IOTA reports progress on the way to the IoT standard

[Ferki]

You can find the best news about IOTA in German.
I have translated something for you from here: https://www.btc-echo.de/iota-fortstufen-iot-standard/
Quite hopeful for IOTA future and IOTA holder.

The IOTA Foundation wants to come up with two global standards for the Internet of Things by the middle of the year.

IOTA is pursuing nothing less than becoming the future industry standard for the age of the Internet of Things (IoT). In order to give teeth to this claim, the Foundation has long been a member of the Object Standardization Group (OMG), a consortium that deals with the development of IT standards.

The OMG members meet quarterly to discuss IT standardization issues for a week, to submit proposals and to make requests for proposals (RFP) for specific programming-related issues. IOTA is part of the "Blockchain Platform Special Interest Group (Blockchain PSIG)", an interest group dedicated to standardization issues in the field of distributed ledger technologies. IOTA provides the chairman of the Blockchain PSIG with Mike Bennet.

On the IOTA blog, Bennet has now given an update about IOTA's standardization efforts. Specifically, it is about the last OMG meeting, which took place in December. Bennet focuses on four topics.

IOTA wants to deliver Coordicide specifications

On the one hand there is something new about IOTA 2.0 (aka Coordicide). The Foundation has developed several formal specifications designed to make the IOTA protocol stable enough to move into the post-coordinator era. A corresponding Request for Comment (RFC) should be submitted in the middle of the year. The RFC process, which dates back to the times of the Internet predecessor Arpanet, is used, among other things, to define new Internet standards. Examples of RFC are the Internet protocols IPv6, HTTP or TCP. It will be interesting to see whether IOTA will succeed in moving up into this league with its specifications.

Encrypted transaction streams

In addition to the announced RFC, IOTA also has a proposal for an RFP advertised in the OMG up its sleeve. The tender is about a standard for linked encrypted transaction streams (LETS). IOTA wants to submit its solution IOTA Streams, a framework for sending and receiving messages and data streams.

Digital one-way identity

Digital identity is another of IOTA's hobbies. Specifically, it is about Self-Sovereign Identities (SSI). These are (digital) identities that can be created, controlled and managed without a middleman.

The OMG is currently considering a solution for the creation of one-way identities - SSIs, which, as Bennet explains, "are created for specific contexts and then disposed of." RFI (Request for Information) ideas and information on the subject. The IOTA Foundation wants to contribute its expertise to the consultation.

Identifiers for crypto assets

One last IOTA-relevant topic was finally brought up by the OMG's internal Finance Domain Task Force (FDTF). This involves the expansion of a standard that is used to identify financial instruments: FIGI (Financial Instrument Global Identifier). The FIGI standard is used by numerous exchanges, including the NYSE. It provides financial instruments such as stocks, derivatives or government bonds with a unique, 12-digit identification number. The French company Kaiko, a provider of crypto financial market data, is in charge of expanding the FIDI standard to the crypto sector.

IOTA: "On the right track"

Mike Bennet is confident that important milestones in terms of IoT standardization can be achieved this year:

"  IOTA is well on the way towards standardization. In addition to our standard for Coordicide, we will also submit IOTA streams as the basis for a standard this year. Our participation in the Object Management Group continues to pay off. "

Bennet concludes. If IOTA actually manages to submit the Coordicide RFC on time, it could be a hot summer for the IoT project.

[Lukasz]

 I was very surprised to see recent price action the question is if it will be sustained and justified by improvements in the code and the project I will be glad to hear your opinion

[Ferki]

I was very surprised to see recent price action the question is if it will be sustained and justified by improvements in the code and the project I will be glad to hear your opinion

Like most crypto projects, IOTA is only just beginning. But the course does not reflect what IOTA has achieved so far, but what is still possible to achieve.
And a lot is possible if IOTA reaches a standard in IOT technology. If the smart cities are built on the basis of the IOTA's Tangle then the project has made it.
That doesn't necessarily mean that the price will rise afterwards. It can now rise on the basis of this hope, but I see IOTA afterwards as a large company that trades its shares on the stock exchange.

[Lukasz]

The Graph is also venturing in to this area and is going to ba a strong competition to IOTA on the other hand IOTA have had been working on their code for a very long time since and if successful they will create significant  value to the whole cryptocurrency ecosystem

[Ferki]

The Graph is also venturing in to this area and is going to ba a strong competition to IOTA on the other hand IOTA have had been working on their code for a very long time since and if successful they will create significant  value to the whole cryptocurrency ecosystem

If you mean in the same price range than OK. But otherwise there are 2 different sectors, as you probably already know.
I'll even lean a little out of the window and claim that in the next 2 months the graph will overtake the iota in the coinmarktcap.

[Ferki]

Slowly but surely, all the projects or milestones that were promised from IOTA are being implemented, and there is still a lot this year.
This is finally reflected in the price.