- IOTA has recently released v0.2.4 for the Pollen testnet.
- The update integrates the decentralized random number generator (dRNG) for the first time.
- The dRNG module enables easy resolution of conflicting transactions.
- IOT/USD is currently aiming for the $0.263 support level.
The IOTA Foundation has recently announced a new version of the Pollen testnet - v0.2.4, which includes many network improvements and brings IOTA closer to complete decentralization. The update has fixed a “race condition” in the context of “messages db” - an error that occurs when two or more operations happen simultaneously. The race condition also prevented the elimination of entries from missing messages even though they had been received from other areas within the mainnet network.
In the new upgrade, IOTA has improved APIs and the Tangle BadgerDB interaction by adding end-point “value-tips.” The update also includes integrating the decentralized random number generator (dRNG) to the mainnet for the first time. The IOTA team members have recently tested the dRNG module to great success.
This module's integration marks an essential step as it enables easy resolution of conflicting transactions, which is allowed by using dRNG votes to divide them. This, in turn, ensures that the consensus model is more immune to attacks from external forces. The IOTA Foundation wrote:
A dRNG can be implemented in very different ways, for instance, by leveraging on cryptographic primitives such as verifiable secret sharing and threshold signatures, by using cryptographic sortition or also with verifiable delay functions. After reviewing some existing solutions, we decided to use a variant of the drand protocol, originally developed within the DEDIS organization, and as of December 2019, is now under the drand organization. This protocol has been already used by other projects such as The League of Entropy.
IOT/USD daily chart
These updates have failed to generate any bullish momentum for IOT/USD. IOT/USD bulls had previously failed at the $0.2874 resistance line. The price has since charted three consecutive bearish days, during which the price dropped to $0.273. Three technical indicators suggest that further price drops can be expected:
- The RSI is trending next to the oversold zone.
- The SMA 50 is on the verge of crossing over the SMA 20, to chart a bearish cross pattern.
- The MACD shows sustained bearish momentum.
All these show that IOT/USD has more downside potential. The price can drop down to the $0.263 support level. If this level doesn’t hold firm, IOT/USD can potentially drop down below $0.24.
Key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.