Nowadays, cryptocurrencies are crawling more and more people with ambitious visions for the future. We all picture the modern future as a time when the Internet of Things (IoT) will dominate in every possible way.
There are many examples of IoT as a great technology connected to a variety of devices. For example, a wristband on your wrist can detect sweat whilst you are running and turn on the water heater in your home. In another example, a sensor on your milk carton in the refrigerator can notice that you are down to the last cup and send you a notification that you need to buy some milk (or order it directly online).
One of the cryptocurrency projects that are focused on this (improved) reality is IOTA. What started as a small project is garnering quite a bit of attention lately – only because of the massive potential of the Internet of Things as a technology.
In other words, IOTA is a great way to disrupt the silos of the currency centralized system as well as streamline business in terms of its time and cost. According to the co-founder of IOTA David Sonstebo:
“The obvious thing is that [IOTA] is the first project that went beyond blockchain. Got rid of miners. In the process we solved the main pain points of transactions – no fees.”
With a team of 150 developers, cryptographers and others that keep their stories straight, IOTA has managed to gather $4.43 billion in its market cap. The current price of IOTA is around $1.65, up from $0.36 in June last year.
Still, there are several problems that are pointed out towards IOTA – and a couple of holes. All of the negativity started in September after an investigation which found a vulnerability in the project’s code.
Still, IOTA developers are confident and always manage to find solutions. Even though there have been many attempts to break down IOTA, it keeps on rising and now sits in the top 10 largest cryptocurrencies by market cap (holding the 9th position).
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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