It has been a busy November in the cryptocurrencies and Altcoins ecosystem, with Bitcoin leading the pack as usual with a market price of $15,650 and a market capitalization of over $261 billion as recorded on CoinMarketCap at press time. IOTA is sitting at the number four spot on the Cryptocurrencies table, having a market price of $4.12, with a market capitalization of $11.46 billion. In the last 24hours, IOTA has gained 10.67%. It is important to note, that the IOTA price hit an all time high of $.5.5 before experiencing a correction back to the $4 price area.
Could It Be The Beginning Of An IOTA Bullish Trend?
The demand for IOTA has been high since the company announced its partnership with Microsoft, Fujitsu, Volkswagen, Cisco and many more reputable companies.
With over $874 million in trading volume, one must acknowledge the fact that the IOTA token is doing well for now.
The IOTA Dark Cloud
There have been questions surrounding the IOTA partnership announcement. Reports have emerged on Medium, stating that IOTA has not finalized deal arrangements with some of the companies it claims to have signed partnership agreement with. For instance, an article here suggests that IOTA has not established any partnership deal with Microsoft yet, but the two firms are set to meet in Paris on Dec 14. The Fujitsu CEO continually tweets his love and support for IOTA, but there is no evidence of an official partnership yet. It is reported that the Squawker team reached out to Cisco too and the firm denied the existence of any formal alliance, however. The deal with Volkswagen is also yet to occur. In essence, the whole partnership announcement by the IOTA team was just to trigger demand for IOTA token.
It remains to be seen if the whole fabricated partnership announcement is part of a pump and dump scheme.
IOTA Might Be Vulnerable
An article published at medium.com/@neha/cryptographic-vulnerabilities-in-iota-9a6a9ddc4367Suggests that there are vulnerabilities in the IOTA code. The findings as excerpted on Medium reads:”The IOTA developers had written their own hash function, Curl, and it produced collisions. Once we developed our attack, we could find collisions using commodity hardware within just a few minutes and forge signatures on IOTA payments. We informed the IOTA developers, they patched their system, and we wrote a vulnerability report.” Bruce Schneier also expressed doubt concerning the coding of the IOTA platform. He said:
In 2017, leaving your crypto algorithm vulnerable to differential cryptanalysis is a rookie mistake. It says that no one of any caliber analyzed their system and that the odds that their fix makes the system secure is low.
It remains to be seen what dimensions the IOTA project will take, in the coming weeks.