In recent weeks, IOTA has benefited relatively little from the Bitcoin price rally, but now the tide is turning and the MIOTA price is shooting up – are there any further price rises in sight?
Compared to other crypto currencies, the IOTA rate has benefited little from the recent Bitcoin Optimizer rally. However, since November 23rd, the crypto currency has been on the rise.
At the time of going to press, the MIOTA exchange rate has risen by 16 per cent in the last 24 hours and by as much as 30.2 per cent for the week as a whole.
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.
Furthermore, according to a weekly blog post on the IOTA 2.0 updates, the developers have made significant progress. 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 standardisation of the IOTA protocol will be announced this week.
Update on the standardisation of the protocol
In order to be the future machine-to-machine (M2M) standard protocol for the industry, the standardisation 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 developments take place behind the scenes. Mike Bennet, one of the IF coordinators, however, wrote on Twitter that an update is due this week.
It is interesting to note that Bennett is co-founder of the Financial Industry Business Ontology (FIBO) of the EDM Council, a city-based repository of financial industry concepts and definitions.
Indeed, 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 push the MIOTA course even higher.