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IOTA (MIOTA) Finds a “Real Life” Purpose with Elaad

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IOTA is currently in the middle of the recovering phase along with the rest of the crypto market. The majority of currencies are currently going up in the market with some of those cryptos showing an astonishing pace of growth in the last couple of days. IOTA is also trading in the green, but the public seems to be more interested in a new venture that IOTA is involved in as of the recent events. Apparently, IOTA has found a “real-life” purpose with starting a collaboration with a company called Elaad. Let’s see what IOTA dev team is working on and what the newly-acquired collaboration can bring to this digital asset.

IOTA and Elaad Collaboration

Before mentioning anything about their collaboration with Elaad, IOTA team tweeted about the mysterious project that they have named project Q. Since the original tweet, IOTA dev team has been teasing their followers, mainly on Twitter with revealing the new project the team has been working on.

This is where collaboration with Elaad comes as crucial since this partnership made this project happen in the first place. Elaad is actually a center of education and smart technology development that operates in the Netherlands while working exclusively on improving the technology being used in their country.

The project Q actually started of independently from IOTA, when one of the team members from Elaad designed a crypto-charging station for charging of electric vehicles. The Netherlands is already known for finding eco-friendly solutions for more than just transport, so this project took a natural course of development.

This is how IOTA and Elaad started their collaboration while working together on a patent made by Elaad and powered by IOTA’s superb network known as Tangle. Thanks to Tangle, IOTA users in the Netherlands will now be able to use the first ever crypto-charging station for electric vehicles, which is both, eco-friendly and cost-effective.

Besides for making up for a cheaper and faster way of charging your electric vehicle, IOTA with this project found its way towards being used for a “real-life” purpose, which is considered to be the ultimate goal of all crypto values – to get massively adopted and used in real life while surpassing the gap between blockchain technology and more traditional technology that is currently being mass-used.

IOTA-charging Station for Electric Vehicles

The first IOTA-charging station for electric vehicles has become available for use exclusively in the Netherlands since it was Elaad, an education center set in the Netherlands that proposed this project in the first place.

Besides from marking this project as a great achievement from the side of Elaad center, we can also say that this is in more than one way, a groundbreaking point for IOTA and its currency MIOTA.

This is the case as this is the first time ever that IOTA has been put to a “real-life” use, showcasing the ability of its network Tangle, to bring two machines together to communicate at a very low cost and without redundant effort, solely by using IOTA’s Tangle technology.

The application for charging your electric vehicles is designed in a way that the user’s IOTA wallet is linked to the application for enabling of making payments instantly in order to pay for the charging of your vehicle.

Moreover, machine-to-machine communication is made to finish the job of paying for your charging thanks to IOTA’s Tangle, which is done in only 15 seconds. This case indeed goes in favor of IOTA as it showcases the great potential of its network and the technology powering that network up.

The IOTA team added on this matter that they are glad that they were able to show together with Elaad, that Tangle and IOTA can find a real-life purpose making their technology extremely applicable and scalable, especially for machine-to-machine communication.

Further, on this matter, Elaad representative team talked about further plans of improving the application for IOTA-charging station, focusing on the evolvement of general communication and the result the end user gets in the end when using this type of technology.

With IOTA’s latest project in collaboration with Elaad, it is more than obvious that this digital asset has made a huge step towards introducing Tangle to the public, for the first time making their network applicable for a real-life purpose with more room for improvement and the evolvement of their charging station application.

How is IOTA doing at the Current Moment?

As the majority of digital currencies are recovering from the most recent market dip that went off with demoralizing the entire crypto community for more than eight weeks, IOTA is doing more than well for days now as this currency is being traded in the green.

After the latest change in the market, MIOTA has gone up to 12.50% against the dollar, while trading in the green for days now. It seems that MIOTA is also showing an increased pace of growth in oppose to BTC as it is rising against this currency for over 8% today.

That being said MIOTA can be bought at the price of 1.95$ per one unit. Hopefully, IOTA will break the value of 2$ in the day to come and head towards surpassing its record price of around 5.3$ per one unit as recorded back at the end of December of 2017.

We will be updating our subscribers as soon as we know more. For the latest on cryptos, sign up for our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Jun Seita via Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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