IOTA (MIOTA) is poised to post a double-digit percentage price increase for the second day running. After the crypto recorded a nearly 20% price rise rally on Tuesday, today sees it trading at +6.58% in the last 24 hours and +6.07% over the 7-day period. As a result, the coin is trading at $1.61 against the US dollar, having touched a high of $164 during the early hours of trading.
It’s a good run for the crypto, coming at a time when it had suffered a steady slide in value. Over the month of May, MIOTA had declined from about $2.47 on May 4, 2018, to open trading at $1.36 on May 29, 2018- just 24 hours ago. Yesterday’s rally was remarkable as it saw the coin’s value rise to hit the intraday value of $1.65, before closing at $1.59. This data, taken from CoinMarketCap, also shows that the coin’s trading volume spiked by 100%, from $54 million a day before to over $115 million. Today’s volume is slightly lower at $108 million worth of the coin traded so far.
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What triggered this uptrend? Although it came at a time when the general market was experiencing an upturn, it’s believed the sustained positivity arose following the beta release of Trinity. It’s a new wallet that had been eagerly awaited by the community.
What should you know about IOTA’s Trinity Wallet?
According to the IOTA Foundation, the project on Trinity began as an initiative of the community. However, the Foundation took up the development to ensure what came out met the needs and aspirations of the users.
Though it has been a long time in coming, the wallet is finally here and the beta release is a joy to the IOTA community. To assure all that the iOS and Android versions are secure, the Foundation wrote that they had subjected the wallet to two external reviews. In addition, they had conducted a modeling exercise as well as gone through a security audit. All these efforts were aimed at making sure that there’s maximum security when users begin to access it.
Other than assuring the users that the wallet is secured to the highest possible level, the IOTA team has also made available results of the rigorous testing, auditing, reviews, and feedback. More than anything, the Trinity beta release can’t have come at the right time for the coin. The optimism seeping into the community might be at the center of the double-digit price gain witnessed yesterday and today.
According to trinity.iota.org, users will access four key benefits when using the Trinity wallet designed for mobile.
- Fast Transactions
Users will benefit from quick transfers as well as automatic promotion, which make transactions smoother.
- Easy Management
Users can now get access to multiple accounts using a single password. Furthermore, transactions data and account balances are automatically updated.
- Paramount Security
The user is guaranteed security via safe seed storage. It is achieved through the use of encryption and two-factor authentication (2FA).
- Market Watch
Perhaps more appealing will is the capability for the wallet to keep users up-to-date on the market and IOTA price movements. It can also provide feedback on a number of currencies.
IOTA (MIOTA) to bolster security
The Tangle is IOTA’s signature in the world of cryptocurrency. If today’s developments are anything to bank on, then it wins. That would be good news for the crypto. Why is it so?
The cryptocurrency has welcomed Mathew Yarger to be part of the IOTA Foundation. He is said to be “a Cyber Security expert, DoD Certified Forensic Examiner, Certified Ethical Hacker, and experienced Project Manager with National and International scaled projects.”
The significance of this development for IOTA can’t be overstated. Security is one of the top concerns in crypto at the moment, with recent attacks and discovery of epic vulnerabilities in networks not escaping any serious coin. It, therefore, is more than just another member of the foundation.
In fact, according to Yarger the focus of his work at the crypto will be on security development. He intends to help improve the Tangle by conducting regular auditing, secure coding analysis, and carrying out cryptographic protocol reviews. In addition, he wants to help monitor and analyze network traffic alongside routine testing for any vulnerability in the system. The eventuality is to work towards developing IOTA’s network.
In short, IOTA (MIOTA) is ready to get to the next stage once Yarger sets to work. It’s exciting times for the fast-rising crypto indeed. Trinity may be the main reason the price is surging, but if security is revamped, the Tangle takes the day.
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