IOTA Foundation started support for the EU Blockchain initiative, is it worth buying?

IOTA transactions once again possible - The project's mainnet problems are fixed

IOTA MIOTA/USD is a distributed ledger that was developed to handle transactions between connected devices in an IoT ecosystem. Its intention is to solve scalability and performance issues found on other blockchains by replacing the blockchain with Tangle, which is a system of nodes where each new transaction confirms the two preceding it.

The European Commission’s blockchain initiative as a catalyst for IOTA growth

On September 7, the European Commission’s Blockchain Commission selected the IOTA Foundation as one of the seven total projects that will participate in the preliminary stage of designing the Europe-wide distributed ledger technology platform.

This is an initiative intended to incentivize and increase the efficiency as well as accountability of European Blockchain Services Infrastructure (EBSI), which is a network of nodes fully dedicated to facilitating Europe-centric transactions. Its goal is to expand the region’s supply chain through the usage of these technologies while reducing the carbon footprint in Europe.

The IOTA Foundation, which is a non-profit organization that supports Tangle as well as an open-source DTL platform, will support EBSI.

It will be used to support cross-border relations between governments, citizens, and businesses.

Furthermore, it will aid in digital management of educational credentials, SME financing, data sharing, digital identification, and the establishment of trusted digital audit trails as well as document traceability.

These nodes are intended to be managed by the European Commission with 27-member EU jurisdiction as well as by individual members of the European Blockchain Partnership.

Should you buy IOTA (MIOTA)?

On September 8, IOTA (MIOTA) had a value of $1.559.

To get a clearer perspective as to exactly what kind of value point this is for the token, we will be going over it’s all-time high value as well as its recent performance throughout the previous month.

IOTA (MIOTA) had an all-time high value of $5.25 that occurred on December 19, 2017. This gives us a perspective of the highest value point the token has ever gone to. 

Here, we can see that its value is higher by 238% than the value it had on September 8.

The lowest value point occurred on August 5, where the token dropped to $0.837.

On the other end of the spectrum, its highest point was on August 16, where the value went up to $1.215. This gives us an indication that the token increased its value by 45% throughout the month.

Additionally, from August 16 to September 8, we can see that the price is 28% higher.

With all of this in mind, IOTA (MIOTA) has the potential to climb to $1.824 by the end of September, making it a worthwhile purchase.

The post IOTA Foundation started support for the EU Blockchain initiative, is it worth buying? appeared first on Invezz.

Publication date: 
09/08/2021 - 13:24
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.