IOTA Being Shut Off Is the Latest Chapter in an Absurdist History
IOTA's 12-day outage shows the crypto markets aren't rational, at least not yet.
IOTA is a cryptocurrency set up to allow data exchange between any data recording machine as part of the Internet of Things. IOTA is novel in that it doesn’t use a blockchain and instead enables a different type of system of a web of connections. The new system is called Tangle and is based on a type of cryptographic verification known as Directed Acyclic Graph (DAG). In order to make a transaction, the user must validate two previous transactions in the web. This means the system is proportional in speed to the number of transactions occurring.Blockchain 101
Traditional markets continue to struggle during the coronavirus crisis while cryptocurrencies are seeing an upswing.
Cryptocurrency markets stabilized somewhat as traditional financial markets found some footing Tuesday.
Crypto prices climbed with traditional market indexes Monday as traders wondered if bitcoin will remain a follower or break out and blaze its own path.
Bitcoin prices have been on a roller-coaster ride since Sunday afternoon after the Federal Reserve slashed rates a full percentage point and promised to pump $700 billion into the U.S. economy. But now bitcoin volume is picking up.
Using his personal holdings will help protect the IOTA Foundation's 12-month runway, according to David Sonstebo.