The IOTA Foundation, the German organisation that oversees the IOTA virtual currency, has announced it is teaming up with Microsoft, Samsung and several other technology firms, to create a blockchain-based marketplace that lets them sell data such as weather and air quality data. This new marketplace is still in pilot phase.
As a result of the announcement, IOTA’s value has increased by 70 percent in a single day. IOTA has now taken over Dash and is now the fifth-largest digital asset by market capitalization.
According to David Sonstebo, IOTA’s co-founder and CEO, “IOTA’s seemingly ‘out of nowhere’ explosive growth can be traced back to the fact that it has been somewhat of a sleeping giant.”
Unlike most blockchain platforms such as Bitcoin, which use encrypted blocks to record transactions, IOTA’s open-sourcedigital ledger is blockless and allows users to make transactions on the network for free.
David Sonstebo added “At present, up to 99 percent of this precious data gathered is lost to the void. IOTA incentivize sharing of data through its zero fee transactions and by ensuring data integrity for free on the decentralized distributed ledger.”
“IOTA has resolved the three major issues of blockchain: fees, scaling limitations and centralization, and built up real-world partnerships and projects with world-leading companies since 2015. Unlike the overwhelming majority of projects in this space, IOTA has not done any paid promo, so now that there’s a steady stream of these large news stories the major technological advantages become known to the wider audience.”
He concluded: “I believe this is the reason for the rally, as well as the fact that IOTA just entered China and Korea, which are naturally huge markets, meaning a lot of new people buying.”