After several months of development and a few delays, Trinity, IOTA’s digital wallet is on its way to launch to the public. It has been developed with both portable and desktop devices in mind and the delays experienced have been attributed to the complexity of the ground breaking permission less technology on which the platform is developed.
The system makes use of Tangle ledger, which unlike other ledgers used by many other cryptocurrencies, uses block less ledgers that are decentralized, scalable, lightweight and which for the first time enables for transactions to be executed absolutely free of charges. It also differs from traditional blockchain technology such that there is no mining and payments are therefore verified in parallel by the device from which the transaction originates. This technology also allows for small transactions, which would be impossible to make on other platforms that charge fees.
Despite being ready for the alpha test of the mobile platform on android and iOS devices by January this year, IOTA (MIOTA) decided to delay the release in order to further develop the safety and security features of the wallet to make it more reliable for the growing number of non-technical members joining its platform. As a product aimed at the smartphone devices, the wallet has also been exposed to the fluid app store regulatory environment in their efforts to get approval.
Another factor that has contributed to the delays was the decision to redesign certain areas of the technology in order to make it more flexible and enable developers work on a broad range of applications for its use. The platform is currently undergoing a safety audit led by ACCESSEC and a beta version is expected to be ready for release to the public within the next 2 months. Another audit shall then follow before the full release. These issues have caused delays but justifiably so as they are geared towards guaranteeing safety and security for the users.
Among the features anticipated in the IOTA wallet once the beta version is released is the ability to keep a record of the user’s transaction history which will significantly improve loading time. The wallet is also enabled for seed generation, encryption and storage, support for more than one seed within a single app, printing of paper wallet, conversion to and from a variety of fiat currencies, local and remote proof of work, price graphs to track the coin’s price movements, support for more languages among others. This is in addition to a number of updates already made to the wallet’s user interface for the mobile app and bug fixes.
Price analysis IOTA (MIOTA) is down 7.6% trading at 1.28 USD since trading begun today but is up 16% for the 7 day period to date. The coin with a market capitalization of just over 3.55 billion USD ranks 10th with about 2.78 billion units in circulation and the 1.377 billion USD worth of coins that exchanged hands over a 1 month period makes it the 24th most traded coin globally. IOTA is designed as a modular, decentralized, modular
and free platform allowing companies to monetize any technological resource by offering and trading their services directly to other businesses instantaneously in the open market.
The launch of the IOTA wallet with its broad range of features is expected to encourage more users onto the coin’s platform, something that is likely to help push the price of the coin higher moving into the future.