IOTA (MIOTA)–The Internet of Things currency continues to gain positive press ahead of its long-anticipated launch of the Trinity Wallet. Up until this point, IOTA has suffered from lack of an easy to use, intuitive wallet for users on both desktop and mobile. The true innovation of the Trinity Wallet is in the app-store development, giving IOTA users greater access to their currency on the go in addition to opening up IOTA development and application through the IOS and Android store.
A number of industry analysts have pegged the launch of IOTA’s Trinity Wallet as being a price catalyst to help launch the currency into the top five of market capitalization. Judging by how the crypto markets have responded to strong development and tech-breakthroughs in the past, the Trinity Wallet launch will have less of an impact upon the short-term pricing of MIOTA than the long-term potential and adoption it offers the currency. We have seen a similar cycle occur before: a major breakthrough, such as the Trinity wallet’s official launch, garners greater media attention and gives the currency greater exposure. However, through a combination of predatory traders and market practices, the actual price change tends to correspond with either a drop in price (investors attempting to cash in on the good news) or increased volatility with little upward movement. MIOTA has had some strong price movement over the last several weeks, appreciating between 80 – 100% since the start of April (which also corresponded with a market-wide low in cryptocurrency valuation).
That being said, there are significant advantages to Trinity Wallet that IOTA investors and potential users should be aware of. To begin, the wallet’s development is moving in the positive direction, with the app reaching the security audit phase to insure that it is safe for widespread distribution,
“IOTA developer Navin Ramachandran stated in the update that, while the app project has been hindered by a lack of standardization within coding guidelines exacerbated by a failure to communicate accurate timelines with the IOTA community, the Trinity wallet app is already in an alpha stage of testing.”
Due to the barrier of entry and higher standards of Apple’s iOS store, the desktop version of the Trinity Wallet is scheduled to be released to the masses ahead of its iPhone counterpart, with hundreds having been registered in the testing phase.
Trinity Wallet and Next Level IOTA
While Trinity wallet has been in development for a number of months, the anticipated launch for the application is late May-early June 2018. IOTA has been plagued in the past with having a complex, less-than user friendly method for investors to store their coins, that has caused more than a handful of users to lose their currency after initiating an incorrect send/receive or seed generation.
The boon of Trinity Wallet is in the emphasis on cross-platform mobile development. Coinbase, one of the most popular and easy to use crypto exchanges for Western-based customers, has proven the force-multiplier effect of having cryptocurrency in conjunction with mobile apps. When users have access to their buy, sell and send on-the-go and through a simplistic phone app, the potential for using the currency is greatly multiplied in addition to the infectious rate of adoption. Mobile apps are easy to start and even easier to get others involved. The water cooler effect of cryptocurrency is all the more powerful when friends/family/coworkers can initiate an immediate participation in the currency (i.e. IOTA) through a download-ready app or smartphone portal.
Trinity wallet will streamline the seed generation and storage for IOTA addresses, reducing the occurrence of lost coins in addition to giving investors greater security and control over their coins. The wallet is also seeking to overcome user-conflict related to the snapshot feature, while providing a more organized ledger for transaction history.
The new #Trinity wallet is stateful — which should overcome the problem when you are on a single device and a snaphshot occurs! Follow us to be part of the #IOTA revolution! #crypto #crytocurrency #iotatokennews #apple #android #iphone #ipad @iotatoken @DomSchiener @DavidSonstebo pic.twitter.com/Fhu6zPMMDs
— IOTA News (@iotatokennews) January 8, 2018
Snapshot is a feature to reign-in the network scaling effect of IOTA’s most important innovation: tangle. Tangle allows the IOTA network to scale as more user’s participate, turning each participant on the network into a node that both speeds up and increases the transaction capability of the technology. Compared to Bitcoin, which relies upon “miners” and gatekeeper fees to drive transactions, IOTA has created a program that scales with network load, thereby harnessing more network resources as more users participate. However, tangle can also expand to the point of being inefficient–at least in its current iteration–which is where snapshot comes into play. Snapshot saves current user balances, allowing the network to jettison the more data-heavy transaction history.
IOTA, Trinity Wallet and the Scaling Debate
Trinity wallet is another step forward in IOTA establishing one of greatest potential currencies in the market. The stagnating price of Bitcoin, in addition to the media backlash following average Bitcoin transaction fees reaching 55 USD in January, has paved the way for currencies that are able to scale to the level necessary for ubiquitous cryptocurrency adoption. Lightning Network is an innovation that has the potential to elevate Bitcoin to the same usability as 3rd generation currencies like IOTA and TRON, but Trinity Wallet is a ready-now improvement that could open the door for much greater IOTA implementation.