IOTA, the digital network designed for the Internet of Things (IoT) has recently seen a massive increase in the value of their cryptocurrency, MIOTA. According to CoinMarketCap, the company has moved from 9th to 4th in largest market cap, displacing long standing 4th place holder Ripple.
In order to understand what caused this massive explosion in value, Cointelegraph caught up with Dominik Schiener and David Sønstebø, co-founders at IOTA in order to get their take on what has precipitated recent events.
Cointelegraph: The massive rise of MIOTA over the past weeks must have been encouraging. What precipitated the price explosion, in your opinion?
IOTA: IOTA has been under intensive development for over two years and has not spent any money on marketing. In this time our focus was on making this next generation distributed ledger technology a reality. In this period we refused exchanges listing IOTA in order to ensure everything was working properly before it went to market.
This explains why IOTA is now getting a lot of attention seemingly out of nowhere. People have been following the project for a long time and then they are finally able to enter. The listing in Korea at Coinone coupled with the launch of the Data Marketplace and subsequent media coverage lead to further validation that IOTA is cementing itself as a leading cryptocurrency and distributed ledger protocol.
We believe this was the threshold breaking moment for a lot of fence sitters who have been observing IOTA from a distance…