IOTA’s DeFi ecosystem inches closer with the launch of the ShimmerEVM test chain

Key takeaways IOTA Foundation has launched its ShimmerEVM testnet on the Shimmer testnet. The ShimmerEVM chain is expected to boost the IOTA network’s DeFi ecosystem. IOTA projects can try out the test chain and give feedback ahead of the mainnet launch.  IOTA launches the ShimmerEVM test chain on the Shimmer testnet IOTA Foundation, the non-profit […]

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SwissOne launches ecosystem fund for IOTA and Shimmer

SwissOne Capital launched a major ecosystem fund for IOTA and Shimmer. The fund will invest in the most promising projects in the ecosystem. IOTA and Shimmer received a boost on Tuesday when SwissOne Capital unveiled the first ecosystem fund to support developers. The fund, which is dedicated to IOTA and Shimmer will invest financial resources […]

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IOTA Foundation partners with DELL, can this lead to the growth of the token?

IOTA MIOTA/USD is an open-source, scalable, and distributed ledger created specifically to enable the seamless transfer of data between machines and humans.

IOTA features feeless transactions, tamper-proof data, and low resource demands, and its network has been used to power the Internet of Things (IoT) without heavy infrastructure investment requirements. 

The cryptocurrency is pre-mined, and the validation of transactions occurs through Tangle, a Decentralized Acyclic Graph (DAG).

The IOTA Foundation partnered up with Dell Technologies as a means of introducing a data-driven solution to facilitate the real-time tracking of carbon footprints. 

There has been a lot of concern regarding the increase in carbon footprints, and this is where IOTA Foundation, which is a non-profit distributed ledger technology system provider comes into play.

Through the partnership with Dell Technologies, they are developing an integrated digital form of measurement aimed at acting as a verification (MVR) tool.

They will also be joined by ClimateCHECK and BioE. 

Each of these institutions will essentially work together in order to accurately track carbon footprints and help educate organizations and individuals about the various ways to limit the carbon footprint and the severity of the impact of the rising carbon footprints.

This partnership will lead to a heightened level of utility for the IOTA network and could lead to an increase in the value of the native cryptocurrency token. 

On June 10, 2022, IOTA (MIOTA) had a value of $0.3376.

To see what this value indicates for the future of the IOTA cryptocurrency, we will be going over the token’s all-time high point of value and then look at how it performed throughout the previous month. 

The all-time high of the cryptocurrency was on December 19, 2017, when the token reached $5.25 in value.

IOTA (MIOTA) had its highest point on May 5 at $0.5596. However, its lowest point was on May 12 at $0.2467. 

Here we can see that the token decreased in value by $0.3129 or by 56%.

With all of this in mind, at $$0.3376, IOTA (MIOTA) is a solid buy as the token can reach $0.8 by the end of June. 

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IOTA-based EnergieKnip app hits 100% within 13 days of launch

EnergieKnip, a coin created for the  municipality of Emmen, The Netherlands and based on the IOTA (MIOTA/USD) blockchain reached 100% with 13 days of its launch by Dutch-based BlockchainLab Drenthe, they tweeted.

The EnergieKnip budget is claimed for now. The coin was created to help the municipality of Emmen save energy and allows locals to earn energy saving boxes for their home. These boxes contain LED lamps, draft strips, and radiator foil.

People fill out a few short surveys, earn points, and redeem them at a hardware store in the area. To do this, they get an EnergieKnip QR-code card in the mail, install the app, scan the code, and answer the questions.

Here are the steps, in a nutshell:

• Install the app
• Scan the QR-code
• Answer the questions
• Spend points

The app doesn’t collect personal data. The answers provided by participants about the energy management of their home aren’t connected to any personal data, including names and addresses. Data is collected per district or village in the municipality.

In the app, the platform doesn’t ask for names, e-mail addresses, or telephone numbers. The QR codes are randomly distributed and the Dutch municipality only collects the totals depending on the location.

The collected data is published as open data. In the app, you can indicate whether you want to share data with the municipality.

As Invezz wrote earlier this month, Drenthe introduced large-scale real-world adoption of the IOTA blockchain. EnergieKnip will serve as a local currency used to transfer data on environmentally friendly measures in local homes and reward homeowners.

Could a local token-based currency help fight the climate crisis? Drenthe is determined to find out through EnergieKnip, which launched earlier this January. It will be distributed to almost 49,000 homes over four weeks.

EnergieKnip is a historical development: the first local token currency developed using IOTA and a key example of the latter’s potential.

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IOTA and EnergieKnip drive energy efficiency in the Netherlands

Dutch-based BlockchainLab Drenthe has introduced large-scale real-world adoption of the IOTA blockchain, IOTA (MIOTA/USD) wrote on their blog. EnergieKnip, created by Drenthe, is a local currency used to transfer data on environmentally friendly measures in local homes and reward homeowners for it.

Could a local token-based currency help fight the climate crisis? BlockchainLab Drenthe is determined to find out through EnergieKnip, which they developed for the Dutch municipality of Emmen using IOTA technology.

Launched this month and distributed to 48,575 homes over four weeks, EnergieKnip is the first local token currency developed using IOTA and a key example of the latter’s potential.

EnergieKnip rewards residents of Emmen with digital tokens for sharing data on energy-saving measures they apply at home. They can use them to buy energy-saving devices in local stores.

BlockchainLab Drenthe’s goals are to educate citizens about energy issues, increase demand for energy-saving devices, encourage them to install devices in their homes to reduce the overall national energy consumption, and collect anonymized information about energy use in the area.

BlockchainLab Drenthe partnered with IOTA as a foundation for its token currency because IOTA reduces the administrative cost of setting up a local coin, prevents fraud thanks to its transparent structure, and facilitates transactions.

Adri Wischmann, cofounder of BlockchainLab Drenthe, said:

We are doing a sustainability project with blockchain. Using a protocol with an enormous energy footprint would be very counterproductive (and unethical). The energy efficiency, speed and the fact that it is feeless made IOTA easily the weapon of choice to tackle this challenge. This is a great chance to show people with all kinds of negative presumptions about blockchain (large energy footprint, slow, expensive) that there are very good alternatives to work with.

The people in Emmen answer questions about energy-saving behavior and measures in their households via an app and receive EnergieKnip coins or points for every piece of information uploaded onto the app and sent to the municipality of Emmen.

The points or coins are sent to the wallet and used to buy energy-saving devices from local retailers. Devices include radiator foil, LED lighting, and thermostats among others.

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IOTA launches its own multi-chain smart contract platform Assembly

According to IOTA’s recent blog post, the project is just about to reveal a new smart contract platform known as Assembly. The platform will be offering very competitive fees, it will feature highly composable chains, and its goal is to help accelerate the adoption of Web 3.0. Not only that, but users will also be able to use the platform for staking IOTA (MIOTA/USD) and earn rewards for doing it, this time in ASMB tokens.

As explained in the blog post, which was actually launched on Assembly’s own site and then retweeted by IOTA, the Assembly platform is going to be a scalable, multi-chain network for sharded, composable smart contracts. As some may know already, sharding is a popular method for achieving scaling, as it reduces validation time by creating smaller groups of nodes meant to validate transactions, instead of having the entire network doing it.

The project will allow anyone using the protocol to create their own sharded smart contract chain, and even let them define it by using their own parameters. Furthermore, it adds that all smart contract chains built on the network are fully shared networks, limited only by their own throughput.

However, Assembly also stresses that it will be the open network for building and connecting open worlds. This is something that Ethereum (ETH/USD) has been attempting to achieve for a long time now, but it was too limited by its own technology to do it. This is why Vitalk Buterin, the project’s co-founder, proposed Ethereum sharding, alongside several other solutions that would be able to reduce the cost of transactions.

Assembly now managed to do it on its own, and it will distribute up to 70% of its native ASMB crypto to the community.

One thing to note is that the announcement has disappointed many, despite the long list of features that the platform will offer. The reason for this is the fact that IOTA launched smart contracts on its main net only a month ago, which is why a lot of people now feel that an entirely new network is unnecessary.

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IOTA launches new staking feature as token makes 20% gain

The IOTA (MIOTA/USD) token is making major gains across the crypto market. The gains have been attributed to the recent staking feature launched on this network that will allow IOTA holders to stake their tokens and get rewards using newly minted tokens.

The IOTA network is developing a multi-asset ecosystem. The IOTA Foundation has announced that it will soon launch the Shimmer network to test a new staking feature for IOTA tokens.

In a blog post published on November 17, the IOTA foundation stated that it would launch staking for users on the platform. This will increase utility for the IOTA token and provide new opportunities for holders of this token to get rewards for participating in the ecosystem.

“The Shimmer network, IOTA’s staging network, will be the first project to use the IOTA network to fairly distribute its entire token supply – transforming the IOTA tangle into a fair Launchpad of unseen possibilities of new token economies,” the blog post read.

The announcement also noted that the newly launched staking test net will allow fair distribution of tokens on the network. it will focus on a fair distribution process that is dubbed the “rolling airdrops.”

IOTA’s token supply is capped; hence stakers in the network cannot be rewarded through new IOTA tokens but only through new applications or crypto networks. Those who stake IOTA tokens on the Shimmer network will be rewarded using Shimmer tokens. The post also notes that the entire supply of Shimmer tokens will be distributed to IOTA stakeholders.

The peak of IOTA tokens happened in 2017 during a major bullish rally. The token reached an all-time high of $5.25 at the time, but it shed most of these gains in the following months. By 2020, it had fallen to an all-time low of $0.0081.

Since 2020, the IOTA network has been making major comebacks with different projects and updates. Its price also started making a major uptrend this year and showed signs of recovery to previous highs.

The IOTA network is popular for its zero-fee smart contracts. These contracts give IOTA leverage over other competing blockchains. The network also offers limitless scalability, a highly sought after feature by DeFi developers.

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IOTA launches beta smart contracts with zero fees

On October 21, the IOTA Foundation launched a beta version of the network’s smart contracts. According to the firm, these smart contracts will offer high speeds and will offer functionality at zero transaction fees.

The beta smart contracts will also bring interoperability between IOTA and ERC-20 tokens because of using an Ethereum Virtual Machine (EVM). This interoperability will enable the smart contracts to be written using Ether’s Solidarity language that is linked in the IOTA’s tangle. It has also been developed using Go and Rust language, which also offer interoperability.

The beta smart contracts will also enable smart contract developers to set their own execution fees. This is being done in a dynamic manner such that it will incentivize the fees, which will reduce significantly because different chains will compete for the work of executing a smart contract.

This smart contract is the first one in the industry as it enables users to deploy smart contracts on a network that charges zero fees. According to the CEO of the IOTA Foundation, Dominik Schiener, the new smart contract update will boost support to the network.

‘We believe that a vast amount of our partnerships with multinational entities, government agencies, as well as the interest we receive from startups, SMEs, and crypto dApp operators are due to the fact that IOTA is feeless. Fees themselves, and especially their volatility, put a strain on business models and are the diametric opposite of an economic driver.

In March, IOTA Foundation has announced it would release the alpha IOTA Smart Contracts Protocol. This protocol would be created to help developers to launch smart contracts and build decentralized finance (DeFi) and non-fungible tokens (NFTs).

Schiener also stated that launching smart contracts would add a crucial component to IOTA’s ecosystem. Besides, the smart contracts would enable anyone to create dApps supported by standard Ethereum tooling while using a feeless base later and predictable but low execution fees.

Last month, Cardano (ADA/USD) launches smart contracts to support the development of DeFi on the network. While some people argued that the smart contracts launch had come in late, the network’s founder, Charles Hoskinson, dismissed these claims, stating that launching a smart contract late came with its own benefits.

IOTA’s smart contract launch is different from Cardano’s because IOTA offers limitless scalability, while Cardano is currently looking for a scaling solution to be implemented later. IOTA also enables users to feeless transfer assets across different blockchains.

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IOTA shares details of how it is helping further the development of EBSI

The IOTA Foundation, a non-profit organization focused on DLTs, has shared information on its role in helping further the development of the European Blockchain Services Infrastructure (EBSI).

IOTA shared this information through a two-page document on October 4. This update comes a month after the European Commission chose IOTA to help further the development of EBSI.

In the document, the foundation detailed that IOTA Tangle solves three fundamental pain points of the blockchain. These are high fees, low throughput, and centralization.

The organization further noted that IOTA Tangle works as an open-source protocol that connects the human economy with the machine economy by enabling novel interactions, such as secure data transfer and feeless micropayments.

Under the EBSI Pre-Commercial Procurement (PCP) contract, the non-profit will introduce specific traits of the IOTA Tangle into the EBSI platform. These characteristics include scalability, decentralization, and open-source software.

Per IOTA, these features will let organizations develop services and run applications on a public network without miners and stakers.

Explaining how such a model works, the foundation said all nodes validate messages, and the placement of new messages confirms old ones, thus helping the platform reach a consensus. IOTA added that the feeless design of its protocol is ideal for high volume and use cases, a trait that helps open up the network to a wider audience.

IOTA went on to tout its blockchain, saying,

IOTA’s green credentials – no miners working on Proof of Work means much less energy spent in comparison to other blockchains – is another driver of scalability and complements the European Green Deal, the EU’s overarching aim of making Europe climate-neutral by 2050.

The foundation further noted that the IOTA Tangle meets EBSI requirements because it is flexible. While the blockchain is permissionless, it can support permissioned environments by tapping into the IOTA smart contracts program.

This versatility can grant permission to resources and control data distribution to comply with EU regulations for data sharing, according to the organization.

By offering EBSI its technology, IOTA is helping the European Commission inch closer to supporting a range of cross-border applications. To achieve this, the organization seeks to combine new and existing features in IOTA Tangle to run frameworks like IOTA Identity and IOTA Stream.

This approach exposes institutions and actors across Europe to various functionalities that enable them to develop novel use cases. While IOTA believes its protocol can support all potential use cases that the European Commission can think of.

However, the PCP contract will only see it test the platform’s ability to underpin two use cases. These are generating digital product passports for the circular economy, supporting intellectual property rights management in the creative industry.

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European Blockchain Services Infrastructure (EBSI) Selected IOTA Foundation To Support The EU Blockchain Initiative

IOTA Foundation was chosen as one of the seven projects to support the EU blockchain initiative. IOTA is well-suited to the task with its scalable, open-source, decentralized and interoperable technology. The European Union has chosen the IOTA Foundation as one of seven projects to support the early stages of its European blockchain venture. The purpose […]

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Shiba Inu and IOTA become collateral assets on Binance

Key takeaways Crypto exchange Binance has added SHIB, IOTA and other cryptocurrencies as collateral assets on its platform. Binance also included 22 new cryptocurrencies as loanable assets.  Binance Approves SHIB as a collateral asset Binance, the world’s leading cryptocurrency exchange, announced on Friday, August 4th that it has approved SHIB, Shiba Inu’s native token, as […]

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