IOTA Price Up By 9.48% – Time to Buy MIOTA Coin?
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- IOTA foundation token MIOTA gains 9.48% in 24 hours, a signal for Investors to buy MIOTA
- Smart city project partnership unites IOTA foundation, South Korean observer, and Tanglehub
- Iota scales to the second phase of the European Union Blockchain Project
Iota’s utility token is currently rallying, and investors are optimistic about a price jump in the coming months. At press time, the digital asset’s market capitalisation is set at $2.6 billion, with a 9.48% increase. The asset has also experienced a 0.98% increase in its 24-hour trading volume. Despite the bearish nature of the crypto market, these price increases are a strong signal for investors to buy MIOTA.
IOTA is a distributed ledger with a major distinction: it’s not a blockchain. Tangle, a system of nodes that authenticate transactions, is the company’s patented technology.
According to the foundation behind this platform, it offers considerably faster speeds than traditional blockchains, as well as a perfect footprint for the growing Internet of Things environment.
IOTA Foundation to enhance blockchain development for smart city projects
The IOTA Foundation, South Korean Observer Observation, and Tanglehub have formed a strategic partnership to apply for smart city projects in South Korea, Asia, and Europe. The agreement, which will take effect this year, will likely broaden the scope of IOTA’s applications in these areas.
IOTA announced the arrangement in a blog post, and it will unite the three companies together in pursuit of a similar purpose. The IOTA Foundation disclosed that the cooperation would be mutually beneficial, as it’ll include the Observer Foundation in smart city initiatives in which it is a key player.
IOTA wants to connect its various apps to create useful use cases in smart cities. ID services such as objects, data, and contracts are among the novel services the IOTA plans to implement.
IOTA will also demonstrate new smart city services, such as blockchain services (user identification, shipping, and payment) developed under the Blockchain Free Regulatory Zone initiative. Tanglehub will create IOTA solutions in collaboration with a key IOTA partner.
IOTA chosen for phase 2 EU blockchain project
The IOTA Foundation has been chosen as a contractor for Phase 2 of the EU’s pre-commercial blockchain procurement. They will now work on prototype enhancements for future versions of the European Blockchain Services Infrastructure (EBSI).
The commission’s backing was disclosed in a blog post on the foundation’s website earlier today. They’ll compete with four other companies to see how the EBSI can be more adaptable, interoperable, safe, and energy-efficient.
The EBSI is a network of nodes that uses blockchain technology to help enhance cross-border services in Europe. It was established in 2018 with the formation of the European Blockchain Sponsorship by the EU Commission and member nations.
IOTA was selected among seven of 35 candidates in the inception phase of the EU blockchain project in September 2021.
The foundation will collaborate closely with Software AG in Phase 2A to deliver the enhancements. The commission will review the performance of all participating initiatives after six months and choose at least three for Phase 2B (field-testing).
Sharding was highlighted as a key component of IOTA’s scalability solution for EBSI. Sharding is a way of substantially boosting transaction volume by allowing only particular groups of nodes to validate specified sorts of transactions.
This is a long-term answer for Ethereum, according to Vitalik Buterin, but he believes it will take years to execute.
MIOTA price hikes in the last day; bullish streak imminent?
The IOTA utility token is trading at $0.9437 at writing. This price is indicative of a 9.48% price increase on the last day. The digital asset is in the bearish market as it is currently trading below the 50-day simple moving average support price peg of $1.1025.
MIOTA’s current market price is below the 100-day simple moving average support price peg of $1.2082.
Despite these bearish indicators, MIOTA is a strong player in the crypto market and the 47th digital asset by market capitalisation. Therefore, investors can take advantage of this current price low and buy MIOTA to rise with the market.
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