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

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IOTA

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

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

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Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

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Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies like Bitcoin and Dash, to help protect their assets and hard-earned…

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