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IOTA looking weak - slowly climbing to 0.3IOTA looking weak - slowly climbing to €0.3 The former top 10 player (end 2017/18) looks like a failing project by it's chart. Unable to show signs of strength in a market that is clearly on an all out bulls race IOTA is even failing to break out the Keltner Channel or break the Ichimoku cloud conversion line. I would argue the market is clearly showing they are not that interesting the IOTA and letting it simmer at around #35 in terms of market cap. Looking at the market cap from a historic perspective IOTA's weakness becomes even more evident: Clearly the project is failing for investors to back the crypto coin and it remains a niche player. To be fair I have not read up on all of IOTA's news (IOTA year in review article translation below), but from what I gather it was a tumultuous 2020. Maybe the project has potential. For now it appears unattractive. --- IOATA's year in review From the involuntary Coordicide to the Trinity Hack, international cooperations, to developer disputes and the approaching 2.0 upgrade: IOTA has an exciting year in its bones. In the big review of the year, we take a look back and review the most important stopovers on the long way to IOTA 2.0. IOTA started the new decade a little badly. The Internet of Things project had problems with the coordinator again between 2019/20. The bad news: The central instance in the IOTA network suddenly couldn't create new milestones, transactions were waiting for their final confirmation. The developers got the problem under control quickly, but the start of the new year could have gone more smoothly for the Tangle network. IOTA with starting difficulties Shaken off the legacy of the brief Tangle standstill, IOTA headed straight for a new conflict, this time not of a technical, but of a personal nature. There was a crash between developers Sergey Ivancheglo and David Sønstebø, where everyone could hear it: on Twitter. It concerned the outstanding MIOTA amounts that Sønstebø owed the former developer. Actually not a message that directly affects the development of the Tangle network. But the external impact of publicly fought mud battles always falls back on the projects behind them, especially since this should not be the last dispute with Sønstebø, the developer with the distinctive facial hair. But more on that later. Apart from these frills and furbelows, there were also some success reports at IOTA. Together with the Eclipse Foundation, the IOTA Foundation set up the Tangle EE working group in February. The aim of Tangle EE is the development and industrial adaptation of Tangle-based applications. The working group forms an interface between research and industry and thus accelerates the constant commercialization of IOTA technology. Trinity Hack puts Coordinator in a coma But then the next setback: On February 12th, the Trinity Wallet, managed by the IOTA Foundation, fell victim to a hack. The loot: MIOTA tokens worth around 2.3 million US dollars. The attackers used a security breach in the connection to the payment service provider MoonPay to gain access to 50 seeds. The Foundation responded by disabling the coordinator (again) - The Tangle was silent. IOTA investors were able to secure their deposits using a seed migration tool, but the project was still subject to damage to its image, and IOTA was stuck in a crisis of meaning. The resuscitation of the coordinator took almost four weeks. No value transactions were possible during the period. The IOTA Foundation not only struggled with technical problems, but above all with a loss of confidence in the Tangle project, but tried to limit the damage. David Elseebø jumped in and compensated all cheated investors out of pocket. MIOTA course crashes The first quarter of 2020 was therefore more of one that fell under the “wipe your mouth, carry on” category. While the IOTA Foundation was slowly able to concentrate on its core business, the development of the coordinator-free Tangle architecture, the MIOTA course gradually went downhill. Triggered by the Trinity hack and fueled by the corona-related wave of sales at the Krypto-Mart, the digital currency went straight on a dive and lost two thirds of its value in just one month. From $ 0.33 on February 12, MIOTA fell to $ 0.11 by March 13. With new strength After a turbulent first quarter, IOTA remained relatively quiet in Q2. In the second half of the year, however, the project should pick up speed again. Hornet, the new software for network nodes, mastered the stress test in the Comnet test network at the beginning of June brilliantly. Hornet replaces the previous node software IRI and thus forms a further component in the Coo-free Tangle network. However, since it is easy to lose track in the tangle of tangles, the Foundation introduced a new nomenclature in July for the sake of simplicity. The register of terms serves as a guide and assigns the respective milestones on the way to the coordicide to different phases, from pollen to nectar to honey. With the TM forum, the Foundation announced a cooperation with the powerful alliance of over 850 companies just a few days later. The TM forum represents communication service providers, telephone companies, network operators, cloud providers, software developers and management consultancies worldwide with an annual turnover of more than 2 trillion US dollars. IOTA contributes the infrastructure for data exchange. On the way to IOTA 2.0 The EU has also recognized the potential of Tangle technology in the expansion of e-mobility and decentralized energy supply and named IOTA as the “Key Innovator” for participating in the CityxChange project in August as part of “EU Horizon 2020”. With the implementation of Chrysalis Phase 1, IOTA also passed another milestone towards IOTA 2.0 a few days later. In this regard, IOTA Streams, a framework for sending and receiving messages and data streams, was also able to look forward to a new update. With the integration of important beta functions, the processing time could be increased by 100 times. The pre-alpha version for the IOTA Smart Contract Protocol (ISCP) presented in October, with which IOTA could gradually compete with Ethereum for the implementation of smart contract-based applications, is also to be rated as a success. With the latest node software for pollen, which was integrated in October, the project has taken a big step towards 2.0. But despite the subsequent alpha release of IOTA Identity, a framework for decentralized identities, the introduction of the new wallet Firefly and the announcement of a number of partnerships, including With the Vienna University of Technology, ClimateCHECK and the Japanese organization NEDO, another message should burn itself into my mind: the separation from IOTA co-founder David Sønstebø. Differences of opinion and “significantly different interests” in relation to IOTA would ultimately have led to the amicable expulsion of the former chief developer. The decision was partly welcomed by the loyal IOTA following, as dealing with Sønstebø was considered rather difficult. Big goals It remains to be seen to what extent the separation from Sønstebø falls back on the schedule of the Coordicides, i.e. the final shutdown of the coordinator. IOTA took a big step towards 2.0 in 2020, the network has never been so close to its decentralization. We can therefore look forward to all kinds of developments and products in the New Year that will make the vision of a Tangle-based Internet of Things more and more a reality. The biggest chunk on the way there, the coordinator, should become history in the coming year. By then at the latest, IOTA will be able to demonstrate its undisputed great potential for applications in industry, science and research.
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by CarpeMomentum
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