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Microsoft, Samsung and other giants involved, IOTA why so crazy

The IOTA Foundation announced last week that it will increase the market value of the virtual currency IOTA developed by the company by more than 3 billion US dollars to become the fifth largest virtual currency in terms of market capitalization after it cooperated with large-scale technology companies such as Microsoft and Samsung in the data market. According to industry site Coinmarketcap, this cryptocurrency gained 71% on Sunday (December 4). Skyrocketing to a record high of $ 2.54 this Monday from $ 1.48 on Sunday.

The group announced Tuesday that it will set up a blockchain-based data market to allow companies to buy and sell data in this market, the leading technology companies joining Microsoft, Fujitsu and Samsung.

David Sonstebo, co-founder and chief executive of IOTA, said data is as valuable as new oil, and setting up the market can encourage companies to sell and share the data, otherwise the data will be wasted. FX678 quoted foreign media reports, Sands Depot wrote to CNBC correspondents in an e-mail said that currently collected data, up to 99% of all will be wasted. He also pointed out that IOTA currencies are characterized by zero transaction fees, complete data, and decentralized decent ledger (Distributed ledger) technology that encourages companies to share data. He added that the data market plan is still in the trial phase, and examples of data sharing include weather monitoring and air quality data.

Sangdebo said the soaring cryptocurrency prices stemmed from its use of blockchain technology and the establishment of partnerships with some blockchain startups. Sangdebo said that the explosive growth of IOTA virtual currency, dating back to the fact that IOTA is a bit like a sleeping giant.

Sangdebo pointed out that due to IOTA blockchain technology to solve three major problems, including transaction costs, expansion restrictions and centralized problems, coupled with the well-known technology companies are committed to working together, making the currency explosive growth, as wake awake In the giant. At the same time, he added, the increased promotion of cryptocurrencies is also the reason for the rapid growth of cryptocurrencies.

The blockchain is a large, distributed database that records the cryptocurrency information. The blockchain constitutes the entire network public ledger for all Bitcoin transactions. However, IOTA's open source blockchain platform differs from the mainstream blockchain network, which records the transactions using an encrypted blockchain.

Bitcoin is the largest digital currency in the market, and Bitcoin has been hard-branched several times because of the dissatisfaction with the speed of transactions in the Bitcoin framework and the rising cost of using Bitcoin. People in the bitcoin community have been pushing blockchain upgrades to increase the size of the blockchain and the pace of mining. Although an upgrade to the blockchain was shelved in November 2016, some continue to create a new Bitcoin branch called Bitcoin Diamond.