IOTA (MIOTA) has established itself as the future of distributed ledger technology (DLT) coupled with the Internet of Things (IoT). The token IOTA stands out in the industry for its great scalability and speed. IOTA Tangle has been designed to enable machine-to-machine communication in readiness for the future of an IoT driven ecosystem and economy.
Earlier this month IOTA Foundation released the monthly update on the ongoing development of the Qubic project. The project is set to become a force to be reckoned with in the industry and especially the token economy. The previous update in the month of August indicated that the team was working on integrating Qubic with other projects in the IOTA ecosystem.
IOTA launched the Qubic project in June this year with a goal that the new platform will tackle the future of IoT particularly for messaging as well as payments. Besides, the commission-free IOTA exchanges allow people to communicate in a secure system that is monitored.
In the last one month, the team has been carrying out tests on the Qubic programming language Abra. Moreover, the development team was focused on developing of an initial support Library. This Library has been programmed in Abra, however, the need to verify all kinds of ideas warranted the creation of a parallel trajectory, Abra language parser, built in Java. According to the report on the Medium:
“The parser allowed us to run syntactical sanity checks on the library code even before we had a running Abra compiler. To facilitate the building of the parser we created an EBNF syntax diagram for the Abra language.”
In addition to that, the parser is relevant because:
“Further additions to the parser allow it to generate a ternary representation of the Abra code ready for inclusion in a Qubic message to be sent through the Tangle, and convert that ternary code back into the original representation that can be run by the interpreter.”
In other IOTA development news, the platform is ready to revolutionize the insurance sector. The new development comes after a recent event facilitated by IOTA in Canada. Using IOTA Tangle vehicles can insure themselves saving the owner money, time and the effort of renegotiating insurance premiums with every passing year.
The process of cars insuring themselves is made possible by real-time data. As demonstrated the car, a Tesla was able to find the best insurance provider for its current condition and went on to insure itself by paying with IOTA (MIOTA). IOTA is not new to the automobile industry it has already signed strategic partnerships with leading global car manufacturers. IOTA is positioning itself as the solution provider for the modern transport system in smart cities powered by DLT and smart devices.
Furthermore, the networks Trinity Wallet is steadily gaining traction and is growing to maturity. On October 8, the team wrote on Twitter that “the old wallet is now deprecated, so please make sure to switch over if you haven’t done so already!”
IOTA (MIOTA) Price Overview
IOTA (MIOTA) is currently trading at $0.597. The asset is up 3.85 percent in the last 24 hours. According to the data on CoinMarketCap, IOTA has a market cap of $1.6 billion and a trading volume that currently stands at $29 million. IOTA is the 12th largest cryptocurrency project in the industry with a maximum coin supply of 2,779,530,283 MIOTA, moreover all these coins are currently in circulation.