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IOTA Tokens To Intregate With Hardware Crypto Wallets On Its Ledger's PDF
IOTA Tokens To Intregate With Hardware Crypto Wallets On Its Ledger's PDF
IOTA, the Germany-based distributed technology developer is going to integrate IOTA
tokens with its ledgers hardware cryptocurrency wallets, as per the reports from
crypto news outlet Cointelegraph on November 2.
The company is run by the IOTA Foundation, a non-profit organization with an aim to
work towards the development and standardization of distributed ledger technology
(DLT) and is also eyeing to build an ecosystem around IOTA to make it financially
viable.
According to the data available as of November 2017, the IOTA Foundation had $255
million in tokens as foundation funds, $22 million in ecosystem funds and around $20
million as unclaimed funds from the crowdsale of the project.
Following up the integration with the Romeo wallets and IOTA Trinity, the Ledger
Nano S hardware wallet will provide the user with the feature to protect their private
keys, by giving them access to their IOTA tokens in the special chip by isolating their
keys from hardware like smartphones and computers.
As part of the security protocol, this will enable the users to verify the transactions on
their ledger hardware. Reportedly the ledger hardware uses similar kind of chip used
in passports or credit cards.
Recently, a Japanese ICT conglomerate Fujitsu announced its launch of an
proof-of-concept (PoC) on IOTA-based technology to be used in its manufacturing
industries audit trail processes.
They are looking to use the protocol of IOTA as an “immutable data storage medium”
for audit trails across “industrial production environments and supply chains” for
data security, data trust as well as to improve transparency.
Last June, in collaboration with Volkswagen, IOTA demonstrated a PoC that uses
IOTA’s Tangle system for autonomous cars. It enables Volkswagen to use Tangle
architecture to transfer the updates of the software “over-the-air” as part of the new
“Connect Car” system of the car manufacturer.
The Tangle from IOTA is specifically designed DLT keeping in mind to the Internet of
Things (IoT) ecosystem. The system is based on the open-source protocol to ease the
Machine-to-Machine interactions, along with real-time micropayments, security in
data transfer and others.
By the time of this report, IOTA token is trading at $0.47 and have a market
capitalization of $1.3 billion, from data available with CpoinMarketCap.