Next in line with Cardano, another highly sought-after third-generation blockchain IOTA has been trying to get back to its formal glory days. Recently, the network official has introduced the concept of wrapped IOTA, which would allow the digital token to be traded outside of its native blockchain. At the moment, a DeFi mega event is hosted by Binance where all IOTA holders are invited to participate in a partnership venture between Binance Smart Chain and wrapped IOTA.
It should be noted that IOTA is a digital token designed for Internet of things (IoT) facilitation through tamper-proof data, feeless micro-transactions, and low resource requirements. The token aims to increase the transaction speed and solves the scalability issue related to mining drawbacks. At base, IOTA does not use the traditional blockchain path that is most common among DeFi based cryptocurrencies. The digital token has its personalized trading platform called Tangle, which is based on Direct Acyclic Graphs (DAG).
Has a new DeFi Gladiator Entered the Crypto Coliseum?
Binance has recently launched a new challenger in the ring versus Ethereum. This network is called Binance Smart Chain (BSC), and it aims to attract more users to it by providing lower transactions fees by a huge margin. Within the span of a few months, BSC has managed to run down Ethereum in the matter of daily transaction counts by a whopping 70%.
The IOTA holders on Binance would be able to port their tokens in locked custody and get Binance IOTA on a 1:1 basis in exchange. Binance Bridge would manage this swap. At one end, owners of IOTA would be able to access liquidity on multiple networks. On the other side, the IOTA developers would be able to expand the utility and functional dimensions of the token on multiple ecosystems.
Could IOTA Be the Solution to Bitcoin Scalability Lag?
The IOTA token started this year from $0.30 and travelled skywards with a velocity of 400% speed. At the moment, the token is valued at $1.45. However, to get back to its all-time record high of $5.25 in 2017, it has to try and play every trick up its sleeve. The IOTA foundation has been active recently and introducing one upgrade after another in the ongoing year.
An important breakthrough of the third-generation blockchain is the makeup changes in its native network. As per updates, the IOTA officials are preparing to introduce a universal hosting capability on the Tango Network. After introducing this upgrade, foreign digital assets would be able to inhibit, stake, and trade at the IOTA network.