With a bag full of great news, IOTA (MIOTA) seems to be testing the green waters after trading on the red for better part of the week. The last three weeks have been seen a success story for the coin thanks to the inroads it is making into the auto industry and strengthening its team.
With key partnerships and announcements, many were of the opinion that the foundation efforts will bear fruits fast. The investor however will have to wait a little while before the coin traction mirage turns real. The recent good news comes in wake of a market that is struggling to recover and IOTA (MIOTA) is no exception.
IOTA is rolling out several use cases that will take time to spur user adoption and the dream of mass adoption especially in the auto industry where they are currently targeting high end users. Once these projects are rolled out to the ordinary user, IOTA will become the best entry point to the machine-to-machine crypto of choice.
IOTA (MIOTA) Recent Wins
As of 2nd May IOTA (MIOTA) became part of the Mobility Open Blockchain Initiative that will see the network work closely with the likes of Bosch, BMW, Ford, General Motors, Renault and ZP to drive the Distributed Ledger Technology agenda to the next level. With these join partnerships, achieving safe driving goals and affordability will become a reality on a P2P ecosystem.
This project will cover most gray areas in the auto industry including auto identification and transparency in data tracking; instill efficiency in the supply chain management, autonomy in machine payments as well as ride hailing and car sharing among others. These will translate into less congestion, better infrastructure utilization and green energy use promotion.
According to Dominik Schiener and David Sønstebø Co-founders, Co-Chairmen of the Board of Directors, IOTA Foundation;
“We are proud to be a member of the MOBI and partnering with other leading global companies to drive industry standards that unlock the potential of DLT for the mobility sector to establish a seamless, safe, and affordable mobility experience. As the world is starting to recognize the huge potential of decentralized ledger technology it is essential to establish the key functionalities for a scalable ecosystem based on the principles of open source, collaboration and permanent innovation that drives broad — scaled technology adoption”.
IOTA (MIOTA) Partnership with Porsche
The much anticipated IOTA (MIOTA) partnership with Porsche under the Program 4 Project saw the price of MIOTA surge by 19%. This is a clear indication of the value addition the collaboration is set bring into the network. Bringing PorscheLab onboard is a way of sharing tech expertise and to bring together tech companies of repute and spur the mobility industry.
With the drive-less car project still in the offing, IOTA next generation ecosystem dream still remains valid. Interoperability between different machines and devices is the ultimate goal. With the Tangle technology, the ecosystem future still remains bright and increases anticipation still remains high.
IOTA (MIOTA) Performance in the Market
After getting listed on the Huobi exchange just after the Porsche partnership, the price of MIOTA seems to be taking a positive direction. The coin holders are optimistic that the coin performance will continue on the recovery route without plummeting.
MIOTA has over the last few months moved up the ranking and it is currency sitting at position 9 by market capitalization. The coin is trading at $1.93 after gaining marginally against the USD (1.94%) and still on the red to BTC in the last 24-hours. Looking at the charts, it is clear that the coin is soon hitting the $2 mark in the next few weeks before going back to the glory days of $5 by end of the year.