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
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.
Moreover, The Relative Strength Index value at 58 indicates a bullish sentiment in the coin.
MIOTA/USD Chart In The 4-hour Time Frame
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.
IOTA Launches Assembly, A Multi-Chain Smart Contract Platform
IOTA has announced another network featuring low-fee smart contracts and highly composable chains.
IOTA has announced a new smart contract platform called “Assembly” to accelerate the adoption of Web 3. Like IOTA’s staging network – Shimmer – users can stake IOTA on Assembly to earn rewards, this time dispatched in ASMB token.
What Is Assembly For?
Assembly revealed itself in a blog post on its site earlier today, which was retweeted by IOTA. The platform calls itself a “scalable, multi-chain network for sharded, composable smart contracts.” Sharding is a scaling method that reduces validation time by making smaller groups of nodes validate transactions, rather than the whole network.
Anyone using the protocol can create their own sharded smart contract chain, defined by their own parameters. Virtual machine requirements, validation requirements, and incentive/fee structures are completely composable by developers.
“Every smart contract chain built on Assembly is a fully shared network, limited only by its own throughput while benefiting from the shared security and trustless interoperability of the global network.”
Assembly claims it will be the “open network to build and connect open worlds” using a feeless and highly scalable base-layer for hosting Defi, NFTs, and DAOs. This is a function that Ethereum has attempted for years, but has been held back from due to base-layer congestion and high fees. As such, Vitalik has proposed sharding on Ethereum, alongside other layer-2 scaling solutions.to reduce costs.
The network’s native token – ASMB – will see 70% of its supply distributed to the community. That includes a 20% allocation that goes to stakers of IOTA. With the foundation’s recent launch of its staking testnet, the network’s stakers will be compensated with even greater rewards. The final 30% will go to early participants and the IOTA foundation.
Another Network for IOTA?
Despite Assembly’s long list of platform features, many were disappointed with the announcement. Considering how IOTA launched smart contracts on its main net in October, some found the entirely new network to be redundant.
Until now, IOTA has been playing the long game. Despite a sleeping price far below its all-time high in late 2017, it is still aiming to become an efficient, zero-fee, human-machine payment network used by billions of people.
“Short-term success in the crypto market is based on speculation and hype; long-term success is based on ideals, community and culture. Only the solutions that follow a clearly defined purpose and preserve their values will ultimately prevail,” reads Assembly’s announcement.
IOTA Announcing 70% of Supply Rewards Prior to Launch of Assembly Layer 1 Network
IOTA to launch a new Assembly Layer-1 network and redistribute 70% of token supply to developers, creators and early adopters
The IOTA ecosystem is getting ready to launch a new decentralized Layer 1 network, Assembly. The network will utilize a native ASMB token with zero fee possibilities, sharding and VM compatibility. The network will be governed purely by its community with the help of the native token that will be used for security, governance and reward participation.
Open ecosystem principles
In the case of Assembly, IOTA takes a different approach to the launch of the new product. The ecosystem’s developers will not just be throwing money at an empty industry; instead, they will fund creators, developers and early contributors of the newly developed ecosystem.
IOTA is ready to redistribute 70% of the entire token supply among the aforementioned groups to fuel the power of creators and reward the most active contributors that directly affect the performance of the newly built ecosystem. The newly built Metaverse will be open for anyone who is willing to participate and make their contribution to the network.
In addition to fair token distribution and community governance, Assembly will offer a unique smart contracts architecture that is aimed at solving issues with transaction fees, which is the main barrier between a blockchain-based project and full scalability.
Developers are able to build decentralized applications with the ability to set low or even no fees at all for operating with their applications. Assembly is already set for sharding that allows scaling the network to thousands of TPS. All smart contracts on the network are fully connected and interact with each other with almost nonexistent transaction fees.
Assembly makes its first step toward creating a fair and truly decentralized ecosystem that will be available for everybody with the help of distribution of power and ownership to its community.
IOTA’s Shimmer Network Receives First Genesis NFT Collection
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.
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.
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%.