The IOTA network is moving forwards with the development of its multi-asset ecosystem. The foundation will soon launch a staging network – the Shimmer network – to test its new staking feature for IOTA tokens. Interestingly, other tokens minted on the blockchain will be sent to stakers – not IOTA itself.
Staking IOTA
IOTA announced its new staking test net in a blog post earlier this week. The staking feature is designed to foster fair token distribution for new digital assets. It capitalizes on the token distribution process, which has already taken place for IOTA itself, which the company deems as “fair.”
IOTA nicknamed this new distribution method “rolling airdrops.”
“With the introduction of staking to IOTA, we want to make fair token launches accessible to the entire community and give innovators the opportunity to incentivize a large and passionate community,“ reads the announcement.
Like Bitcoin, IOTA has an absolutely fixed token supply. This means that stakers cannot be rewarded through newly minted IOTA tokens and must instead be compensated through “new crypto networks or applications.” For example, stakers on the Shimmer network can stake IOTA and be rewarded in Shimmer tokens.
Staking can be performed through a simple transaction using the Firefly wallet. Meanwhile, every IOTA node continuously calculates how staking rewards should be distributed, based on which addresses are staking and how much.
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The post concludes by stating that the entire Shimmer token supply will be distributed to IOTA stakeholders. Staking will be announced on Shimmer’s Twitter account 24 hours in advance of its activation.
IOTA’s Comeback
Throughout 2018, IOTA appeared to fade into irrelevance as the token’s price collapsed following the 2017 bull run. However, it began mounting a comeback this year with a string of major projects and updates. This was followed by a slight resurgence of its price, which is now showing signs of life.
One of the latest features added to the network was that of zero-fee smart contracts. This gives IOTA a major advantage over competing chains, alongside its near limitless scalability.
On a more micro-scale, IOTA’s price is up by nearly 20%, while the rest of the market bleeds out. It trades above $1.4, which could be attributed to the aforementioned announcement. IOTA’s market cap is close to $4 billion, which places it among the top 50 largest crypto assets by that metric.
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The IOTA Foundation has announced the upcoming launch of a staging network, Shimmer, in a bid to advance the IOTA roadmap towards fully functional decentralization.
The layer-1 network will act as an innovation testbed for developers and builders in the community seeking to evaluate decentralized finance (DeFi) and nonfungible token (NFT) applications. This sandbox model will allow them to establish the efficiency and compatibility of applications prior to launching on the IOTA mainnet, ensuring smooth deployment.
The first major network upgrades hosted on the Shimmer network are programmable multi-asset ledger, smart contracts, full decentralization, and sharding.
The IOTA Foundation is an open-source, not-for-profit entity — known as a Stiftung in Germany — which was incepted in 2018 to support multi-faceted initiatives within the IOTA ecosystem such as research, development and education in the distributed ledger technology (DLT) space.
IOTA token holders will be granted the ability to earn staking rewards in $SMR via the platform’s Firefly wallet. Following token distribution over the coming months, the Shimmer network is slated to launch in early-2022.
pic.twitter.com/3OCcQjUtjn
— IOTA (@iota) November 12, 2021
Co-founder and Chairman of the IOTA Foundation, Dominik Schiener, cited the recent success of Polkadot’s canary network, Kusama, to explain the company’s assurance of market receptiveness towards this announcement.
“As we’ve seen with the success of Kusama and Polkadot, the Shimmer network will become an incentivized staging network offering crucial testing and public validation to our ambitious development roadmap.”
Related: Iota Foundation to support EU blockchain initiative
In mid-October, the IOTA Foundation released its smart contract beta platform with the ambition of fostering the growth of DeFi and NFT applications due to proposed incentives of lower fees and higher scalability.
Schiener also outlined potential risks of the network, and how the team have worked to mitigate their probability.
“Introducing tokenization, complex output types, smart contracts and new consensus offers exciting new opportunities. These opportunities aren’t without significant risks, however, and Shimmer will ensure the safety of each upgrade. With Shimmer, we are supercharging the innovation playground around IOTA.”
The use of smart contracts remains the key turnaround factor with the cryptocurrency space. Smart contracts brought about the decentralization of digital assets and eliminated third-party interferences in crypto transactions.
Distributed ledger and open-source cryptocurrency, IOTA, has just launched a new smart contract beta. This latest move offers its users a platform for getting high-speed and zero-fee transactions.
IOTA emerged within the 2017 ICO boom. The digital asset came to support the Internet of Things that harmonizes physical items into the internet and digital world. Nevertheless, the cryptocurrency floated to irrelevance as interest in it died down in 2018.
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A reinvention of the network by its CEO came earlier this year. With his determination, the CEO decided not to give up on the project by upgrading it by introducing a critical new upgrade.
Advantages Of The New IOTA Upgrade
A report reveals that the beta version inculcates an Ethereum Virtual Machine (EVM). Thus, ERC-20 tokens are now interoperable within the network. Additionally, the writing of smart contracts is now in Solidity (the programming language of Ether) attached in the tangled language of the network.
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Furthermore, there is added network sharding on the project. This allows high-degree operability via smart contracts wrapping to the base layer of native tokens. Remarkably, smart contracts creators can set their execution fees which will enable drive-down competitions among different chains.
MIOTA is currently facing a decline | Source: IOTAUSD on TradingView
In comparison with other networks like Ethereum, several people think that the smart contract implementation of the network is late. Nevertheless, Dominik Schiener, the IOTA CEO, is of a different opinion concerning the issue.
Related Reading | Crypto Adoption Boosts Travel: Travala Rises From The Ashes
Schiener explained that they took their time to develop a smart-contract solution that operates to bridge the shortfalls of other competing chains. He cited an instance with Cardano’s smart contract that faces limited throughput while IOTA’s provide unlimited scalability.
Speaking of the zero-fee on the platform, the CEO said it’s a significant competitive advantage. He explained that the feeless nature of the network serves as the doorway for their numerous opportunities.
These include their partnership with multinational companies and governmental agencies and interest from SMEs, startups, and crypto operators. Schiener mentioned that the volatile nature of fees could strain business models and oppose great economic moves.
IOTA cuts across promoting ecosystem growth and decentralized application development via project financing. Though MIOTA is making gradual progress, its current price is still far from its former glory.
However, the European Commission selected the token last month to feature in its blockchain infrastructure project despite its low position. This selection stands as a possible action that could pave the way for future growth for MIOTA.
Featured image from IOTA Services, charts from TradingView.com
IOTA – an open-source cryptocurrency and distributed ledger – recently launched its smart contract beta. Network users can now take advantage of the high-speed yet zero-fee transactions functionality that comes with the IOTA network.
Smart Contracts on IOTA
As reported on Thursday, the beta includes an Ethereum Virtual Machine (EVM), making ERC-20 tokens interoperable with the platform. Furthermore, smart contracts can now be written in solidity (Ether’s programming language) anchored in IOTA’s tangle language.
The project has also added full network sharding. This enables high-degree interoperability by wrapping smart contracts onto the base layer of nativized tokens.
Notably, all smart contracts allow their creators to set their own execution fees, allowing different chains to compete in driving them down.
Some may believe that IOTA has been late to implement smart contracts, compared to platforms such as Ethereum. However, IOTA CEO Dominik Schiener had a different perspective on the matter.
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By taking their time, he said the non-profit had built a smart-contract solution that works around the drawbacks of competing chains. For example, while Cardano seems to face limited smart contract throughput, IOTA’s offer near limitless scalability.
He also describes the platform’s lack of fees as a key competitive advantage:
“We believe that a vast amount of our partnerships with multinational entities, governmental agencies, as well as the interest we receive from startups, SMEs, and crypto dApp operators are due to the fact that IOTA is feeless. Fees themselves, and especially their volatility, put a strain on business models and are the diametric opposite of an economic driver.”
In the future, IOTA will be focused on fueling dApp development and ecosystem growth through project financing.
Revival of IOTA
In the ICO boom of 2017, IOTA was born to facilitate the “Internet of Things,” which would embed physical objects into the digital and internet world. However, people rapidly lost interest in the token throughout 2018, and it essentially faded into irrelevance.
Earlier this year, Schiener decided to reinvent IOTA, refusing to give up on the project by introducing a major new upgrade.
So far, IOTA’s price has a long way to go before returning to its former glory. However, the token was chosen by the European Commission last month to participate in its blockchain infrastructure project, which may leave room for more growth.
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The Iota Foundation has announced the release of its beta version smart contract functionality, with the objective to solve market challenges of scalability limitations and high transaction fees, as well as reportedly debuting components not witnessed thus far in the space.
Iota’s nonprofit foundation is focused on open-source research and development initiatives to drive adoption in the distributed ledger technology space, alongside its native platform, the Tangle.
The smart contract service will foster interoperability and standardization through the integration of Ethereum Virtual Machine; multi-capacity for developers to write program languages with Tiny Go, Rust, and Ethereum’s Solidity; as well as enabling developers to mark unique execution fees, among other features.
The latter is a prominent difference from the Ethereum blockchain and could drastically foster the reduction of fees across the network, as the pool of competitors seeking to validate the smart contract increases.
Related: Iota Foundation to support EU blockchain initiative
In March, the platform announced the release of its alpha Iota Smart Contracts Protocol, designed to encourage developers to build smart contracts in addition to decentralized finance (DeFi) and nonfungible token (NFT) applications.
Dominik Schiener, co-founder and chairman of the Iota Foundation, told Cointelegraph that the addition of smart contract functionality will “add a vital component to the Iota ecosystem. They allow anyone to build composable and complex dApps using industry standard Ethereum tooling while relying on a feeless base layer and predictable, low execution fees.”
“IOTA Smart Contracts also enable the feeless transfer of assets across chains, which offers the IOTA ecosystem — and anyone else interested — unprecedented opportunities in terms of utility, composability, and scalability,” Schiener said.
Schiener claimed that Iota smart contracts are unique in that they offer low, predictable, transparent fees, adding: “Smart contract chains enjoy permissionless deployment, without setup fees, auctions, or gatekeepers of any kind. The smart contract execution fees are predictable, non-volatile, and entirely up to the chain owner to set.”
“The possibility for chains to compete for the ‘work’ of executing a smart contract creates an additional incentive to push execution fees to their absolute minimum — including zero. Non-zero fees are payable in whatever form the chain owner demands, giving additional flexibility. In a nutshell, it is a DeFi operator’s ‘wet dream’.”
The non-profit IOTA Foundation is among the seven projects chosen by the European Commission to partake in the first design phase of the European blockchain initiative.
A Milestone for IOTA
IOTA made the announcement in a blog post published on Tuesday (September 7, 2021). According to the blockchain project, IOTA would be involved in the initial stage of the pre-commercial procurement (PCP) process for the European Blockchain Services Infrastructure (EBSI).
The EBSI is a network of nodes designed to improve cross-border services across Europe between enterprises, governments, and citizens, using blockchain technology. The goal is to boost trust and efficiency in EU transactions while also reducing Europe’s environmental impact and support the expansion of tech hubs and projects.
The call for tender for the PCP was initially announced in November 2020. Following the submission of 30 applications to the European Commission, IOTA was among the seven selected. IOTA, which operates a zero-cost policy for transactions, makes micropayments easy and could see broader adoption compared to other blockchain projects.
Commenting on the latest development was IOTA’s co-founder and CEO, Dominik Schiener, who said:
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“We are very excited and honored to be a part of building Europe’s digital services infrastructure. Our goal is to establish IOTA as the foundational technology for Europe and the world. Our economies will be digitized and connected through green, feeless, and scalable DLTs.”
Europe’s Blockchain Initiative
EBSI was first announced in 208 after EU member states and the European Commission came together to form the European Blockchain Partnership (ECP). The ECP was focused on developing a blockchain infrastructure that would benefit businesses, public administrations, and citizens, leading to the creation of the EBSI.
So far, about €4 million ($4.7 million) has been invested in the project between 2019 and 2020. EBSI is a peer-to-peer network of interconnected nodes. These nodes are both run by the European Commission on a regional level and by the ECP on a national level.
Meanwhile, the design phase of the PCP has seven participants in the first stage and would last for three months. Following the completion of the initial stage, the four projects out of the earlier seven will be selected to be involved in the second phase, which is prototype development and lab testing.
The second stage will last for six months, after which only two contractors will be chosen to participate in the third and final phase.
IOTA, meanwhile, seems ready to take on the task, stating:
“The challenge of delivering a DLT infrastructure for the European single market is one that the IOTA Foundation is ready to take on. The potential to extend the infrastructure to states outside the 27 member states is also an exciting motivation for the Foundation.”
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The European Commission’s blockchain initiative has selected the IOTA Foundation as one of seven projects to participate in the preliminary stage of designing an EU-wide distributed ledger technology platform.
The initiative seeks to increase the efficiency and accountability of the European Blockchain Services Infrastructure (EBSI), a network of nodes dedicated to facilitating the efficiency of EU-centric transactions, as well as the expansion of the region’s supply chain through the adoption of emerging technologies, all the while reducing European carbon footprint.
The IOTA Foundation — a non-profit organization supporting the Tangle, an open-source DLT platform — will support EBSI in cross-border relations between governments, businesses, and citizens for the “digital management of educational credentials, the establishment of trusted digital audit trails and document traceability, SME financing, data sharing among authorities, and digital identification.”
This is a developing story, and as such we will add to this article within the hour.
Bitcoin (BTC) is struggling to sustain above $50,500 but that has not stopped the altcoins from following in Ether’s (ETH) footsteps after the top-ranked altcoin hit $4,000 on Sept. 3. This has pushed Ether’s market dominance above 20% while Bitcoin’s dominance has shrunk to 41.1%.
However, Bitcoin’s hesitation in the past few days has not altered the outlook of Bloomberg senior commodity strategist Mike McGlone who has retained a $100,000 target on Bitcoin and $5,000 on Ether.
Crypto market data daily view. Source:Coin360
Apart from the top two cryptocurrencies, the nonfungible token (NFT) sector had been attracting investor’s attention since July. Cointelegraph contributor Jordan Finneseth recently suggested that the recent drop in transaction volumes and a few other reasons could be signaling a rotation of capital from NFTs to the decentralized finance sector.
Let’s study the charts of the top-5 cryptocurrencies that may outperform in the short term.
BTC/USDT
Bitcoin broke above the $50,500 resistance on Sep. 3 to hit $51,000 but the long wick on the day’s candlestick suggests a lack of buying at higher levels. That was followed by a Doji candlestick pattern on Sep. 4, indicating indecision among the bulls and the bears.
BTC/USDT daily chart. Source:TradingView
The negative divergence on the relative strength index (RSI) suggests that the bullish momentum may be weakening but the upsloping moving averages indicate that the path of least resistance is to the upside.
If buyers drive the price above $51,000, the BTC/USDT pair could resume its uptrend. The first stop could be $55,000 but if this resistance is crossed, the up-move could reach $60,000.
Conversely, if the price turns down from the $50,500 to $51,000 resistance zone, the pair may drop to the 20-day exponential moving average ($47,998).
This is an important support for the bulls because if it cracks, the pair may remain range-bound between $46,200 and $50,500 for a few days. A break and close below $46,200 could sink the pair to the 50-day simple moving average ($43,291).
BTC/USDT 4-hour chart. Source:TradingView
The price has been trading between the 20-EMA and the overhead zone. This tightening of the range is likely to result in a strong breakout soon. If buyers push the price above $51,000, the bullish momentum could pick, signaling the resumption of the uptrend.
Alternatively, if the price slides below the moving averages, it will suggest that bears are aggressively defending the overhead resistance zone. That could pull the price down to $46,200. A bounce off this support could keep the pair range-bound for some more time but a break below it will indicate that bulls may be losing their grip.
LTC/USDT
The bulls are attempting to push and sustain Litecoin (LTC) above the overhead resistance at $225.30. If they succeed, it will complete a rounding bottom pattern that may start a new uptrend.
LTC/USDT daily chart. Source:TradingView
The long wick on the Sep. 4 candlestick showed selling near the overhead resistance but the positive sign is that bulls did not cede much ground. They are again attempting to overcome the overhead hurdle.
If they can sustain the price above $225.30, the LTC/USDT pair could start an up-move to $300 and later to the pattern target at $347.30. The rising 20-day EMA ($184) and the RSI in the overbought zone indicate the path of least resistance is to the upside.
This bullish view will invalidate if the price turns down from the current level and breaks below the 20-day EMA.
LTC/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the bears tried to stall the up-move at the overhead resistance at $225.30 but the bulls did not give up much ground. This suggests that buyers continue to accumulate on any minor dip.
Both moving averages are sloping up and the RSI is in the overbought zone, indicating that bulls are in command. A break and close above $225.30 could open the doors for a rally to $250.40. Conversely, a break and close below the 20-EMA will be the first sign of weakness.
FIL/USDT
Filecoin’s FIL token has broken above the overhead resistance at $98 today. This completes a rounding bottom pattern, suggesting the start of a new uptrend. The bottoming formation has a pattern target at $156.
FIL/USDT daily chart. Source:TradingView
The 20-day EMA ($79) has turned up and the RSI has soared above 81, indicating a possible trend change. Usually, the breakout from a major pattern retests the breakout level. In this case, the price may drop to $98.
If bulls flip the $98 level into support, the FIL/USDT pair could resume its uptrend. On the contrary, if bears pull and sustain the price below $98, it will suggest that the recent breakout was a bull trap. The pair may then drop to the 20-day EMA.
If the price rebounds off this support, the bulls may once again try to propel the price above the overhead resistance and resume the uptrend. The bears will have to sink the price below the 20-day EMA to gain the upper hand.
FIL/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows a strong momentum in favor of buyers. That has pushed the RSI deep into the overbought territory, indicating the possibility of a minor correction or consolidation in the short term.
If bulls do not give up much ground, it will suggest that traders are not booking profits as they anticipate another leg higher. That will increase the likelihood of the resumption of the uptrend.
However, the bears are likely to have other plans. They will try to pull the price back below $98 and trap the aggressive bulls.
FTT/USDT
FTX Token (FTT) broke above the previous all-time high at $63.13 on Sep. 1 and followed it up with a new all-time high at $70.72 on Sep. 2. A new all-time high is a sign of strength but the bulls have not been able to sustain the price above the breakout level at $63.13.
FTT/USDT daily chart. Source:TradingView
This suggests that bears have not yet given up and are attempting to stall the up-move. The negative divergence on the RSI suggests that the bullish momentum may be slowing down.
If bears pull the price below $57.93, the FTT/USDT pair could drop to the 20-day EMA ($53). A strong bounce off this level will suggest that bulls are accumulating on dips. The buyers will then again attempt to push the price above the $63.13 to $70.72 resistance zone. If they manage to do that, the pair could rally to $84.
This positive view will invalidate if the price breaks below the 20-day EMA. Such a move will suggest that the recent breakout above $63.13 was a bull trap.
FTT/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the formation of a descending triangle pattern, which will complete on a break and close below $59. This bearish setup has a pattern target at $47.50. The flat 20-EMA and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.
If buyers drive and sustain the price above the downtrend line, it will invalidate the bearish pattern. The price may then rally to $65 and later to $70.72. A breakout and close above this level could start the next leg of the uptrend.
Related:Nigeria plans CBDC rollout, Salvadoran retirees protest Bitcoin Law, Twitter to add BTC and ETH tipping feature: Hodler’s Digest, Aug. 29-Sept. 4
IOTA/USD
IOTA (MIOTA) rallied sharply from $0.96 on Sep. 1 to $2.08 on Sep. 4. This up-move pushed the RSI above 82, suggesting that the rally was overextended in the short term.
MIOTA/USDT daily chart. Source:TradingView
The MIOTA/USDT pair is currently witnessing profit-booking and it may drop to the first support at the 38.2% Fibonacci retracement level at $1.64. A strong rebound off this level will suggest that traders are buying on minor dips.
The bulls will then make one more attempt to push the price above $2.08. If they succeed, the pair could pick up momentum and rally toward $2.40 and then $2.67.
Alternatively, if bears pull and sustain the price below $1.64, the next stop could be in the zone between the 50% retracement level at $1.51 and the 61.8% retracement level at $1.38. A deeper correction could delay the start of the next leg of the uptrend.
MIOTA/USDT 4-hour chart. Source:TradingView
The long wick on the 4-hour chart above the psychological barrier at $2 shows that bears are attempting to defend this level. Profit-booking may pull the price down to the 20-EMA, which is likely to act as a strong support.
If the price rebounds off the 20-EMA with strength, it will suggest that the sentiment remains positive and bulls are accumulating on dips. The buyers will then try to resume the uptrend by thrusting the price above $2.08.
A break and close below the 20-EMA will be the first sign of weakness. That may open the doors for a further decline to $1.50.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Optimism across the crypto market continues to rise as bullish developments in the price of Bitcoin and Ethereum (ETH) renewed discussions about a 2013-style double-pump rally that could push (BTC) price past $100,000.
The positive price action hasn’t been limited to the top two market leaders. Many altcoins continue to rally and the ‘altseason’ indicator from Cointelegraph Markets Pro is signaling that the momentum could continue for a while longer.
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Presearch (PRE), Aragon (ANT) and IOTA (MIOTA).
Presearch’s android app will debut on Chrome
The top performer of the day is Presearch, a blockchain-based, decentralized search engine that is community-driven and allows users to search privately and earn rewards for their activity.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for PRE on Sept. 1, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. PRE price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for PRE began to rise as the price of PRE started to increase, and reached a high of 73 on Sept. 1, around one hour before its price increased 245% over the next day.
The boost in momentum and price for the project came after the project announced that the Presearch Android application will be added to the ‘choice screen’ on factory reset phones and it will be available as a default search option on Chrome.
Aragon benefits from its partnership with Polygon
Aragon is an Ethereum network-based protocol that focuses on the creation of decentralized autonomous organizations (DAO) as a way to help projects develop governance structures so that their communities can get involved with the development of the protocol.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ANT on Sept. 1, prior to the recent price rise.
VORTECS™ Score (green) vs. ANT price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for ANT climbed into the green zone on Aug. 31 and reached a high of 71 on Sept. 1, just two hours before its price began to surge by 77% over the next day.
The sudden spike in interest for ANT came following the Sept. 2 announcement that Aragon had partnered with Polygon to help make the process of launching DAOs on the Aragon network more cost-effective.
Related:Bitcoin bull run sparks $180K BTC price prediction ahead of institutional ‘fireworks’
Protocol updates push IOTA price higher
IOTA is a distributed ledger protocol that utilizes a proprietary technology called Tangle to perform consensus and confirm transactions.
Data from Cointelegraph Markets Pro and TradingView shows that after reaching a low of $0.96 on Sept. 1, the price of MIOTA spiked 55% to an intraday high at $1.50 on Sep. 2 as its 24-hour trading volume surged 234% to $681 million.
IOTA/USDT 4-hour chart. Source:TradingView
The sudden surge in interest for the project comes after the protocol integrated the Hornet update, which brought back the auto-peering feature and also integrated a faucet plugin with the Hornet node. This makes the process of running a private ‘Tangle’ easier.
The overall cryptocurrency market cap now stands at $2.214 trillion and Bitcoin’s dominance rate is 41.9%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
IOTA’s Tangle has been selected for the applied non-nuclear research funding in the 7th Energy Research Program called ‘innovations for the energy transition’. The partnership primes to activate large-scale sensor networks.
SUSEE as a Scalable Solution
Verena Honeck stated that the IOTA selection is its high innovation in networked sensor systems with application in the smart meter sector and involves qualified partners representing an entire value chain.
SUSEE (Secure Sensor Platforms for Smart Energy Networks) is a collaboration between energy distribution network operator SWO Netz GmbH, research institutes Fraunhofer FIT/IPT, the university TU Chemnitz, the SMEs peerOS GmbH, and the non-profit IOTA Foundation among others.
The SUSEE research project aims to design a scalable solution for secure and reliable data transmission and processing in sensor networks, particularly smart metering applications. The project will implement this solution based on the IOTA LEDGE distributed protocol, the LoRaWAN wireless network, and the WiBACK backhaul self-configuring network.
Developing a Secure Ecosystem
The developers have stated that their main aim was to develop an ecosystem that is open to all, transparent, and most of all secure. This function is where IOTA comes in. It will ensure data integrity and data management by encryption and securely directing it from the edge. According toHolger Kother, director of partnerships at the IOTA foundation, he looks forward to demonstrating the use of IOTA as a security and integrity layer for upcoming applications.
It is where the main goal is the distributed resilient IT infrastructure against attacks online on projects. Also, note that the project complies with the German Federal Office for Information Security (BSI).
IOTA’s Tangle Looks Promising
In terms of availability and security, the demand for the fundamental supply infrastructure is very high. It means that a high level of security should be ensured, in addition to a high level of reliability during data transfer, for the wireless remote readback of energy consumers and power generator data.
Volkswagen, a German car manufacturer, integrated the use of tangle for securing software transfers into its products. It ensured that all cars got the data necessary to run updates and function as the digital world grows.
To influence the value of the chain in the internet of things sector and automotive, Bosch also partnered with IOTA. The automotive company was tapping into the physical essence of the IoT internet: the provision of data by thousands of linked devices — in many cases in real-time — which can be sent back to companies. The companies can handle this physical infrastructure remotely and automatically.
These significant industry partnerships and more can be thebackbonefor mainstream IOTA applications.
