IOTA is now the fourth largest cryptocurrency in the world, in market value, after an absolute tear in recent weeks. The digital currency price has surged by nearly 600% this month, consequently toppling Ripple’s XRP token for the fourth spot.
It is only a month ago that IOTA was valued at just $0.37. Ever since, it has registered a steady rise, reaching parity with the dollar as early as late last month. As bitcoin climbed to record highs of $11,000 and then to 14,000, IOTA punched through to record highs of $6. Its market cap now sits above $12 billion.
The bullish trend in IOTA price comes as many casual investors learn about the cryptocurrency and its underlying technology. There is strong demand for IOTA among Asia traders given that the digital currency currently holds the highest trading volume on a number of exchanges such as Binance and Coinone.
Demand for IOTA cryptocurrency is not expected to diminish any time soon given that it’s trading volume has risen to over $2.46 billion. Very few cryptocurrency ever break the $1 billion mark.
Internet Of Things Opportunity
The signing of a major agreement with Microsoft, Samsung, Fujitsu and others for business-to-business data sharing, is the immediate catalyst pushing IOTA price higher. The signing of the agreement has since catapulted the IOTA trading volume to historic levels significantly strengthening its price in the crypto space.
The agreement paves way for the creation of a blockchain based marketplace that will enable the sale of data. According to IOTA CO-founder David Sonstebo, the new marketplace will incentivize companies to sell data instead of letting them to go to waste.
“This next-generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real-world solutions, applications, and pilots for our customers,” said Microsoft’s Omkar Naik in a statement published on the IOTA Foundation website.
The cryptocurrency has the potential to have a significant impact on the Internet of Things thus explaining the attention it is receiving from the crypto community.
Free Transactions Fees
IOTA rise to stardom in the crypto space is mostly attributed to its Tangle System that creates and validates transactions. The system allows users to create transaction by validation thus leading to a more secure and immutable network,
The fact that system allows zero transaction fees has made it ideal for the data industry. This is because other legacy blockchain technology systems cannot handle micropayments for data among businesses. IOTA technology is thus expected to continue experiencing a growth in demand as the need for scalable free transactions continues to grow.
We will be updating our subscribers as soon as we know more. For the latest updates on MIOTA, sign up below!
Image courtesy of Schneider Electric Espana via Flickr
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…