IOTA(MIOTA) Shows Bullish Returns Despite Downfall Due To Changes

IOTA(MIOTA) Shows Bullish Returns Despite Downfall Due To Changes

IOTA has been experiencing a lot of bumps down the road and with the latest crisis, MIOTA lost over 50% of its value during the last two months. However, with the latest changes in the overall market, IOTA(MIOTA) has shown a  bullish 10% increase against the fiat currency and this is attributed to the major changes and developments by the foundation.

The controversial situation of internal conflict among the IOTA foundation team is attributed to cause 30% of the decline in the value of MIOTA in a period of two weeks. The internal conflict between two integral team members, Dominik Schiener, and Sergey Ivancheglo led MIOTA to tumble down, however, the cryptocurrency has recovered since the original announcement in the beginning of the month.

Discussions on Twitter and reddit forum by IOTA enthusiasts and critics alike have shown that they regard communication as the biggest problem of the foundation. Even Dominik Schiener commented on a thread on reddit. He stated,

Every startup that undergoes such a rapid growth, and is in such a public spotlight, faces obvious challenges that need to be resolved. Unlike typical startups, as a crypto-currency non-profit foundation, it is painfully obvious that you face greater challenges than others do.

He gave examples such as – 

  • How do you define a proper budget, that takes into account a potential market drop by 50%, or a potential increase by 50%
  • How do you ensure long-term financial sustainability of the Foundation?
  • Who would have thought that it will take a legally-compliant non-profit foundation more than 3 months to get a bank account in Germany (we were unable to get one in Israel btw), all because we are associated with a crypto-currency.

Since the quarrel, IOTA has added new members to the team for new updates and developments. Once the issues were resolved, IOTA saw an increment in its price, of roughly around 10%.

So what are these developments?

Beta Version of the new JavaScript Library

As announced on August 17, JavaScript Library, an IOTA use case product is now available in its beta 1.0.0 version as announced by Jakub Chech, the owner and developer.

With the latest versions, anybody in the IOTA community can add changes and create new codes even if they are outside of the internal IOTA team. Chech said that over the last few months, the team had been working on making the code more accessible and user friendly for people in the IOTA ecosystem to allow them to make changes so that the library can be easily maintained.

Chech is looking for community feedback and stated that some of the future updates should include persistent storage interface, integration of HTTP API tools with a lighter infrastructure and others.

IOTA and Tangle

Meanwhile, IOTA is also exploring the use cases for Tangle and has three winning projects at the latest blockchain meetup in Munich. All three projects use IOTA and show different forms of adoption of the blockchain technology.

With the latest tests conducted by Delloite blockchain research, IOTA seems promising for  various use cases.

According to the results presented by Delloite, Tangle is different from any blockchain technology currently in the market. They further added that after extensive research, they have come to the conclusion that Tangle can make transacting of data and information nearly fearless.

Delloite made an integration with IOTA’s Tangle and presented API tools that will allow developers to make transactions by sending and receiving and being able to avoid requirement of special hardware.

Hribek, an IOTA enthusiast  stated,

I also strongly believe that straightforward business integration of #IOTA is the key. It seems Delion’s API is the first one ready for a production since my IOTA Integration Gateway is still under development … . Let’s #integrateIOTA and move it forward!

Read Also: IOTA Price Slides Due To Leaked Conversations

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.