On 3rd August, IOTA [MIOTA] announced the imminent launch of its much-awaited technological update called the IOTA Hub. The Hub has promised to solve a lot of pressing issues and to provide enthusiasts with a seamless user interface and experience. Users have been waiting for this launch since April 2018 when Ralf Rottman, a board member of the IOTA Foundation teased the update, saying:
“So…Hub us almost ready. We are testing, and we have to decide about the audit. Everyone in the foundation knows what the Q is. Some of the details are hard to comprehend because they are at the intersection of maths, crypto and decentralized computing.”
IOTA has also been in the news recently after they announced their tie-up with German car manufacturer, Audi. The partnerships aim to introduce a permissionless mobility ecosystem that will make the automobile industry more efficient and advanced.
IOTA announced the release of Hub on their Twitter page, stating:
IOTA has claimed that with the launch of the IOTA HUB, the entire process that service providers have to go through has been made streamlined and problem-free. Some of the rectifications that the IOTA Foundation has fixed issues ranging from making seed management errors to problems in the deposit address monitoring.
To solve the issue of double signing, the IOTA Foundation has also introduced the process of externally signed transactions. The company states that:
“The remote signing provider allows you to have a separate machine that holds the salt but does not have access to the database. Whereas the Hub itself has access to the database but does not have access to the salt. Communication happens via an encrypted gRPC channel. This increases operational security by making it impossible for an attacker to gain complete control over the exchanges’ funds by compromising a single system.”
The company has stated that the main focus is to standardize the solutions offered by the company in an environment that is open-source at heart. This is reportedly to spur development by other parties in the space. IOTA has developed separate Application Programming Interfaces [API] that will enable users as well as service providers to perform actions on the platform without any hiccups.
The officials at IOTA have also said that in the Internet of Things timeline, it is imperative for users to adopt a technology as soon as possible. Keeping this ideology in mind, the IOTA Hub will now allow exchanges to be support-ready in a few weeks rather than the long wait of several months.
Andrej Klimscha, a Twitter user commented:
“Great idea for additional mass adoption worldwide, $IOTA bullish.”
Raist, another Twitter user said:
“Fantastic news. This will drive adoption.”
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