IOTA Team Meeting in Germany to Discuss Key Network Issue

• The IOTA team is working to eliminate persisting issues on the network.
• A meeting is set in Berlin, Germany to discuss such aspects.
• MIOTA was trading at a market value of $0.2555.

IOTA Issues are a ‘Big Issue’

The IOTA team is currently working on some core updates on the network. Haans Moog, a team member, took to Twitter that the organization has set up a meeting in Berlin to discuss the issues including IOTA tokenomics, company vision, and more. Currently, the team is working on matters like network overhaul, tangle pruning, chain management and more.

The company launched its staging network, Shimmer, in September 2022 to improve its user experience. Organization’s Swiss arm, IOTA Tangle, got registered in Switzerland’s crypto valley, Zug, in the same month. Recently, SMR, the native token of Shimmer network, experienced a price boom during October 2022 but came down to its previous levels quickly.

IOTA Price Analysis

At the time of this publication, MIOTA, the native token of IOTA ecosystem, was trading at a market value of $0.2555. The asset currently has a total market cap of $708.5 Million currently, with 2.78 Billion tokens in circulation. The virtual currency hit the top position during December 2017 when the asset traded at $5.65. Since its inception, the digital asset has offered as much as 43000% profits to its investors.

IOTA surfed the high tides during last year, maintaining $2 levels during April 2021 – May 2021. Price started to plunge from June 2021 which descended below $1 until September 2021. The asset managed to stay above $1 mark till the year’s end, but fell down the following year. We can clearly witness that the asset has gone under $1 levels and has not surpassed the level even at a single point of time this year.

IOTA is an ecosystem working in context with the Internet of Things (IoT), a network of devices and people. It is not actually a blockchain unlike several other projects in the cryptosphere. IOTA is rather powered by a technology called Tangle, a network of nodes constantly verifying the transactions.

According to the research, there were 11.3 Billion IoT devices across the globe in 2021 and this number is believed to grow to 29.4 Billion by 2030. International Business Machines (IBM), one of the biggest tech companies on the globe, uses IoT network themselves. The organization extracts the valuable insights from collected data to improve their functioning.

IBM gathers data from IoT devices and visualizes it to analyze patterns. This data is then sent to Artificial Intelligence (AI) to produce meaningful information. Almost all the devices we use in our daily lives are a part of the IoT network. From a mobile phone to a temperature control, everything is interacting, sharing and collecting data to create a “physical web.”

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.