What will “Login with IOTA” mean for the future value of the token?
- IOTA (MIOTA) has increased in value by 9% in the span of the last 24 hours.
- The token’s trading volume has also seen an increase of 42%.
- The main catalyst for this level of growth is the new “Login with IOTA” feature.
IOTA (MIOTA/USD) is a distributed ledger that utilizes proprietary technology known as “Tangle,” which is a system of nodes that confirms the transactions.
The native cryptocurrency is utilized as a means of exchanging value, and to account for transactions on the network.
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The “Login with IOTA” feature as a catalyst for growth
On July 27, 2022, IOTA made an announcement on their official blog about a collaboration with the IOTA Foundation and Walt.id.
Specifically, they are developing a privacy-preserving, SSI-based login system that will allow traditional, Web2, and decentralized, Web3 apps to easily onboard new users.
Users will be able to remain in full control over their data and will be able to securely share information at their discretion.
Walt.id is a provider of identity, non-fungible token (NFT), and wallet infrastructure for developers and enterprises.
This proposed solution is aimed at offering privacy-preserving login systems that can be integrated easily within any application and follow well-defined standards as a means of reaching a maximum level of interoperability.
“Login with IOTA” will allow websites and applications to onboard new users while respecting their privacy and enhancing security and will be a system that is interoperable with existing standards, such as OpenID Connect (IODC), which is utilized by over 50,000 websites with more than one billion accounts.
Should you buy IOTA (MIOTA)?
On July 28, 2022, IOTA (MIOTA) had a value of $0.2981.
We will be going over the token’s all-time high point of value, alongside its performance throughout the previous month, to see how far it can grow in value.
When we go over the all-time high point of value for the cryptocurrency, IOTA (MIOTA) achieved its all-time high on December 19, 2017, at a value of $5.25.
However, when we take a look at its performance throughout the previous month, IOTA (MIOTA) had its highest point of value on June 6 at $0.38. Its lowest point was on June 18 at $0.2354.
This gives us an indication that the cryptocurrency decreased in value by $0.1446 or by 38%.
However, from June 18 to July 28, IOTA has increased in value by $0.0627 or by 26%.
With the introduction of this new feature, we can expect IOTA (MIOTA) to climb to $4 by the end of August 2022.
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