In recent weeks, IOTA has benefited relatively little from the Bitcoin price rally, but now the tide has turned and the MIOTA price is shooting up – are there any further price rallies ahead?
Compared to other crypto currencies, the IOTA exchange rate benefited little from the recent Bitcoin rally. But since November 23rd the crypto currency has been on the upswing.
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At the time of going to press, the MIOTA share price had risen by 16 percent in the last 24 hours and by as much as 30.2 percent for the entire week.
Things are moving forward at IOTA
The change to IOTA 2.0 is a steady and lengthy process. After the Tangle network passed an important milestone with Chrysalis Phase One in August this year, the developers are now working on Chrysalis Phase Two.
In addition, the developers have made significant progress on IOTA 2.0 updates, according to a weekly blog post. For example, the Chrysalis Two upgrade will introduce a new wallet to replace the existing Trinity Wallet.
Although the developments are still running on a private test network, they are expected to be transferred to IOTA’s main network soon.
We are now in a phase where we are testing the Chrysalis functionality on a private test network. As soon as we have completed the first implementations and we have all the supporting software ready, we will release the test network.
Jakub Cech, IOTA Foundation (IF)
In addition, new details on the standardization of the IOTA protocol will be announced this week.
Update on the standardization of the protocol
To be the future machine-to-machine (M2M) standard protocol for the industry, the standardization of the IOTA protocol is indispensable. In addition, the IOTA Foundation has already taken several steps in the past to advance the goal of creating an international M2M standard.
In addition, according to IOTA co-founder David Sønstebø, 80 percent of the developments take place behind the scenes. Mike Bennet, one of the IF coordinators, however, wrote on Twitter that an update is to come later this week.
Will do. I believe it’s scheduled to come out early next week (there’s a lot already planned to come out this week).
I’ll post a link as a reply to one of these tweets so it’s easy to find for everyone who has been following.
– Mike Bennett (@MikeHypercube) November 19, 2020
It is interesting to note that Bennett is co-founder of the Financial Industry Business Ontology (FIBO) of the EDM Council, a state-based repository for financial industry concepts and definitions.
In fact, the EDM Council comprises more than 200 participating companies worldwide and covers a wide range of industries. The EDM Council therefore involves academia, governments, service providers, banks, real estate, data providers and regulators.
For these reasons, it is likely that the IOTA community can already anticipate some bullish news this week, which may have the potential to drive the MIOTA course even higher.