IOTA Price Reaches Three-Year High Amid Network Update

IOTA's price surged on Tuesday, reaching its highest level in three years amid an upcoming IoT protocol update. The new update is expected to make IOTA more attractive to both investors and traders. At the time of this writing, the price of IOTA was $1.64.

IOTA Foundation co-Founder and CEO Dominik SCHIENER has shared the details of a major update scheduled for release in April 2021. The new structure, named Chrysalis, is proposing a distributed ledger that does not require miners, electricity, or even transaction fees.

Chrysalis also intends to do away with the coordinator node, a highly controversial feature in earlier versions of IOTA. Meanwhile, Schiener said they will introduce "speed control" to scale transaction processing without paying additional fees. At the same time, holders of the IOTA cryptocurrency will generate an additional token called "Mana" on the network to prioritize transfers, similar to the throughput of transactions.

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