IOTA recently zoomed up close to the 5.37 mark before pulling back down for a correction. Applying the Fib tool on the latest swing low and high shows that the 11.8% retracement level is close to the ascending trend line connecting the lows since last week.
“IOTA has resolved the three major issues of blockchain — fees, scaling limitations and centralization — and built up real-world partnerships and projects with world-leading companies since 2015.”
Sonstebo added that the cryptocurrency’s growth was also owed to its increased publicity.
“Unlike the overwhelming majority of projects in this space, IOTA has not done any paid promo, so now that there’s a steady stream of these large news stories the major technological advantages become known to the wider audience,” he said.
IOTA and Microsoft
The IOTA Foundation, an open-source non-profit foundation from Germany, has announced the launch of the first publicly accessible data marketplace for IoT. The new marketplace is powered by a distributed ledger and IOTA says it will be one of the largest open innovation initiatives centered around IoT and distributed ledger business models. Over 20 organizations from all over the world will be participating.
Data is the new oil, said IOTA in their announcement, and the rate at which it is generated is growing exponentially. Over 90% of it is lost in data silos where it is not shared with the people that could extract valuable insights from it. This also leaves many along the value chain of data monetization out in the cold. The democratization of data gives connected devices the ability to secure, sell and buy data sets and break down data silos.