Why Is IOTA Price Going up in December 2017?
IOTA reached its all-time-high in December and it has gained more than 70% within 24 hours. Why is the IOTA price going up? There are major news that soar the price of IOTA. Furthermore, people believe that it is a very promising project in a long run.
Why Is IOTA Price Going up in December 2017?
The meteoric rise of the coin places it in 5th spot in the list of the largest coins, overtaking DASH, Bitcoin Gold and Litecoin. IOTA has gained over 200% week-on-week, and in the past month it appreciated more than 700% overall.
The IOTA project hovered for months and years cleaning up its concept and battling wallet and encryption hashing problems. But in the past month, IOTA has upped its game, establishing a series of partnerships for a data marketplace in addition to contacting programming talent worldwide, in universities as well as local programming organizations.
For those who don’t know anything about IOTA, it is an innovative new distributed ledger technology to function as the backbone of the Internet of Things. IOTA was created as a far related derivation of the blockchain technology but is far more advanced.
The Blockchain is a great invention, but IOTA, however, has no mining, no blocks, no transaction fees. The security and consensus of the network is not divided among miners, validators, and users.
In short, IOTA is the next big thing in both the world of cryptocurrency and big data.
Why is the price of IOTA going up in Decmber 2017 then?
#1 Informal Partnership with Microsoft
The addition of IOTA’s latest partners comes not long after the announcement of collaboration with healthcare providers in Norway and the renowned Imperial College London’s Centre for Cryptocurrency Research and Engineering (IC3RE) in June this year. Along with academic research, the IOTA Foundation is actively developing the Tangle ecosystem in an effort to create an environment that’s functional, as well as attractive to enterprise and individual users.
Recently, IOTA has been making waves recently by working with Microsoft, Accenture, Bosch, Fujitsu, Samsung, and nearly two-dozen other companies to develop a blockchain solution tied to the Internet of Things (IOT). It has also been reported that the IOTA Foundation has partnered with Cisco, Volkswagen, and Samsung around its Data Marketplace.
IOTA aims to provide crucial market data collected through sensors to various companies for a micro fee. As the company gains market share, the MIOTA cryptocurrency is expected to appreciate in price.
Beyond the partnering companies mentioned above, other partners in the new test data marketplace include Cisco, Orange, Daimler, Accenture, Deutsche Telekom, EWE, Tine, PwC, Schneider Electric, DNV GL, and others.
#2 Launch of Data Marketplace
The first publicly accessible data marketplace for the Internet of Things. What makes this undertaking especially intriguing is that the marketplace will be entirely powered by a distributed ledger. It is an ambitious project that has been in the making since 2015. The Data Marketplace is IOTA’s most comprehensive pilot study thus far.
For those who don’t know what Data Marketplace is, it is a decentralized data platform to open up the data silos that currently keep data limited to the control of a few entities. Data is one of the most imperative ingredients in the machine economy and the connected world.
The idea of the platform is to enable a future where any connected sensor or device can grab data from an open marketplace, for a micro-fee, to power an application. Smart city sensors, for example, could use environmental data collected via Samsung’s ARTIK sensors to drive IoT-based pollution alerts.
Not only that, connected cars could perhaps tap data from Bosch, the world’s largest automotive part supplier, to get details on a part that appears to be malfunctioning.
The IOTA ecosystem is itself still in beta testing, and the new marketplace is a pilot at this stage.
#3 IOTA Blockchain Solutions Recognized By The Deutsche Bank
Deutsche Bank Wealth Management has just released a report stating that IOTA has solved the fundamental problems of Blockchain because it is scalable and does not cause any costs. The problem is, that this payment system only works if cryptocurrencies are compatible with each other because IOTA does not have blocks and chains.
This recognization has proven that IOTA is moving forward to be mass-adopted in the market in the near future.
That is also one of the many primary reasons why people are buying IOTA from Binance and other exchanges.
#4 Robert Bosch Venture Capital bets on IOTA as it invests in the future of IoT
The IOTA Foundation announced that Robert Bosch Venture Capital GmbH (RBVC) — the corporate venture capital company of the Bosch Group — has purchased a significant number of IOTA tokens. Dr. Hongquan Jiang, partner at RBVC, will also join the IOTA Foundation’s advisory board. The move is a strategic one for RBVC as it looks to the future of the Internet of Things (IoT).
If IOTA (MIOTA) does scale as the developers claim it will then it will be a huge year for the still relatively unknown altcoin as people will be able to use it as a currency as well as a distributed ledger for the internet of things. Just like what MYF has short-listed in our previous article on Top 5 Next Best and Promising Cryptocurrency to Invest, 2018 definitely looks bright for IOTA as the network has handled scaling very well so far and if transaction times speed up. This definitely seems to be a coin to watch over the course of 2018 and with current prices so low will definitely be attracting more and more investors as they find out about the coin.