From CriptoTendencia we are proud to say that we cover various altcoins, beyond the traditional ones like Ethereum or Ripple. Therefore, this time we bring a coin that we had months without hearing from it, being IOTA. Apparently, its network entered the incubation process to evolve, relaunching on March 10, with IOTA 2.0.
Considering that IOTA is a little known currency, even among those interested in alternative currencies, we decided to start with a brief introduction. In addition, we invite you to look at the articles we have written on the subject.
Basically, it is a currency created and organized by the IOTA Foundation, being the organization that decided to design a currency that was compatible with IoT projects. This implies that they designed a platform that aims to encourage and support systems based on Internet of Things.
There are several issues to highlight about this currency, however, the most important and impressive thing is that this currency is not based on Blockchain. IOTA is one of the best known currencies that its matrix technology is different, using even Artificial Intelligence.
However, one would think that this currency would be popular among users, but it is not so much. It is currently in position number 21, since people did not accept the proposal by IOTA.
For this reason, they designed an evolution process, that’s why we call it IOTA 2.0. The way they will carry out this change process is through a general shutdown. This means that the platform will not work for a while, freezing everything associated with the central system.
This plan was announced through the Medium platform, stating that since February 29, taking advantage of the leap year, they began the incubation process.
After starting on February 29, the team is giving users seven days to undergo the transfer procedure. It is estimated that it will re-enable between March 7 and 10.
Many commentators criticized IOTA for its apparent centralization, claiming that the network is “dead.” Few networks could have turned off so easily, but some fans argue that this was a positive thing.
Dominik Schiener, co-founder of IOTA, told CoinTelegraph:
“While this was a very unfortunate event, it shows that we at the IOTA Foundation are very committed to protecting the funds of IOTA users and shows that we have responded professionally to such an important incident. While our trust may be broken for some within the encryption community, our partners still support us and believe in the future of the currency. ”