Since the European Union countries unanimously adopted the Markets in Crypto Assets (MiCA) regulation, a comprehensive framework to regulate the issuance and servicing of crypto assets, the IOTA (MIOTA) network, a global not-for-profit foundation incorporated and headquartered in Germany, has steadily helped the mainstream adoption of Distribution Ledger Technology (DLT) in a regulated manner.
Through the IOTA Foundation, the underlying network has achieved significant progress despite the prolonged bear market
According to the latest crypto market data, the IOTA network had a market capitalization of approximately $443 million and a 24-hour traded volume of about $6.63 million. However, the IOTA team led by co-founder Dominik Scheiner is extremely bullish on the future adoption of the network.
According to Scheiner in a recent Discord conversation, the IOTA network has recorded a huge influx of decentralized financial (DeFi) projects due to its regulatory compliance manner. He noted that the IOTA eco will eventually emerge victorious as long-term developers working on real-world DeFi utility taps on the blockchain
This is not a sprint, it’s a marathon! And we are here for the future of #IOTA 🔥 @DomSchiener pic.twitter.com/Efkz1V5qai
— Tangleverse (@TangleverseWeb) June 10, 2023
For instance, the IOTA blockchain has been helping track the lifecycle of electric car batteries from extraction to repair and resale value. In collaboration with Digimarc, the IOTA network has been working on sustainable development through the digital product passport model.
“A Blueprint for a Decentralized EU Digital Product Passport Model” #IOTA has been building solutions for a better world since 2015. More than ever before, we are closer to this vision by bringing our solutions to the real world, at scale.
— Dominik Schiener (@DomSchiener) June 19, 2023
The IOTA blockchain is as interesting as the first chain, Bitcoin since it requires no miner or block to validate transactions. Instead, the IOTA blockchain allows a user to validate two other transactions after sending MIOTA tokens in order to help overcome cost and scalability limitations experienced in most blockchains
Nonetheless, the IOTA blockchain takes security very seriously in order to enable scalable adoption of the Internet of Things. The IOTA 2.0 is under development through several networks, including Shimmer stardust, Chrysalis Devnet, and Testnet stardust.
Notably, the Devnet testbed for IOTA 2.0 dubbed coordicide, is a fully functional and constantly-evolving testnet for experimentation and finalization of the IOTA 2.0 protocol, running on the GoShimmer node software.
According to on-chain data provided by IOTA explorer, the SMR token has a market capitalization of about $70.10 million, as it traded at around $0.048 on Tuesday. Additionally, the Shimmer network had a reported total active address of about 248k with total NFTs created amounting to approximately 206k
Blockchain adoption in Europe, specifically Germany, is expected to go parabolic in the coming years as institutional investors proliferate the nascent industry. As a result, the IOTA network has worked with over 100 organizations across ious businesses, governments, and academia to develop open-source solutions. For instance, IOTA has already partnered with Jaguar, Land Rover, Dell Technologies, European Commission, Trade Mark East Africa, and Tech Mahindra, among others.
