The IOTA Foundation project team has completed the creation of Hub - software for cryptocurrency operations and management of native IOTA Tangle tokens.
IOTA platform is built, according to the developers, on a unique architecture designed taking into account the IoT environment of the future. It is based not on the usual blockchain, but on the alternative Tangle technology. The platform has become more complex for service providers compared to traditional blockchain. Service providers face several challenges in seed management, packet rebinding/representation, missing double signatures due to database limitations, confirmation control, and deposit address monitoring.
Hub offers a standardized solution to the problems faced by the platform using a simple gRPC API. This ultimately makes it easier for the IOTA network to interact with other platforms. Using Hub, an exchange can launch IOTA support in just a couple of weeks by simply installing the software on their existing trading platform.
In addition to regular seed management, Hub also provides externally signed transactions. Using a “third-party” signature makes it possible to use a separate computer, isolated from the database. The encrypted egRPC channel provides communications that are significantly more secure than conventional signatures and enhances operational security, making it impossible to attack the exchange's unified system.
The development team is confident that in the near future, the majority of exchanges and service providers will appreciate the simplicity of IOTA Hub and begin using the software.
IOTA Hub will soon be available as open source on GitHub, complete with developer instructions for cryptocurrencies platforms.
The first crypto platform that decided to try Hub was planned to be the South Korean exchange Upbit. IOTA support was expected to launch this weekend, but technical issues forced Upbit to delay the launch. There is no information about the new date yet.
News about the launch of Hub and the listing of the token on a major exchange naturally affected the IOTA quote. A slight price increase of 3.05% to $0.98 was noted immediately after the positive news. At the moment, the rate has rolled back to $0.92.
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