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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

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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