Iota

Apr 13, 2023

IOTA is currently trading at around $0.22. The market capitalization of this cryptocurrency is $611 million. Read more details about IOTA and find the most important business news of the day with the Born2Invest mobile app., available for free for both Android and iOS devices. Recent developments with Shimmer IOTA launched the Shimmer network in 2022, which is the largest development in the history of this ecosystem to date. Shimmer describes itself as a scalable network that enables interactions between users in a decentralized way and without any intermediaries at all. It also acts as a playground for decentralized applications in the IOTA ecosystem. As I wrote last week, Shimmer most recently launched its EVM test network. An EVM (Ethereum Virtual Machine) is software that allows developers of various blockchains to scale their applications. The first stage of the Shimmer EVM is known as the Magic Smart Contract – it enables seamless native asset transfer between Shimmer and EVM chains without the use of bridges. Eventually, it will be easy for users of smart contracts on IOTA to transact with Ether and other tokens that exist in the Ethereum ecosystem. Partnership with Multichain The latest news from this ecosystem concerns the partnership with Multichain. It is a DeFi protocol formerly known as AnySwap that facilitates interoperability between different blockchains. This partnership aims to enable seamless interoperability between IOTA, Shimmer, and ShimmerEVM. While IOTA developers and some investors believe it will lead to ecosystem growth, I am skeptical on this front. There is simply too much competition among platforms offering smart contracts. In recent years, the number of such platforms has grown rapidly. In addition to the leading Layer 1 networks such as Ethereum, Avalanche, BNB Chain, and Tron, there are such fast-growing Layer 2 networks as Arbitrum, Polygon, and Optimism. There are also concerns about IOTA’s tangle technology. This is because, unlike Ethereum and other crypto projects, IOTA is not strictly speaking a blockchain. Here, data is grouped and intertwined as so-called tangles. A blockchain, on the other hand, is a series of linear, cryptographically linked data blocks. Tangle is criticized for, among other things, the high costs required to maintain decentralization and security. IOTA Price Forecast The price chart shows that IOTA has been in a slow uptrend over the past few days. During this period, the coin managed to move above the key resistance at $0.2325, which was the highest point on March 18. The current price is well above the lines of the moving averages of the last 25 and 50 days, as well as the Fibonacci retracement level of 50%. So, based on technical data, there is a likelihood that the coin will continue to rise as buyers target resistance at $0.25. However, in the long run, I have doubts about the success of IOTA and Shimmer. __ DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our  disclaimer  for more information. This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these  important disclosures . First published in  CRYPTOMONDAY , a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail. Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.