IOTA (MIOTA)–IOTA’s biggest release of 2018, the mobile-friendly Trinity Wallet, made a significant step forward on Tuesday with the release of the beta version of the application. While the beta does not constitute a full-working product for the app wallet, it still represents the coming potential for the cryptocurrency.
The internet of things currency has long suffered from lack of an intuitive, user-friendly wallet suitable for storing coins in addition to making simplistic transactions. Trinity Wallet is the answer for investors and enthusiasts alike looking for increased usability out of the technology. Originally slated as a desktop wallet, the IOTA Foundation has made an important distinction by creating a wallet that is mobile friendly and available through iOS and Android applications. This opens the door for wider IOTA adoption, in addition to integration with existing smartphone applications and those under development.
Why Trinity Wallet is so Important
To the lay-investor, the announcement of a beta version for a desktop/mobile wallet may not come across as the type of exciting news to bring about a pump in MIOTA pricing. But there are several important features that Trinity signals to both IOTA users and the broader industry:
- The IOTA Foundation is Capable of meeting goals. In March, the Litecoin Foundation was forced to issue an embarrassing apology that it’s partner project, LitePay, was being shuttered indefinitely as a failed development. Despite offering substantial benefit to Litecoin users and potential LTC merchants, the LitePay project became overambitious in scope and promise, and was shut down when it’s real world function was deemed infeasible. Some praised the Litecoin Foundation for taking a risk, even if it ultimately led to negative press for the currency. The IOTA Foundation is in a similar position with Trinity Wallet. Few are doubting the eventual completion of the project, but it still remains a milestone that must be completed to garner goodwill and investment faith from the coin’s user base. In the last two years, with the rise of relentless crypto marketing, ICO scams and shell-projects, numerous development teams have been building their currency on a bed of empty promises. IOTA may command a top-ten market capitalization, but it still suffers from the same perception of the crypto-industry as a pool of charlatans. Just this week, Wikipedia co-founder Jimmy Wales said the crypto-world was “absolutely, definitely in a bubble,” while speaking at a blockchain trade show. Warren Buffett and Charlie Munger have expressed a similar sentiment in the past, albeit more abrasive, but Wales’s argument holds true for the vast majority of the coins on the market. The altcoin landscape has become a pitfall of worthless projects, and investors are forced to navigate the tricky terrain to find the real gems.
- IOTA cares about usability. Tangle is one of the more salient features to come out of cryptocurrency in some time. Judging by the stagnation, both in price and greater adoption, afflicting Bitcoin, it’s becoming evident that inability to scale is a primary barrier to the growth of cryptocurrency. While no technology has proven itself on the scale necessary for worldwide adoption (IOTA is targeting the >8 billion internet-connected devices around the world), tangle has the potential to be one of the most useful. Without an intuitive, user-friendly wallet application, IOTA’s technology is destined to languish only among the hardcore enthusiasts and tech evangelists. Mobile friendly equates to mass appeal. Not only does an iOS application give Trinity Wallet the type of reach necessary for market saturation, but it positions the MIOTA currency to better reach the general public through app development. IOTA, like all cryptocurrencies, is more advantageous as the number of users increases in addition to the outlets accepting the currency. Adoption is even more powerful for IOTA’s tangle, which increases scalability as more users participate with the network.
While Trinity Wallet is still in the beta version and has yet to see an official mobile launch, it is only a matter of time before the currency reaches its potential with the user-friendly wallet. Prices may be reflecting the positive news in the short term, but the long term focus of Trinity’s launch is the greater flexibility it gives IOTA going forward.