The price for MIOTA, the cryptocurrency for the IOTA platform, has exploded over the past week, gaining massive value and surpassing Ripple to take the #4 spot among cryptocurrency market caps. The price explosion has come on the news of a major agreement being signed with Microsoft, Fujitsu, and others for business-to-business data sharing.
The price rally began around Dec. 2, with the price moving toward $1.50. However, the real explosion has come in the past 48 hours, as the price has steadily increased at exponential rates. At press time, MIOTA was trading at $4.64.
IOTA is famous for its ‘Tangle’ system – a platform of interconnected nodes that both validate and create transactions. The system is designed to allow users to create transactions simply by validating, meaning that all transactions are secure, immutable and, most notably, free.
Because the system allows for zero transaction fees, it is ideal for the data industry, as micropayments for data among businesses cannot be suitably handled by legacy Blockchain technology systems. The interest in the technology will likely continue to grow as the need for scalable free transactions grows as well.