- IOTA’s market capitalization thins as the trading volume increases by 20%.
- IOTA intends to make cryptocurrency user more friendly with the impending Trinity wallet software upgrade.
IOTA, the 13th largest cryptocurrency project in the market, has also been in a downward spiral amid the crypto market collapse. The price is still correcting lower by 16.87% and trading at $0.22 at the time of writing. The market capitalization is thinning by the day with the latest drop being from $764 million recorded on Monday 3 to the current $610 million. The 24-hour trading volume has increased by 20% to $12 million in the same period.
The latest from the IOTA Foundation is that the network is working on upgrading its Trinity wallet to enable sending and receiving of digital funds using a simple text message. The company is envisioning the time that users will be able to use cryptos as simple as they send text messages on WeChat in China or by scanning a QR code. The IOTA Tangle, the official network’s protocol has the ability to support 1,000 transactions per second (TPS). In addition to that, transactions are not charged as opposed to BTC which support only TPS while transactions fees go as high as $50.
The users of the Trinity Wallet software will be able to utilize the MAM messaging application; a text messaging app that the network has already created. Fixed amounts of IOTA will be sent in the same way users send images via direct messages. The release date for this functionality has not been set. However, it is clear that IOTA intends to make cryptocurrency user more friendly because the addressing used at the moment is very complicated. The only downside is that usage of the app is limited to merchants and users who agree to accept IOT.
Elsewhere in the crypto market:
Cryptocurrencies to empower the poor- Microsoft’s Bill Gates
Ripple’s XRP calm after hell broke loose: Recovery limited at $0.31
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