The market continues to trade sideways, with little signs of upside momentum, at least based on volumes. On top of that, banks like JP Morgan are launching their own cryptos, which adds even more confusion as to which cryptos to hold long-term. In spite of this, there are certain cryptos that are showing signs of potential growth, both from their internal developments, as well as the external environment they are operating in. A perfect example of such crypto is IOTA (MIOTA).
From a look at the external environment, IOTA seems to be right in the middle of a structural shift in how technology influences our lives. Society is looking for smart solutions that can help deal with issues like climate change, energy management, security, and so much more. So far, IOTA (MIOTA) has gained considerable traction as a technology that can help deal with most of these problems. For instance, it is gaining traction as a technology that can be used in transforming ordinary cities into smart cities. So far, it has been adopted in a number of smart city projects, which is a plus to its development.
On top of that, IOTA seems to be gaining traction in making the electric grid smarter, which can lead to more efficiency in power distribution. Case in point is ElaadNL, which is developing an autonomous, self-balancing grid on IOTA. According to Harm Van Den Brink, one of the guys behind ElaadNL smart projects,
“This proof of concept shows a possible future electricity system, where energy is shared amongst neighbors and de-centralized islands are capable of balancing itself. We are using our electricity grid in a totally different way than we did 50 years ago. We went from only consuming to also producing energy. We are demanding more energy at peak times, and when the sun is shining we have a surplus of energy. This all should be dealt with in real time. Our solution is a first step in that direction. With our proof of concept, we are showing that this can be done, although future development is required to actually put this in the grid.”
Such interesting projects are a pillar of hope in IOTA (MIOTA) in spite of the continued low volumes in the market. But is IOTA prepared to handle such projects? Well, it’s working hard at it. The IOTA foundation and the IOTA community, in general, have been working hard to ensure that the IOTA tangle is as secure, and efficient as possible. They are also working hard at making it popular in the market. For instance, the IOTA foundation continues to strengthen its team with strategic hires. The latest one to join the team is Corey Glick.
Yesterday, the IOTA foundation announced that Corey was joining them as a senior advisor to the business development team. He will primarily be tasked with driving marketing. This is a huge move given that part of what will drive IOTA (MIOTA) is a wider usage of the tangle, and this will come through marketing. In essence, there is a good reason to believe that IOTA (MIOTA) will bounce back bigger in the next Bull Run.