A new IOTA project named Deposy is in the cryptonews now for moving from its conceptualization to the testing phase. We are talking about a project which works with a functional demo machine now and aims to make deposits a lot easier in the future.
In fact, the new IOTA project Deposy is one of the most promising ones in the coin’s roadmap. The developers behind this project work at BIOTA and have developed a deposit system which is meant to create an incentive to separate waste. In that manner, an additional deposit is charged whenever a product is purchased that has a special QR code. The IOTA Tangle serves as the storage space for the product information.
A blog post details the functions of the entire project and how the BIOTA team has taken a major step towards live operation with the transition from the conceptualization to the testing phase. Because of some software and hardware advances, the new IOTA project Deposy now has the test phase being started, at the end of which a prototype will be available.
According to the BIOTA team, a fully functional Deposy demo machine will be presented in the comign weeks. We previously reported how Deposy achieved a breakthrough in the development of the new Deposy Non Transactiontime Algorithm (NTA) at the start of 2020. This upgrade provides the necessary scalability of the project for use on an industrial scale.
Additionally, the algorithm allows product IDs to be generated independently of transaction times – all in order to keep pace with the speed of the plastics that the manufacturers are processing.
“Among other things, the Deposy manufacturer software was created in Python and successfully tested. This software enables the participating companies (plastic manufacturers) to describe their product in detail and in a structured way, thus creating a unique product ID,” the team said.
The Deposy software will also be compatible with the Chrysalis upgrade from IOTA, which we described as one that would ramp up the speed of the Deposy system. The new IOTA project is definitely something to watch out for – and has already delivered very satisfactory results.
Meanwhile, the IOTA news from the market show that MIOTA is trading with a 4.73% increase on the day, positioned around the $0.22 levels.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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