IOTA Price Surges 20% Daily as Team Announces Staking Testnet

IOTA

The IOTA network continues to develop its multi-asset ecosystem. The foundation will soon launch a staging network – the Shimmer network – to test its new staking feature for IOTA tokens. Interestingly, other tokens issued on the blockchain will be sent to the stakes – not to IOTA itself.

Staking IOTA

IOTA announced its new staking test net in a blog post earlier this week. The staking feature is designed to foster fair token distribution for new digital assets. It capitalizes on the token distribution process, which has already taken place for IOTA itself, which the company considers “fair”.

IOTA nicknamed this new distribution method “rolling airdrops.”

“With the introduction of staking in IOTA, we want to make fair trade token launches accessible to the whole community and give innovators the ability to spur a large and passionate community,” the announcement read.

Like Bitcoin, IOTA has an absolutely fixed token supply. This means that stakers cannot be rewarded through newly minted IOTA tokens and must instead be compensated through “new crypto networks or applications.” For example, stakers on the Shimmer network can stake IOTA and be rewarded in Shimmer tokens.

Staking can be done through a simple transaction using the Firefly Wallet. Meanwhile, every IOTA node continuously calculates how staking rewards should be distributed, based on which addresses are staking and how much.

The post ends by stating that the entire Shimmer token offering will be distributed to IOTA stakeholders. Staking will be announced on Shimmer’s Twitter account 24 hours prior to activation.

IOTA’s Comeback

Throughout 2018, IOTA appeared to fade into irrelevance as the token’s price collapsed following the 2017 bull run. However, it started to make a comeback this year with a series of major projects and projects. updates. Its price followed a slight rise, which is now showing signs of life.

One of the latest features added to the network was that of zero-fee smart contracts. This gives IOTA a major advantage over competing chains, along with its almost limitless scalability.

On a more micro-scale, IOTA’s price is up by nearly 20%, while the rest of the market bleeds out. It is trading above $ 1.4 which could be attributed to the aforementioned announcement. IOTA’s market cap is close to $ 4 billion, which places it among the top 50 crypto assets according to this metric.

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