The price of IOTA, which is currently the 10th largest cryptocurrency by market cap has recently jumped by 21% against the US dollar. This was mainly because of a strong push from Japan – or in other words a new partnership that made the altcoin increasingly popular over the past couple of days.
The partnership between IOTA and Fujitsu, which is a Tokyo-based and multinational IT equipment company was initially released in a paper that describes the use of the IOTA-focused blockchain as an immutable data storage medium for the audit trial process. The IT giant expects to integrate the altcoin into its manufacturing and supply chain verticals – all in order to improve the transparency, data trust, and data security.
As one excerpt from the company paper reads:
“Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products.”
The price of IOTA has surged to $0.6 where it remains now, after a bullish sentiment which came as a result of the Fujitsu announcement. The IOTA market cap also rose to $1.8 billion.
However, analysts are predicting a downside correction from this point, in which IOTA may establish support from $0.51 to $0.62 – or a run towards the $0.65 level. The hype around the Fujitsu announcement is real – and investors are likely to hold IOTA for significant development updates in the future.
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“The first one is that it can support multiple collateral types. This, of course, means ERC-20 tokens. It also means Bitcoin through WBTC. A range of cross-chain assets that are emerging now. Also, there will be other stablecoins. Centralized stablecoins that already exist on the Ethereum blockchain. But most importantly, security tokens.”The MakerDAO foundation initially owned all of its MKR tokens but as Rune explained, they sold them off to multiple huge players in the EthereMum world in order to fund teams of 100 people. He says that MKR exists only to be able to vote in the system. The system rewards people who hold CDPs and when everything goes well, the MKR total supply is reduced, tokens get burned off and the value of the remaining tokens increases. Dai is extremely unique and some consider it as the real stablecoins, unlike the pegged coins. Dai is built on an open system so people who invest in cryptocurrency can access the stability of the Oracle system. Christensen also explained how real security tokens operate better in the world of traditional assets. He said:
“Security tokens are still something that is quite new. But what that really represents to Maker is the ability to now interact with real-world assets. The ability to interact with real-world finance and provide arbitrage opportunities between the traditional finance world and the tokenized world. That means that in the future the Dai will not just be backed by volatile cryptocurrencies, but things like real estate, bonds, and stocks.”The most important way to use Dai is as a stablecoin. If anything happens to the Ethereum network, there could be some negative consequences to the market but MakerDAO couldn’t get in a worse position than the one last year.
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