IOTA Market Analysis: IOTA’s Pollen testnet records 1,500 TPS, IOT/USD falls below pennant formation
- IOTA has shared the early progress updates of its Pollen testnet just a week after its launch.
- Pollen recorded a peak performance of up to 1,500 transactions per second (TPS).
- Confirmation time for sending IOTA tokens on the Pollen network was between 10-12 seconds.
- IOT/USD bears remained in control for the second straight day.
IOTA recently shared the early progress updates of Pollen, the first IOTA 2.0 testnet infrastructure, just a week after its launch. The firm noted that over 280,000 messages were sent between node operators, of which over 20,000 were value transactions. During the process of synchronizing a new node with the network, Pollen recorded a peak performance of up to 1,500 transactions per second (TPS). The firm said:
2. During the process of a new #node syncing w/ the network, we recorded peak performance of up to 1500 transactions per second. We are very happy to see our early node software perform so well given the many optimizations and improvements in store for the future #Pollen
— IOTA (@iotatoken) July 7, 2020
IOTA added that the confirmation time for sending IOTA tokens on the Pollen network was between 10 to 12 seconds. Sending non-token messages has taken less than 5 seconds. Commenting on this, the team noted:
This represents over a 12x performance improvement from the current mainnet.
The IOTA Foundation noted that it plans to optimize the usability and user experience of the node software. The memory consumption to run a Pollen node is 340 MB on average, with a CPU usage of only 3.5%.
Since launch, all double spends registered by the network were resolved w/ full agreement by all nodes. It’s a great (early) achievement. More testing, attacking & validating to follow!
IOT/USD daily chart
IOT/USD dropped from $0.2517 to $0.2508 as the bears remained in control for the second straight day. In the process, the price has also fallen below the pennant formation. The MACD shows sustained bullish momentum, while the RSI is trending alongside the overbought zone.
IOT/USD has one strong resistance level at $0.254. On the downside, healthy support lies at $0.2407, $0.2315 (SMA 20) and $0.2269 (SMA 50).
Key levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
