IOTA launches first cryptocurrency market for the IoT

IOTA Foundation in a partnership with more than 20 companies has recently announced the launch of a new data marketplace
29 November 2017   842

The Berlin-based IOTA Foundation in a partnership with more than 20 companies, including Microsoft and Fujitsu has recently announced the first publicly accessible data marketplace for the Internet of Things (IoT).

The marketplace, which will allow stakeholders to share and monetize their data in a secure way, aims to demonstrate a proof of concept for a tamper-proof data marketplace. Once uploaded to IOTA’s decentralized ledger, all data is distributed to countless nodes in order to ensure immutability.

We are excited to partner with the IOTA Foundation and proud to be associated with its new data marketplace initiative.

 

Omkar Naik

Blockchain specialist, Microsoft

The news comes as IOTA price rose to a new all-time high $1.54, what might be connected with the launch of a new data marketplace. Furthermore, IOTA is likely to continue moving higher toward $2.00 in the near term.

IOTA chart 1.5IOTA charts

At the moment of press, these are main market parameters of IOTA:

  • Average price: $1.49 USD
  • Marketcap: $4 134 940 430 USD
  • 24h volume: $444 132 000 USD

This Thursday at 8:00 AM PDT, Dominik Schiener and David Sønstebø will have TNW Answers session where they will be responding to questions about the launch of a new data marketplace. We will keep you updated as more details come in.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   109

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.