Latest Developments: IOTA Launches Hub and MIOTA Listed On Upbit
IOTA has launched its hub that will help make the integration of IOTA for exchanges and service providers easier. Furthermore, Upbit, one of the biggest South Korean exchanges is listing IOTA on its exchange.
This makes it a big day for IOTA as these are two big developments. According to Coinmarketcap, Upbit ranks 8th with a daily trading volume of $230 million and currently has 270 markets. Upbit made an official announcement and mentioned the MIOTA deposit event that involves payback of 100% of the transaction fees.
IOTA is the world’s 10th largest currency by market cap and is trading at $0.78. Up until a few days ago, it was one of the only few cryptocurrencies in the green and it is hoped it will be back up there with these announcements.
With the IOTA hub, the integration of IOTA is simpler for any service provider. Instead of the process taking months, it will only take weeks as the exchanges only need to connect to the hub to their existing platforms. The IOTA team shared this about the update,
Everyone at the IOTA Foundation is extremely excited to launch Hub and grateful to all of our partners that supported us on the journey. We are confident that more exchanges and service providers will begin supporting IOTA in the coming weeks and months, leveraging the simplicity of IOTA Hub.
Some of the prior challenges of management, reattachment,deposit address monitoring and confirmation monitoring have been solved by the hub as it offers a standardised, open-source solution to these issues using a simple gRPC API in a hardened and audited environment.
The hub also supports externally signed transactions that have access to the database but not the core data, which will increase the operational security as it would be difficult for an attacker to gain complete control of the system.
The open source of the hub will be soon available on GitHub so that other exchanges who want to use IOTA can benefit from it.
Click here to read more about IOTA’s development to be a larger cryptocurrency.