The token of the IOTA cryptocurrency project has seen a significant price increase following the announcement of a new initiative. In the context of the overall positive trends in the crypto market, driven by the release of U.S. inflation data and the subsequent rise in Bitcoin (BTC), IOTA also experienced a price surge after the IOTA Foundation unveiled the launch of the IOTA 2.0 public testnet with a built-in proof-of-consensus mechanism stake.

According to CoinMarketCap data, the coin’s price surged by 3.8%, reaching $0.2118. This increase followed a period of stagnation. Alongside this price rise, the token’s market capitalization grew by 4.4%, surpassing $692 million.

However, it is worth noting that traders significantly reduced token trading over the last 24 hours. Trading volumes dropped by 2.8%, falling to $12.8 million at the time of writing.

The developers emphasized that this project aims to create a more secure, scalable, and environmentally friendly network. They stated,

The launch of the IOTA 2.0 public testnet marks an important milestone in the evolution of digital ledger technologies, emphasizing ongoing research, development, testing, and feedback.

The main change in the new version is the removal of the coordinator who previously managed the consensus. The IOTA Foundation highlighted that this transition marks a shift to a fully decentralized model. Additionally, the new consensus mechanism is designed to enhance the network’s scalability and stability. Users and developers are encouraged to test the new system and form their own opinions.

Last November, IOTA announced the launch of a $100 million distributed ledger technology (DLT) foundation regulated by the Abu Dhabi Global Market, named the IOTA Foundation. The assets will be vested over four years with the primary aim of building the IOTA ecosystem.

Stay updated with the latest developments in the world of cryptocurrencies and finance by exploring more news on Global Crypto News.

Post Views: 5