The German non-profit organization, IOTA Foundation sees an astonishing growth of +150% since early last month when the price for a single MIOTA, IOTA’s native currency, specially tailored for the machine economy, was bartering around $0,93 US dollars.
While the Berlin-based Foundation was under media preassure regarding IOTA’s own Distributed Ledger Technology (DLT) network, powered by Directed Acyclic Graph (DAG) technology, The Tangle, which’s credibility was questioned numerous times by various academics, IOTA was working hard to prove its importance for the near future.
We remember MIT’s Digital Currency Initiative‘s (DCI) missed attacks towards IOTA (MIOTA) when members of the DCI, and specifically Mr. Heilman implied that IOTA has serious “technical vulnerabilities”, without posting any further information or elaborating on his statement despite IOTA’s attempts to understand what was the serious problem, and if there really was any.
That debate between the two parties lasted for several months, and while IOTA was kind enough to leak the emails containing conversations between the Foundation, members of the Foundation and the broader IOTA community, as well as individual developers, who were criticized for using legal advisory to communicate with MIT’s DCI, and the DCI itself, the latter declined to comment or reveal their findings of serious “technical vulnerabilities” in the Tangle.
To be clear, the Tangle is an alternative to traditional blockchain-powered platforms, constructed by Serguei Popov for the IOTA Foundation.
The Tangle network is currently used by the Dutch Government, and the Taiwanese Government, it is recognized and accepted by most European countries and their banking and governmental institutions, it is trusted and used by dozens of industrial companies including Volkswagen, and BOSCH, who both are invested in IOTA, economically and strategically as members of the Robert Bosch Venture Capital, and Volkswagen respectively, are sitting on various IOTA Foundation boards.
IOTA was chosen by the Tokyo Metropolitan Program, and it is being investigated by the Swedish Government as a possible option to represent a digital version of their national crown currency.
Why do all these organizations and institutions choose IOTA? The answer is as simple as it gets:
IOTA has literally 0 transaction fees, it has infinite scalability, and it doesn’t use miners to approve and/or promote transactions.
Although the FUD against IOTA didn’t stop there. It was University College of London (UCL) who recently surprised the community stating: “UCL Centre for Blockchain Technologies is no longer associated with the IOTA Foundation…It is inappropriate for security researchers to be subject to threats of legal action for disclosing their result.”.
You guessed right, UCL is also behind the brand new fancy Trinity Wallet for IOTA. As a matter of fact, Navin Ramachandran from UCL’s Center for Blockchain Technologies (CBT) is also a member of IOTA Foundation, and the funny part is that he cannot confirm UCL’s statement.
Same as DCI, CBT, won’t comment or provide further information regarding their statement. They won’t present any scientific proof or at least the basis of their theory, wanting The Tangle “vulnerable” either.
IOTA Foundation is not only ready to investigate any possible problems within their network, but they almost dare the community to test them.
Besides the negativity the organization had to experience, it managed to pull not one but two newly designed websites for iota.org and ecosystem.iota.org as requested by the community, and we gotta say, they both look gorgeous.
At the same time, the Internet Of Things is growing rapidly and more industries will jump into the train during the next couple years.
A recent example is IOTA’s joint effort alongside some of the largest automobile makers in the world to make future transportation safer, more affordable, and more widely accessible using blockchain technology.
The Mobility Open Blockchain Initiative (MOBI) launched yesterday, with over 30 founding members that also include IOTA, BOSCH, IBM, BMW, GM, Ford, and Renault to mention a few.
So do you think IOTA is overpriced at its current point at $2,34 as DCI and CBT believe? or is it just the beginning according to choices made by industrial titans who have already invested in IOTA?
Let me know your thoughts in the comments below.