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IOTA (MIOTA), Its Testnet Scheme, Partnership with UNOPS and UN

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IOTA
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The IOTA network had recently announced that it will launch new testnets that will replace “Mainnet Lite test Tangle” implemented by the network previously. This range of testnets of IOTA (MIOTA) will enable the developers to develop the applications, analyze and collect statistics and test the number of transactions that can be done within one second.

As per the Head of Engineering of IOTA Foundation, Edward Greve’s post on the IOTA Medium page the team plans to launch four separate testnets to meet the requirements of the community. The present system of development fell short when it came to proper management of projects. The soon to be released testnets will streamline the development ecosystem by enabling the developers to come into contact with several versions of the IOTA Reference Implementation, a range of Libraries and APIs that are required to interface with the network.

IOTA Testnets

  • Devnet: The Testnet will now be known as the Devnet that will run the latest stable version of IRI. The developers do not have to spend real tokens to work on their apps. Therefore, they will be able to do trial testing countless times.
  • Spamnet: Spamnet ensures a load balanced network such that the users do not need to operate a node. “We are introducing Spamnet, already live behind a convenient load balancer at spamnet.iota.org.” At present, the network runs 7 nodes behind the load balancer and more nodes can be added in the future to study how spam affects the network. This is something IOTA is interested in. A visualizer and public dashboard help in the collection of statistics and also in analyzing spam techniques.
  • Canarynet: Canarynet, another upcoming network will mainly be used to test new versions of IRI before they reach the Mainnet. It is also expected to operate the latest experimental builds and the untested features.
  • Testnet: The IOTA did not reveal much about the Testnet other than its high throughput nature. It is expected that this testnet will make way for greater expansion in future.

The upcoming testnets of IOTA (MIOTA) will have their own visualizers and dashboards and are aimed at offering the developers with greater specificity where analysis of real-world data is concerned. The testnets are going to be hosted at the iota.org. The objective behind the launch is to combat blowballs and CTPS variance that are recurring regularly in the recent months. The blowballs occur “when a large number of transactions reference a single specific transaction, which typically turns out to be a milestone. This prevents the Tangle from growing organically, by “trapping” incoming transactions inside of the blowball.” (Official Medium blog post)

The network plans to straighten out the bugs first and then experiment with higher TPS and Tangle, pushing IRI to the limit.

IOTA Partnership with UNOPS and UN

The announcement revealing the launch of updated testnets led to the partnership of IOTA and the United Nations Office for Project Services (UNOPS) to provide a distributed ledger system for the connected Industry 4.0 devices as its communications backbone. For UNOPS and UN, the focus is on cutting down the intermediaries with the help of the IOTA blockchain.

“We share a vision where machines, devices, sensors and people connect and communicate to each other – it’s the world of ‘Industry 4.0.,’” Yoshiyuki Yamamoto, Special Advisor on Blockchain Technology of UNOPS. He goes on to say how the technology will eliminate the need for intermediaries. Training workshops and thought leadership seminars will be organized by the organizations along with IOTA to improve performances in specific areas of UNOPS work.

UNOPS and UN narrowing down on IOTA are not too surprising as the cryptocurrency has found many use cases in the real world and currently stands among the top 10 cryptocurrencies. (coinmarketcap.com) At the time of writing, according to coinmarketcap.com, the market cap of IOTA (MIOTA) shows approximately $3,913,967,773 USD and volume (24h) is nearly $52,281,400 USD. The innovative technology of IOTA will collaborate with the two organizations to create new paths that will increase efficiency in how they operate. The focus will be more on UNOPS operations. According to Dominik Schiener, the IOTA Foundation is completely focused on implementing the IOTA Tangle to work on behalf of and support humanitarian and development causes.

The distributed ledger of IOTA is capable of doing document tracking, data management, supply chain and real-time traceable transactions that is essential for the UN to keep moving forward. IOTA will basically offer a ‘central data depository’ to this multi-layered organization. The blockchain technology will not allow the stored data to be manipulated, it is secured and stored in real-time. The co-founder of IOTA said that their open-source, permission-less innovation approach will continue to look forward to producing solutions to global issues by working collaboratively.

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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 Lev Glick 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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