IOTA Soars 20 Percent on Release of Digital Assets Framework

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Thu, 02/18/2021 - 19:29
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Alex Dovbnya
IOTA surged over 20 percent after unlocking tokenization with its digital assets framework
IOTA Soars 20 Percent on Release of Digital Assets Framework
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IOTA (MIOTA) soared over 20 percent in several hours earlier today, reaching a daily high of $1.578.

The “Internet-of-things”-based cryptocurrency is close to surpassing Bitcoin SV (BSV) and pushing it out of the top 20 on CoinMarketCap.

MIOTA, which peaked at the fourth spot during its heyday, is still down 70 percent from its all-time peak of $5.25.

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Enabling tokenization

Earlier today, the IOTA Foundation introduced the specifications of its digital assets framework

It allows the creation of tokenized assets on top of the IOTA network. Some potential use cases include delivering real-time data fees, cross-network asset swapping as well as issuing non-fungible tokens (NFTs) such as artworks and collectibles.
IOTA believes that its Tangle technology is fast and efficient enough to compete with existing blockchains that are also venturing into tokenization.

With its digital assets framework, IOTA also comes one step closer to launching smart contracts.

The team of developers is currently focused on bringing tokenization to the upcoming mainnet. The framework will also be integrated into the new Firefly wallet.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.