Connect with us

IOTA

IOTA Community on “Feeless” But It’s Not “Free” Per Se

Published

on

IOTA expressed:  The interoperability framework of IOTA enables novel use cases for crypto, like creating assets on one chain and transferring it to another – without fees! The crypto economy is now at your fingertips.

Community response:  It’s only a matter of time until ETH devs will start building on top of IOTA. No transaction fees are a killer feature enabling limitless scalability.

Why price does not pump?  Matter of time.

Advertisement

I want to transfer tokens IOTA to the Trezor Model T cold wallet. Is there such an opportunity, and if not, when will it be? Currently, only Ledger Nano is supported.

The technology is strong with no doubt, while the marketing is not as it should be. I hope the infrastructure bill benefits IOTA in some way. I’ll be holding these coins for a while. I’m very bullish on anything that has to do with the IOT and Intel/Mobileye.

Further, IOTA multi-asset multiverse is coming.  This is expected to being in huge implications for its tokenomics.

Advertisement

Community response:  IOTA smart contract chains can freely choose if they introduce fees or not. + Everyone can run a similar SCs on their own chains Result: Free market of SC services creates a race-to-the-bottom for price.

This deposit-mechanism also enables arbitrary data to be permanently saved on the Tangle, simply by adding an IOTA token deposit to any data transaction (for example to permanently store digital identities)” Some people would call this a fee, would you agree?

A fee is when you pay money to a third party/gate-keeper and then the money is gone (from your perspective). A deposit is always 100% under your control and you get it back at the end thats why people is “feeless” but it’s not “free” per se.

Advertisement

All well and good for token holders, but won’t it become prohibitively expensive to use the network with a limited token supply?

This will be decided by free market. If people are willing to pay a lot in order get data onto the Tangle, then the token price will reflect that. Òf course, this could mean that the Tangle might eventually not be used for “everyday coffee buy” but only for very valuable assets.

IOTA will be under constant squeeze. Not only IOTA would be needed but also industries and foundries would be better off holding it while everyone entering the free ecosystem would need to buy and hold to use the ecosystem. Constantly decreasing supply and increasing uses.

Advertisement

If you want to use a FREE ecosystem, you need to be invested in it. Simple.

I’m afraid we will end up just like ETH, but with storage price replacing transaction fees, you still get your IOTAs back when you let go of the space.

News Source

Advertisement

IOTA

IOTA’s Shimmer Network Receives First Genesis NFT Collection

Published

on

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.

Advertisement

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.

Advertisement

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%.

News Source

Advertisement
Continue Reading

IOTA

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

Published

on


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.

Advertisement

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.

News Source

Advertisement
Continue Reading

IOTA

IOTA Staking Is Officially Unveiled In the Cryptocurrency Space

Published

on

iota-Digita-Technology

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

News Source

Advertisement
Continue Reading