AUSTRALIA’S biggest cryptocurrency is in a strong position to break through the $500 barrier and gain widespread adoption.
The iota cryptocurrency, which is a descendant of the bitcoin cryptocurrency, was launched on Tuesday in an attempt to shake up the world of money.
The $2 trillion virtual currency is based on a novel blockchain technology that is designed to improve on the current digital ledger system known as the blockchain, which relies on the trust of third parties.
The blockchain is a system used to verify the authenticity of digital transactions, but there are concerns it may be susceptible to manipulation and that there is no central authority to oversee its implementation.
The Australian Federal Government announced last week it would introduce a $2 billion fund to invest in developing blockchain technology for the financial services industry.
The launch comes amid growing interest in the technology, which has the potential to make transactions more transparent, secure and secure.
There are a number of ways the technology can be applied, with a number firms in the space currently working on applications, including blockchain startup Ripple.
In an interview with Bloomberg last week, iOTA founder Vitalik Buterin said: “It will be really interesting to see if it will be possible to create the infrastructure for people to use the blockchain.
I am not sure about this, but I think that’s one of the things that people should look at.”
Buterin also revealed that he believes the project will ultimately be a failure.
“I think we have to be really careful about the use of the term ‘blockchain’ in a broader sense, because the blockchain itself is a tool, and not an end goal,” he said.
“If it turns out that it’s not going to work, it’s a bad thing, but at the same time it’s just one tool, which we can build on.”
However, while the technology may be a great way to use Bitcoin, the iOTA cryptocurrency is not without its drawbacks.
The project will need to attract a significant number of people to participate, and that will take time, which may be an issue for some people.
However, many people are excited about the potential of the technology.
“We have a lot of work ahead, but the excitement is definitely building,” Buteris co-founder, Peter Rijmen, said.
The new iota coins, which can be traded at a fraction of the current value, have been created to represent the “world’s first blockchain-based currency”.
The project’s launch is a big step forward for iota, which launched last year and has since made several big investments in blockchain startups.
Buteris coin has been trading at $300 for the past month, but its price has fallen sharply in the past two weeks, hitting a low of $150 on Wednesday.