After the release of Firefly 1.3.0, IOTA holders can begin staking their IOTA coins in return for SMR and ASMBs, the native tokens of the Shimmer network and the Assembly network, which were also launched in late 2021. Toward the end of 2021, IOTA developers announced the start of staking on the network. Any altcoins will be used for this, so the IOTA network will only act as such, which means no direct benefit for the MIOTA altcoin IOTA Introduces Staking But, IOTA’s cryptocurrency, the MIOTA, won’t be the exclusive digital currency for payment across the network. IOTA founders have described the ledger as a “public permission-less base for the Internet of Things that enables interoperability between multiple devices.” The potential use cases could be many as the IOTA ecosystem could pave the way for cutting-edge smart cities and deliver smooth global trade although that’s for the future. The number of devices in the Internet of Things is increasing and in a few years there could be 30 billion devices connected, which are will exchange data as well as payment information in transactions conducted 24/7.
IOTA aims to provide limitless throughput at minimal expense since there are no miners, which means that there are no fees. The implementation and evolution of the IoT will have an impact on IOTA, which is mainly expected to be positive, is a longer term project. This is also the basis for the Internet of Things (IoT) system, which aims to connect all machines and human finances, enabling instant automatic payments. The technology hind IOTA is Tangle, a system of nodes which confirm transactions. IOTA is not a blockchain, it is an open-source distributed ledger developed to handle transactions between connected devices.
But it will take some time for IOTA to become fully functionable and receive attention from the public. Iota is progressing toward that, with the Shimmer network where staking can take place. IOTA has made some decent gains but has fallen behind the crypto market and it is expected to lag in the coming years as well, until the network gets populated with more real-world use cases. While certain markets performed well during coronavirus times in the last two years, the cryptocurrency market outpaced all of them, making extraordinary gains. IOTA Price Prediction for the Next 5 Years At least, moving averages have turned from support into resistance on larger period charts, so let’s hope they will offer support for IOTA. The implementation of the Internet of Things (IoT) has picked up pace since the beginning of the COVID-19 pandemic, but despite IOTA being the system for IoT transactions, it hasn’t benefited from that either, which raises questions for investors. Although, investors are looking deeper into IOTA which is a bit if an empty network right now, so they have refrained from investing in recent months, hence the sideways price action. The market sentiment in itself has been a fight between investor appetite and the crackdown on cryptocurrencies during 2021. IOTA has increased in value when crypto the market has been bullish, and vice-versa, but it has failed to capitalize on the positive sentiment in Q3 of 2021. It has been one of the main factors affecting the IOTA price since 2017 although it seems like this correlation has been eroding since summer of 2021. IOTA has been following the market sentiment since it was launched. So, despite IOTA being the currency for the Internet of Things in the future, right now there’s nothing promising for IOTA.
But while other cryptocurrencies have recuperated well since August 2021, IOTA has failed to attract attention in the crypto world, trading sideways. IOTA increased to $2.57, although the crackdown in cryptocurrencies in China sent digital coins plunging again in May last year. After coming down with the market in 2018, IOTA traded sideways near the bottom at around $0.30 for a few years, until the first several months of 2021 when the crypto market surged higher. IOTA was launched in 2017, which was a very good time, as the attention was turning to the crypto market, and it made an impressive presentation into the crypto world, as it surged from $0.30 to $5.80 by December that year. Price drivers: Crypto market, IOTA adoption, Global politics Price drivers: Central banks policy, Global economic recovery, COVID-19 Price drivers: Crypto market sentiment, IOTA sentiment, Crypto market sentiment
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