future and Web3 applications.

IOTA is one of seven blockchains chosen by the European Union (EU) for its blockchain project. The EU has tasked IOTA with delivering the European Blockchain Services Infrastructure’s (EBSI) blockchain project. 

EU chooses IOTA Foundation to work on EBSI’s blockchain project

The EBSI was founded in 2019 to develop a blockchain network to unlock the potential of distributed ledger technology for individuals, businesses and governments. The IOTA Foundation was chosen to power the trustless flow of reliable data. 

The blockchain project will power reliable data from throughout the European Union through digital management systems for educational qualifications, fraud-proof digital audit trails for notaries, and enhance data sharing amongst authorities. 

IOTA was the EU’s top choice due to its energy efficiency and feeless transactions. The foundation recently revealed this in a tweet:

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IOTA launched the beta of its zero-fee smart contracts and entered the race of Web3 infrastructure and multi-chain. Dominik Schiener, CEO of the IOTA Foundation, commented on the smart contract launch. Schiener stated, 

Fees themselves, and especially their volatility, put a strain on business models and are the diametric opposite of an economic driver. The absence of fees is what makes IOTA so popular in the business world. It enables a multitude of business models that are not feasible on other blockchains.

@devchart, the co-founder of Chartalerts IQ, commented on the lack of development activity and updates in the IOTA network. Schiener responded with updates of IOTA’s developments. 

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When Cardano launched smart contract capabilities, proponents criticized the blockchain network’s late arrival in the Web3 and DeFi race. IOTA was subjected to similar criticism; however, the CEO of the IOTA Foundation disagrees. 

Schiener says, 

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IOTA is certainly not the first to offer smart contract capability. But we simply didn’t want to offer a solution with known drawbacks. Offering something better requires more work, which requires more time. By being a little later in the game, we were able to take the best concepts from the space and integrate them into a new, superior product.

Pseudonymous cryptocurrency analyst and investor @eliz883 has predicted that IOTA price will boom when it comes out of the ongoing accumulation.

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IOTA’s Shimmer Network Receives First Genesis NFT Collection

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IOTA’s Shimmer Network has received its first NFT collection with rarity arguments and staking boosts.

After the introduction of the Shimmer network developers sandbox and its native SMR token on the IOTA blockchain, the first use case of the network appears as a Genesis NFT collection consisting of 11,111 non-fungible tokens.

The NFT collection will be available in limited amounts with various tiers that include Gold, Silver and Bronze. In addition to the rareness of each token, they will contain exclusive perks tied to the development of the whole ecosystem.

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The functionality of tokens is designed to reward early adopters that provide growth to the ecosystem. Each NFT will become a tool for fueling the ecosystem’s growth rate.

Earnings from the sale will be used to fund the development of Decentralized Autonomous Organizations inside the IOTA and Shimmer ecosystems, which will accelerate the growth and proper development of the two systems. The key actor in this scheme will be the IOTA community, which has been creating the perfect conditions for the rapid development and exponential growth of the ecosystem.

Staking rewards of the Shimmer staging network have not been unlocked yet, and they will not be until the Shimmer community decides to do so by community voting. In addition to the function itself, the community will have to decide the distribution scheme.

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If the community votes on giving a 15% boost to Genesis Gold NFTs, staking rewards for Shimmer network supports will be increased by 15%. By owning one Gold NFT, you will receive an individual reward increase of 30%.

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IOTA Price Analysis: The $2 Mark Seems Achievable With This Bullish Pattern

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The MIOTA coin has been traveling in a sideways trend for two months now. In this consolidation, the price formed a symmetrical triangle pattern in the daily time frame chart. A recent news that added more popularity for IOTA was announcing the launch of a new incentivized staging network, ‘Shimmer.’

Key technical points:

  • The MIOTA price gave a breakout from a symmetrical triangle pattern in the daily time frame chart
  • The intraday trading volume in the MIOTA coin is $399 Million, indicating a 555.6% gain
TradingView Chart
Source- MIOTA/USD chart by Tradingview

After rejecting the $2 mark on September 5th, the MIOTA coin entered into a deep correction phase that plunged the price to the $1 mark. Since then, the coin has been consolidating within this range, which eventually revealed a symmetrical triangle pattern.

The coin price resonated in this pattern for more than two months, when today it finally attempts a strong breakout from the overhead resistance trendline. As per the crucial EMAs, the MIOTA maintains its bullish trend by trading above the 200 EMA.

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Moreover, The Relative Strength Index value at 58 indicates a bullish sentiment in the coin.

MIOTA/USD Chart In The 4-hour Time Frame

TradingView Chart
Source- MIOTA/USD chart by Tradingview

The MIOTA coin gave a 4-hour candle closing above the resistance trendline, supported by a massive surge in the volume activity. However, the higher price rejecting in this candle adds some concern about this breakout, and therefore, the crypto trader should ensure the coin price obtains sufficient support in its retest phase before taking a long entry.

As per the traditional pivot levels, the crypto trader can expect the nearest resistance level for this coin at $1.5, then at $1.67. And on the flip side, the support level is $1.13.

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IOTA Staking Is Officially Unveiled In the Cryptocurrency Space

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IOTA expressed that IOTA Staking is officially Unveiled.  All Shimmer tokens will be distributed to IOTA stakers. Users can stake MIOTA to get free SMR tokens.

Community Response:  I do have my MIOTA on firefly wallet. Will the staking start automatically or do I need to activate it in any way?

This is probably one of the smartest moves of the IOTA Foundation within the last years. It is kind of a soft fork, allowing to release and test future technologies on Shimmer with its own token, but then bring the value back to iota after battle testing and increasing iota value by staking.

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Why not just run an unincentivized test network such as the Dev Net they are currently operating? And what’s the difference to that? I would appreciate your input as I’m slowing Mixing up all things such as DevNet/shimmer etc.

Shimmer is running on main net on bee and hornet nodes (not DevNet GoShimmer nodes). This makes implementing new features into IOTA 2.0 convenient. 2. Shimmer enables experimentation with tokenomics due to incentives (DevNet is not incentivized), again, streamlining IOTA 2.0.

Would you explain me what you mean by “but then bring the value back to iota after battle testing and increasing iota value by staking.

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Well, once the new features have been implemented and used on shimmer, it will be implemented on IOTA – so the value is brought back to IOTA. That the IOTA token now is allowing staking to earn Shimmer tokens increases the value of the IOTA token right now already.

Can anyone please give some clarity about the fact that cryptocurrencies used for staking are likely to be subject to a holding period extension of 10 years!? This is a massive limitation in my eyes.

Is it really though? Look at Kusama and what wealth it brought to stakers. I wouldn’t mind paying taxes if I was that filthy rich.

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Staking on Ledger possible?  I have multiple profiles in one wallet. Do I need to stake per profile, or do I stake per wallet?

Is there a good explanation of staking? What profits can one expect with which token investment? What are the consequences for taxation? What are the holding periods? Will the holding period of one year be lifted for the tokens used?

IOTA is a better more fair system, but people don’t think like this. People thinks they are doing well getting 5% on a token that is inflating 10% a year. People are irrational unfortunately.

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Bravo, this has been part of the problem. Other projects just get promoted and funding because they continue to inflate, and allow IDOs, crowdloans.

Why not just run an unincentivized test network such as the Dev Net they are currently operating? And what’s the difference to that? I would appreciate your input as I’m slowing Mixing up all things such as DevNet/shimmer etc.

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