IOTA Price Gains on Launch of Trinity Wallet

The Trinity Wallet app was initially a community project that was later “adopted” by the IOTA Foundation.

by Nina Dimitrova
30 May • 2 mins
In Markets

The price of the IOTA (MIOTA) coin has risen a little over 7% in the last 24 hours to USD 1.63 following the launch of the Trinity wallet – a new wallet app for the Germany-based project. According to Coins.Online data, the token has a market cap of USD 4.5 billion as at press time, ranking as the ninth biggest cryptocurrency.

According to a blog post on Medium, the wallet that has mobile versions for both iOS and Android devices, was launched on Tuesday in beta testing mode and a desktop version is due to be released shortly. This means the final version of the app is still under development, while the beta version could be unstable. So far, the user reviews in Google Play have been mostly favorable.

The Trinity wallet has been under development for several months, in close collaboration with the IOTA community members. In fact, the application was started as a purely community project. It was later adopted by the IOTA Foundation in order to provide assurance to the wider community that the wallet is safe to use, and as free from the threat of user error as possible. The wallet has been submitted for two external reviews, to be checked for bugs, errors and a security audit and all problems that were discovered have been fixed. It has also been tested by over 400 IOTA community members before the release.

The Trinity wallet offers information about balances, markets, recent transaction history and simple transaction features, as well as “under the hood” options for more advanced users. The app supports multiple languages and themes and fiat currencies. There is also the option to add more fiat currencies upon request.


iota app

 

The IOTA token was launched in 2015, as a micro-transaction cryptotoken optimized for the Internet-of-Things (IoT), with the intention to be as lightweight as possible. It is traded on many major cryptocurrency exchanges, such as Bitfinex, Binance, Huobi, OKEx, GateIo and some smaller ones.

Since its launch, the IOTA project has expanded its scope beyond IoT and has projects on eHealth, the automotive industry, and global trade and supply chains. Recently, the IOTA Foundation has partnered with the The United Nations Office for Project Services (UNOPS) to seek applications for its distributed ledger to streamline the UN operations and boost their efficiency.