The IOTA Foundation, that is certainly based out of Germany, plans to integrate IOTA tokens with Ledger’s hardware cryptocurrency wallets, as documented in a press release said to CoinAdvice.
Notably, the IOTA Foundation is really a non-profit organization. It supports the development and standardization of DLT as well as being focused on constructing ecosystems around IOTA to facilitate its commercial adoption.
It is noted the fact that foundation, since November 2019, reportedly owned $255 million in tokens as foundation funds, $22 million because ecosystem fund, and around $20 million property value of unclaimed IOTA from the crowdsale.
After the combination with the IOTA Romeo and Trinity wallets, the Ledger Nano S hardware wallet will enable users to protect their private keys, giving admittance to their IOTA tokens in any special chip by isolating users’ keys from them computers or smartphones.
This will enable users to validate transactions to the Ledger hardware wallet as part of the security protocol. The Ledger wallet reportedly deploys much the same chip to it which is used for a credit card or passports.
As CoinAdvice has previously reported, Japanese ICT conglomerate Fujitsu declared the launch associated with the IOTA-based PoC for audit trail processes during the manufacturing industry.
The business is purportedly expecting to use the IOTA protocol as being a definite immutable data storage medium for audit trails across industrial production environments and allow chains to improve transparency, data security, and knowledge trust.
IOTA and Volkswagen demonstrated, from the month of June, a Proof-of-concept that employs IOTA’s Tangle system for autonomous cars. The Proof-of-Concept enables Volkswagen to utilize IOTA’s Tangle architecture to transfer software updates over-the-air for a constituent for the car manufacturer’s new “Connected Car” systems.
It is noted that IOTA Tangle is a second sort of DLT specifically designed for the IoT environment. It is open-source protocol which purportedly facilitates Machine-to-Machine interactions, including real-time micropayments, secure bandwidth, and other data.
At press time, the IOTA token is trading at $0.48, with a market capitalization of up to $1.34 billion, per data from CoinMarketCap.