IOTA market overview: IOT/USD price spikes up following partnership with Trive.Park

  • Parking garage owners can now digitize their asset and monetize it using the Trive.Park app.
  • IOTA has been deemed the best fit because it can process microtransactions with virtually no fee.
  • IOT/USD responded by going up from $0.24 to $0.261 this Thursday.

To facilitate easy booking and payment of parking spaces, German company Trive.Me has launched a new app Trive.Park. Motorists can now book and reserve parking spaces in advance. According to an EDAG Engineering report, users will have to pay for parking space and communicate with the garage over the Tangle, making the whole transaction quick. Through an online reservation system, the Trive. Park app will allow parking garage owners to digitize and monetize their asset.

Alexander Süssemilch, Trive's Head of Product, thinks that IOTA is the best fit for the platform because the network can process the required microtransactions with virtually no fee. The firm stated that technology like IOTA can significantly disrupt the mobility industry, allowing users to experience a new level of efficiency for a lesser cost. 

IOTA is headed towards eliminating their centralized validator node. This is a big step towards their vision of decentralized micropayments. However, network security can be comprised if the move is not executed at the right time.

IOT/USD daily chart


IOT/USD flew up on the back of this news and went up from $0.24 to $0.261 this Thursday. The bullish momentum continued this Friday and went up further to $0.266. The price broke past resistance offered by the 20-day simple moving average (SMA 20) and is trending below the SMA 200 and SMA 50 curves. The moving average convergence/divergence (MACD) indicator shows increasing bullish momentum.

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