IOTA Market Update: IOTA upgrades Hornet node software

IOTA has announced a major upgrade to its Hornet node software, which is the first performance upgrade in IOTA 1.5. the first in a series of planned protocol upgrades. According to the developers, the new version will lead to an increased adoption, improve decentralization and enhance network performance for IOTA stakeholders.

Hornet consumes 10 times less memory under normal operation, which means that developers do not need to purchase costly equipment and can start running a node on the network in a matter of minutes. 

Later this year, the team plans to launch a major protocol update IOTA 2.0 also known as “Coordicide”. Hornet release is regarded as the first step on the way to the critical upgrade that will remove the coordinator node from the network.

Luca Moser, Software Engineer, IOTA Foundation, commented:

Due to IOTA’s parallel architecture and feeless transaction model, developers can build real-world applications without the constraints imposed by traditional blockchain technology. IOTA’s focus on regulatory compliance, standardization, and industry collaboration are key pillars of its adoption strategy. Many of the upcoming protocol upgrades were developed in partnership with our community and network of partners in industry and academia.

IOT/USD: Technical picture

At the time of writing, IOT/USD is changing hands at $0.2465. The coin touched the recent high at $0.2570 on Thursday and returned inside the upside-looking range, created by daily Bollinger Band. A Doji on a daily chart may be a part of an Evening Start candlestick formation. Typically, it is a bearish setup, however, we will need to see a confirmation in the form of another bearish candle. 

If the downside momentum gains traction, IOT/USD may retreat to $0.2150 that served as a resistance at the beginning of May. Also, this area is reinforced by the middle line of the daily Bollinger Band.

IOT/USD daily chart