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The IOTA foundation pledges $5 million for research tied to Coordicide; price falls but nears LINK

Bitcoin

IOTA is ranked at #17 on coinmarketcap according to the latest available data. The price of MIOTA dropped by 3.15% which brought it down to $0.299585. The trading volume recorded is $12.529 million. The total market cap of IOTA is $832.704 million. The circulating supply has 2,779,530,283 MIOTA tokens in play as of this moment. 

A day ago, IOTA was about to overtake Chainlink, but instead NEO soared through and crossed IOTA. This made IOTA’s rank drop, though it recovered within a day.

The $5 million dollar fund allocation for the community might help the price grow, even though the market shows signs of bearish pressure. This will enable many across the world to know more about their ventures.

The topics which are of particular interest for the Foundation include:

  • Improving the network layer so that congestion can be reduced
  • decentralized number generators
  • Proof-of-Work substitutes so as to deal with spam in the Tangle

For more, please check out the aforementioned blog post which was shared via Twitter. An experienced individual Dieter Kondek had joined the Foundation, and he had received quite a warm welcome. He has served in other firms as well.

For those who want to apply follow these instructions:

  1. A proposal must be submitted with a detailed background related to the research
  2. Grants may go beyond $1,000,000 alongside smaller ones worth around $50,000
  3. More information related to the Coordicide initiative will soon be available, for the ease of potential researchers

The difference between the market cap of IOTA and Chainlink is less than a million for now. Thus, the altcoin may soon be ranked at #16. However, volatility is expected to change with time.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.