While the broader cryptocurrency market remained steady during the last weekend, Shiba Inu (SHIB) made a strong move gaining by more than 30%. On Sunday, February 5, the SHIB price touched a new 2023 high of $0.00001553. Along with other altcoins, SHIB too has strongly participated in the crypto market rally this year gaining more than 80% so far.



Interestingly, Shiba Inu is giving tough competition to its immediate memecoin competitor Dogecoin (DOGE). Last Saturday, the SHIB/DOGE pair reached 0.00001638 DOGE gaining by nearly 100% in just the last three months from the bottom of 0.00000993 DOGE.

This strong recovery in the SHIB price has come as investors have been focusing on the upcoming launch of Shiba Inu’s Layer-2 scalability solution Ethereum. Last week, Shiba Inu’s lead developer Shytoshi Kusama confirmed that the development progress of Shibarium is on track.

As per the schedule, the launch shall happen next week around February 14. The launch of Shibarium will improve the scalability prospects of the Shiba Inu blockchain while lowering the gas fees.

Coming back to SHIB/DOGE, the technical trend is likely to continue in the coming weeks. As per the historical trends, the SHIB/DOGE pair should climb to 0.00002181 by March 2023. It means that another 40% gain from the current levels is on the cards.

How Will February Turn Out for SHIB and DOGE?

So far the broader cryptocurrency market had an impressive start to the year 2023. While top cryptocurrencies like Bitcoin and Ethereum gained over 40% each, some altcoins have displayed even stronger gains to the tune of 70-80 percent.

However, the market sentiment is likely to turn bearish depending on the shifts in the global macros. On the technical chart, Dogecoin (DOGE) is making a potential rising wedge pattern hinting at a small correction in the coming days. Rising wedges usually represent bearish reversal trends showing the price rise taking place in two converging, ascending trendlines.

A price break below the trendline could lead the asset to fall as much as the wedge’s maximum height. As per the DOGE chart, a 10% price correction is possible with a price drop up to $0.0850.

Similarly, the SHIB/USD rally also looks overstretched on the daily chart. The Relative Strength Index (RSI) levels are currently at 81 representing an “overbought” zone.



As of press time, the SHIB price is seeing a strong pullback from a strong resistance zone at around $0.00001517. Currently, SHIB is trading 5% down at a price of $0.00001448. A further retracement is possible and the SHIB price could drop anywhere between $0.00001300–$0.000013000.

Der Beitrag Shiba Inu’ Shibarium to be released soon – Can SHIB ‘kill more zero’s’ and rise to $0.01? erschien zuerst auf Crypto News Flash.

While some popular blockchain networks like Ethereum (ETH) are making important changes to their ecosystem, IOTA is catching up equally fast. The IOTA blockchain recently concluded the fourth round of staking for the Assembly Network’s native token ASMB.

This was the Round 4 of the ASMB token staking which started back on November 07, 2022 and lasted for a 90-day period. As per reports, a staggering 63.5 percent of the IOTA token supply has been staked and more than 1 billion ASMB tokens have been distributed in the form of rewards. The official Twitter handle of Assembly Network said that round five is around the corner. However, it didn’t mention when will it start.

Event ended! Round 4 of staking $MIOTA for $ASMB is officially over🎉.
A big thank you to our community for your participation 🙏. Nearly 63.5% of the @iota token supply was staked, and over 1 Billion #Assembly tokens rewarded🪙!
Stay tuned: round 5 is around the corner 👀! pic.twitter.com/Xcjh44mYBA

— Assembly (@assembly_net) February 5, 2023

The staking of ASMB tokens happens via IOTA’s most-trusted Firefly wallet. As per IOTA, each wallet that belongs to a user profile must be staked separately. When a user marks IOTA tokens for staking, a transaction is sent to them with attached metadata indicating that they wish to stake with the marked funds. “Any funds staked in a given wallet will be sent to an address on the same wallet, requiring tokens in every wallet to be individually marked for staking”.

IOTA and Staking

To expand the utility of the IOTA token, the IOTA Foundation introduced two main networks the Shimmer staging network and the Assembly trustless smart contract network. Both networks have their native tokens SMR and SMB respectively, available for staking.

As per the initial plan, IOTA will reward staking individuals 20% of Assembly tokens’ supply. The total supply of ASMB tokens is 100 billion. Thus, IOTA will distribute 20 billion as token rewards. So far, only 1 billion ASMB tokens have been distributed. This is just the beginning of a larger token rewards distribution in the IOTA ecosystem.

As said, the IOTA foundation has already implemented a built-in staking functionality in IOTA’s Firefly wallet. The IOTA Foundation explains:

This rate has been set to 0,000004 ASMB tokens per 1 MIOTA per milestone. That means for every 1 MIOTA that you hold and stake in Firefly, you will receive 0,000004 ASMB tokens every 10 seconds (the interval of milestones issued in the IOTA tangle).

The IOTA technology takes care of the security of the Assembly Network. Also, the IOTA Tangle solves the interconnection and the exchange layer between different chains in the Assembly while offering a “secure anchor and immutable audit trail for state updates of IOTA smart contracts chains in Assembly”. After a successful Round 4, all eyes will be on the launch of Round 5 for the ASMB token staking.

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After a strong rally last week, the world’s largest cryptocurrency Bitcoin (BTC) has failed to hold above its psychological resistance of $23,000. Over the last weekend, the BTC price has been under a bit of selling pressure and is currently trading at $22,858 with a market cap of $440 billion.

Well, it seems that Bitcoin bulls are waiting for Federal Reserve Chairman Jerome Powell’s speech, scheduled for Tuesday, February 7. The start to the earnings season has been pretty mediocre and even the big-tech companies are failing to meet their earnings estimates.

Currently, only 1 percent of the companies in the S&P 500 have managed to beat their earnings estimates. This is well below the five-year average of 8.6 percent and the ten-year average of 6.4 percent. However, the strong jobs data pours water on the expectation that the Fed might soon end its monetary tightening measures.

Thus, if the Fed’s chairman hints at aggressive rate hikes ahead this year, it might put an end to the recent rally in the risk-on assets. Above $23,000, the next immediate resistance for Bitcoin will be $25,000. On the downside, Bitcoin has strong psychological support at $20,000.

After a brutal 2022, Bitcoin has rallied more than 40% since the beginning of 2023. However, until further clarity in the global markets, the BTC price is likely to continue oscillating between $20,000 and $23,000.

Bitcoin and US Recession

The fears of an imminent US recession amid an aggressive Fed stance are growing. In his recent YouTube live stream Michaël van de Poppe stated that there’s a growing chance that Bitcoin and other risk-on assets could witness a bearish flip.

Poppe added that considering Fed’s future rate hikes, the US could “probably have” a recession going ahead. He added:

I think that people should understand that there is no soft landing, that there is likely a continuation of this downward trend on the markets.

A lot of things depend on the CPI data for January 23, coming ahead this month on February 14. If the inflation slowdown is less than expected, the US dollar will gain strength once again and disrupt the current rally in the market.

If the US slips into a recession, this would be the first recession for Bitcoin and the broader crypto market. Thus, it’s difficult to predict how far can BTC be correct in such a scenario. Comparing Bitcoin to Nasdaq 100 Index, Bloomberg’s senior macro strategist – Mike McGlone – explained that any dip under the 200-week moving average could lead to a 40-70% price correction.

#Cryptos may be facing their first real recession, which typically means lower asset prices and higher volatility. The last significant US economic contraction, the financial crisis, led to the birth of #Bitcoin, and the possible coming economic reset may mark similar milestones. pic.twitter.com/YGdsl3Awwj

— Mike McGlone (@mikemcglone11) February 5, 2023

The Bull Case Scenario for Bitcoin

However, some other market analysts believe that Bitcoin is not likely to fall much and will find support at a higher low. Crypto and market education, analysis, and prediction tool, IncomeSharks noted:

Just remember majority of bulls are still holding and not selling. Bears are stuck in cash. Slowly but surely the bears are caving in and buying. The stubborn ones keep shorting driving price up further.

On the technical chart, the BTC price is on the cusp of a golden cross where the 50-day average price tops the 200-day. Sean Farrell, Fundstrat Global Advisors’ digital-asset strategy head, wrote:

Most instances of a golden cross have resulted in favorable returns for Bitcoin, and many have occurred at critical long-term inflection points.

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The Shiba Inu community has been one of the driving forces in getting things done and pushing the use of SHIB in the broader cryptocurrency market. Pushing further its demands and agenda, the Shiba Inu community has conducted multiple campaigns and petitions in the past.



One such major instance from the past is the Shiba Army rallying behind to list the Shiba Inu (SHIB) cryptocurrency on the Robinhood exchange. It was signed by a total of 559,559 supporters.

Now, in the new petition, the Shiba Inu Army is calling for the listing of the governance token of the decentralized exchange ShibaSwap, BONE, on the world’s largest cryptocurrency exchange Binance. The petition is live on Change.org and so far, it has garnered nearly 1500 votes.

Decentralized exchange (DEX) ShibaSwap is the brainchild of Shiba Inu developers and was founded by its pseudonymous founder Ryoshi. BONE being the governance token of the Shibaswap ecosystem, it will allow the Shiba Army to vote on upcoming proposals.

The voting for this proposal will take place in DOGGY DAO, the decentralized autonomous organization (DAO) of ShibaSwap. The greater the number of BONE tokens the user holds, the more weight he/she will have in these future endeavors.

Shiba Inu, BONE and Shibarium

The total number of BONE tokens is 250 million and will be used to pay the gas fees on Shiba Inu’s much-awaited Layer-2 scalability protocol Shibarium. As per the latest updates, the Shibarium launch shall happen this month ahead on February 14. Also, lead developer Shytoshi Kusama has confirmed that things are on track for the Shibarium launch.

The petition further notes that SHIB, BONE, and LEASH shall lead the next phase of the DeFi revolution. It further adds:

ShibaSwap gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns through our sophisticated and innovative passive income reward system.

Our platform also allows the ShibArmy to access upcoming NFTs and additional tools, such as portfolio trackers, to make navigating the crypto world simple and intuitive.

If this petition from Shiba Army finds success, it would certainly be a huge deal. The world’s largest cryptocurrency exchange Binance will offer massive liquidity to the BONE tokens. This will thus give more power into the hands of BONE owners and other players in the Shiba ecosystem.



As of press time, Shiba Inu’s native token SHIB is trading a whopping 13% up at a price of $0.00001417. Despite all the market turmoil over the last year, SHIB continues to hold its place among the top fifteen crypto assets.

Der Beitrag Shiba Inu community urges Binance to list BONE with huge petition – Will SHIB price hit $0,01? erschien zuerst auf Crypto News Flash.

The IOTA Foundation is building up a legacy of its own in building sustainable solutions for different industry use cases. Now, Dell Technologies has partnered with IOTA in order to bring sustainable energy uses to the digital cities of the future.



The two players are looking to transform Urban Mobility using Intelligent Security systems (ISS) enabled by Dell infrastructure. Also, the solution takes a combined approach with analytics, video recording and control center modules running on a dedicated compute environment.

From circular economies built around #SustainableEnergy to seamless engagement between community and government, tomorrow’s digital cities are just ahead.#SimplifyYourEdge and find out how we're defining the digital future of our cities. 🚗 https://t.co/lACLVy9IUy pic.twitter.com/pJMs2wCumX

— Dell Edge & Telecom (@Dell_Edge) February 3, 2023

Besides, the solution by Dell and IOTA will deliver cost-effective paths for effective traffic management as well as improved citizen safety. With this solution in place, transport authrotieis will benefit from Enhanced situational awareness, Increased Compliance, Faster Response to Incidents, Optimized traffic management, and violation detection and tracking. In its announcement, Dell Technologies noted:

The solution architecture also provides a flexible, scalable infrastructure to build future smart city initiatives on. At a time of rapid urban growth, this solution facilitates faster technology uptake and maximizes return on civic resources.

By integrating, testing, and validating solutions in Dell labs, we are working to reduce deployment risk, increase system reliability, reduce support costs, and gain a proven, repeatable architecture

Dell and IOTA

Both Dell and IOTA have joined hands in the past to build innovative new solutions catering to industry needs. Last year in June 2022, Dell Technologies partnered with IOTA in building real-time carbon footprint data. With this, Dell and IOTA will educate individuals and organizations on the impact of carbon footprint and how one can limit the same.

Also, partnering with IOTA makes sense since the IOTA blockchain network is one of the most energy-efficient networks in the market. Furthermore, Dell has been aggressively promoting the Alvarium project for increasing transparency as well as real-time tracking of the carbon footprint.



The Project alvariu by Dell is an open-source project that focuses on enabling trust and data for industries, applications, and businesses. Dell’s goal with Project Alvarium is the effective sharing and monetization of data while maintaining high transparency while addressing the issue of climate change. Steve Todd, Fellow at Dell Technologies said

Data confidence is needed to manage data at scale, creating systems of trust in this data so users at all levels understand the terms of use. Project Alvarium will create this transparency, and the more companies that integrate it into their processes and systems, the closer we’ll come to a future without data ambiguity.

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Since the beginning of 2023, there’s been much talk over the launch of Shiba Inu’s Layer-2 scalability protocol Shibarium. Things have moved on track so far and the beta launch is expected anytime around mid-February with a tentative date of February 14.



As the Shiba Inu army looks forward to the launch, a new message from lead developer Shytoshi Kusama shows that the team is busy preparing for the launch. In one of the screenshots shared regarding his communication on the update, Kusama said “everything is going on schedule.”

SHIB community member and ecosystem loyalist Lucie Sasinkova recently tweeted through her Twitter handle @LucieSHIB the screenshot of the message posted by Shytoshi Kusama in recent times. The screenshot shows that the preparation for the release of Shibarium is currently in full swing.

The lead developer of the Shiba Inu token – Shytoshi Kusama – has been testing algorithms for rolling it out. Lucie noted that expects the developer to release the documents of Shibarium very soon.

Another tease from @ShytoshiKusama
… link was posted and erased… #Shibarium docs coming… WEN pic.twitter.com/3HsVXCrDT9

— Lucie ➹ ➹ ➹ (@LucieSHIB) February 1, 2023

Working on the final details of Shibarium

Earlier this week on January 31, @sunshineSHIB – a SHIB fan account – shared the screenshot of a message from Kusama on Discord. Here the lead developer explained what he meant about changing his geolocation status on Twitter to “The Situation Room”. This basically highlights a place where important decisions are made by leaders.

Kusama explained that he was working on the final details before the beta launch of Shibarium. Apparently speaking to a Shiba Inu developer team member dubbed “Seko” Kusama said that they should expect a “year recap that outlines wins, errors, fixes, lessons and also docs that explain in full where we are and where we are going so that we can move forward with Shibarium fudless.”

In his recent tweet, @sunshineSHIB shared a screenshot wherein Kusama says “everything OK schedule” while probably referring to the preparation for the Shibarium launch. However, the lead developer has shared his concerns that once the Layer 2 protocol kicks off, “the same clawing between the factions will continue.”



Probably, Kusama was referring to his recent feud with SHIB Defense Team co-lead Trophias. The SHIB Defense Team has accused Kusama stating that he made a hostile takeover of the SHIB ecosystem.

I have no idea who or what can be trusted at this point, a weird space to be in when launching Shibarium #SHIB #SHIBARMY pic.twitter.com/z4ygeRK4DL

— SHIB FORCE 柴犬 (@sunshineSHIB) February 2, 2023

More details will be clear over the next two weeks but for now, things seem to be on track. The Shibarium launch seeks to bring greater scalability to the Shiba Inu blockchain while facilitating low-cost transactions. Other players in the crypto community have also been eagerly waiting for the launch of Shibarium.

Der Beitrag Shiba Inu: Release of Shibarium on track to onboard industry giants in billion-$-market – Report erschien zuerst auf Crypto News Flash.

The world’s second-largest cryptocurrency Ethereum (ETH) has had a solid run-up since the beginning of 2023. During the last month of Jan, the ETH price gained by a strong 40 percent in line with the BTC gains. Also, the price rally in ETH continues further as it went close to the $1,700 level on Thursday, February 2.

It is for the first time in five months since September 12 that the ETH price surged past the $1,700 level. However, Ethereum (ETH) couldn’t sustain for a long time above these levels. One area of resistance that ETH is currently facing over the last few weeks is $1,680. As of press time, ETH is trading 2.26 percent down at a price of $1,638 and a market cap of $200 billion.

On the technical chart, ETH is currently forming an ascending triangle pattern. Also, with the overall improvement in investor sentiment toward ETH, analysts are expecting the price to reach $1,800 or even higher this month in February. However, it will depend on how ETH behaves as it reaches the pattern deadline by mid-February.

Courtesy: TradingView

Retail investors should be cautious here as repeated failures to break past $1,680 levels coupled with negative newsflow could give bears the upper hand to cancel the bullish triangle pattern.

Some bearish indicators for Ethereum

Looking at the Ethereum (ETH) derivatives market, the annualized two-month futures premium should trade anywhere between 4 percent and 8 percent in healthy markets to cover the costs as well as associated risks. Whenever, the futures trade at a discount to the spot market prices, it shows a lack of confidence from leveraged buyers hinting at a bearish sentiment.

The above chart shows that traders of the ETH futures contract have failed to enter the neutral-to-bullish 4 percent threshold. Still, the existing 3.5 percent premium shows a moderate improvement in the sentiment in comparison to two weeks back.

But still, traders are not expecting any immediate positive price action here. Also, the profit-taking hike has also reached the highest levels in two years since February 2021. On-chain data provider Santiment also reports that traders apparently don’t believe that the price will continue to climb from here.

🥳 BREAKING: #Ethereum has just officially surpassed $1,700 for the first time since September 12th. Since the start of February, $ETH is seeing the highest ratio of profit transactionsin 2 years. Traders apparently don't believe this climb will continue. https://t.co/YuakCJP7ZW pic.twitter.com/fPcYApulNv

— Santiment (@santimentfeed) February 2, 2023

In addition to the profit-taking in Ethereum, Santiment pointed out ETH’s Aroon indicator which shows that ETH’s bullish sentiment has significantly weakened over the past few weeks. The Aroon upline is currently at 21.43 percent and approaching the downside suggesting a weak trend going ahead.

Courtesy: Santiment

Der Beitrag Ethereum hits $1,700 for first time since Sep – Is ETH poised to rally to $2,000 this week? erschien zuerst auf Crypto News Flash.

Last year in late September 2022, The IOTA Foundation announced the launch of its Layer-1 staging network Shimmer. The Shimmer network serves as a base layer to test all the new innovations and features before introducing them to the IOTA mainnet.

It also serves as a gateway to transition to a more robust infrastructure dubbed IOTA 2.0. Since the launch of Shimmer, there have been major developments taking place on the network. Its distinct features such as native tokenization, feeless immutability, customizability, and interoperability make Shimmer the go-to platform for industry players.

Now the latest development in line is introducing smart contracts to the Shimmer network. Industry experts believe that such a step will lead to the “rise of frictionless, decentralized and scalable web3 economies”.

Once smart contracts come to the Shimmer Network, it would unlock several use cases for the blockchain platform across multiple industries.

With #smartcontracts on the scalable and feeless #Shimmer network, we will see the rise of frictionless, decentralized and scalable #web3 economies. 🚀

We gathered our six major use cases for you! 🧵👇 pic.twitter.com/6OMhJ8tNfz

— Shimmer Academy ✨ (@shimmer_academy) February 2, 2023

Six major use cases of the Shimmer Network

The Shimmer academy has shared six major use cases of the Shimmer Network which could be useful going ahead.

1. Energy Management: The Shimmer Network will be pretty useful for the energy markets in real-time energy management. Besides, it can also help in moving carbon credits and renewable energy certificates without costing a dime. The IOTA Foundation has already been working with different market players to bring peer-to-peer energy trading solutions to the market.
2. Digital Identity: Another area where the Shimmer Network can play a crucial role in building digital identity solutions. The Shimmer Network is ideal for native tokens, NFTs, and smart contracts in order to interact with other digital identities. Each digital identity will be able to control other identities in order to enable flexible modeling.
3. Decentralized Finance (DeFi): Shimmer is ideal for decentralized finance (DeFi) economies since it is scalable and a feeless network enabling frictionless decentralized transactions. Market players can use Shimmer’s native $SMR tokens to launch DeFi applications, DAOs, DEXs, and other dApps.
4. IoT: Shimmer can find strong applications in the rapidly emerging Internet of Things (IoT) market as it will allow projects to tokenize everything on Layer-1 without any fees. Besides, projects can use Shimmer’s bridgeless, modular, multichain smart contract architecture to realize different use cases in the IoT world. 
5. Gaming: All NFTs on the Shimmer Network can work as standalone wallets and also hold other NFTs and tokens. Additionally, these NFTs can store immutable on-chain data. Such an application and use case will make Shimmer the ideal network to be integrated with different games.
6. Supply Chain: One of the biggest use cases of the Shimmer Network is a feeless, parallelized DAG ledger to build fully secure and customizable smart contract chains. Besides, Shimmer will also provide the perfect infrastructure for establishing a trusted supply chain.

Der Beitrag IOTA billion-$-usecases: Energy management, digital identity, DeFi, Gaming, IoT and supply chain – Report erschien zuerst auf Crypto News Flash.

The world’s largest cryptocurrency Bitcoin (BTC) has had a great start to the year 2023 after a brutal market crash last year. Over the last month, the BTC price gained 39.4% making it the best January after 2013 as well as the best-performing month after October 2021.

As of press time, Bitcoin (BTC) is changing hands at $22,996 and has a market cap of $443 billion. Any future price action will strongly depend on the macro developments and the Fed rate hike later today. As per market expectations, the US Federal Reserve will increase the interest rate by 25 basis points pushing up the interest rate from 4.5% to 4.75%.

On Tuesday, Bitcoin witnessed a bit of selling pressure, however, the BTC bulls were able to hold the price above the crucial support of $22,510. On the upside, the crucial levels on the Bitcoin technical charts are $23,300. Any breakout above this could set BTC for the next leg of the runup.

Crucial level remains $23,300 for #Bitcoin at this point. pic.twitter.com/x2ztZM8FDv

— Michaël van de Poppe (@CryptoMichNL) January 31, 2023

If the BTC price moves above this crucial resistance of $23,300, its immediate next target could be $25,000. Seasoned trader and market expert Peter Brandt further added an interesting technical pattern and a “double-walled fulcrum pattern” and a breakthrough from it. Brandt added that the BTC price could rise to $25,000 in the near future.

The bottom in $BTC is a double walled fulcrum pattern. Extremely rare. The 2X target is mid 25's. pic.twitter.com/NfffzbniO5

— Peter Brandt (@PeterLBrandt) January 29, 2023

Another popular crypto trader Rekt Capital noted that the Bitcoin price will continue to hover in the price range between $20,000 and $23,400. However, Bitcoin has not managed to cross above the bullish monthly candle close above $23,400.

#BTC really fighting to secure a bullish Monthly Candle Close above ~$23400

Only one hour left to go

Currently price is at $23150$BTC #Crypto #Bitcoin

— Rekt Capital (@rektcapital) January 31, 2023

Bitcoin’s On-Chain Data

The on-chain data and futures market has shown some positive signs as the BTC price has started to recover. As per on-chain data provided by Glassnode, the short position liquidations cleared out the unhealthy market speculators. Glassnode analysts stated that a large group of investors who were previously at a loss are now at “unrealized profits”.

The short liquidation dominance during the last month of January helped fuel the BTC price rally. During the last month of January 2023, nearly $500 million of short futures liquidations took place.

Courtesy: Glassnode

But after a historic month of short liquidations, the futures market is once again building towards long. Earlier this week on January 30, 51.46% of open interests were long positions instead of shorts. The Glassnode researchers wrote:

Across both perpetual swap, and calendar futures, the cash and carry basis is now back into positive territory, yielding 7.3% and 3.3% annualized, respectively. This comes after much of November and December saw backwardation across all futures markets, and suggests a return of positive sentiment, and perhaps with a side of speculation.

Courtesy: Glassnode

Furthermore, the Glassnode data shows that a large cohort of Bitcoin investors have returned to the zone of “unrealized profits” as the Bitcoin price is trading above $21,000.

Der Beitrag If expectations become true, massive Bitcoin rally on the horizon – Experts take erschien zuerst auf Crypto News Flash.

The IOTA Foundation has been one of the most active participants in the blockchain industry sharing its contribution to some of the important issues of climate change and energy saving. In the latest development, IOTA has partnered with distributed ledger technology (DLT) EnergieKnip to streamline and optimize energy consumption and document the data accurately.

Over the last year, we have witnessed energy shortages amid rising demand in different parts of the world. Local governments need to collect data on local energy use while complying with data security and processing rules. However, only after the collection of accurate information on energy consumption, the authorities can present incentivize consumers and present solutions to optimize further.

Citing a major opportunity here, BlockchainLab Drenthe has launched an IOTA-powered cryptocurrency wallet EnergieKnip. With EnergieKnip, the IOTA Foundation is conducting a small experiment in Emmen, a municipality of about 100,000 citizens in the northeast of the Netherlands.

Crypto wallet EnergieKnip rewards users with digital tokens for anonymously sharing data regarding the energy-saving measures used at home. Users can redeem these tokens against the purchase of energy-saving devices in local stores. On a broader scale, this initiative will help the Netherlands government to reduce energy expenditure and meet its climate control goals.

Data Collection and Technology Prowess

Complying with the data privacy requirements, EnergieKnip ensures that the data collection happens anonymously such that it cannot attribute the date to a particular household. EnergieKnip also doesn’t keep any data of user identity during the setup process. Thus, it will never keep data such as name, email, phone number, or address.

Furthermore, EnergieKnip is an easy-to-use platform thereby making customers easily understand the project’s operations. Additionally, it also incentivizes users through a unique rewards system.

The IOTA Foundation said that they have found the right partner with EnergieKnip and a more ecological alternative of its own DLT ledger. EnergieKnip’s distributed ledger platform has some key USPs such as the ability to store collected data in a decentralized way on the IOTA Network. Some of the other benefits include:

• Feeless transfer of reward tokens from the municipality to households.
• Instant transactions and no delays in collecting the data and sharing of rewards.
• Each household gets a dedicated wallet for the rewards token. This helps maintain privacy while ensuring that the data is from one household.
• A fraud-proof IOTA architecture ensuring the accuracy of data.

In order to ensure 100% anonymity of the participating households, IOTA distributed QR codes within the Emmen municipality. Using the QR code, homeowners could connect the app with EnergieKnip. Activating the app would automatically create a wallet for the reward token. This allowed the transfer of rewards from the community’s wallet to the homeowner’s wallet. Talking further about the project’s success so far, IOTA noted:

In the first EnergieKnip project, 50,000 wallets were created for as many households (a total of about 106,000 citizens). This ultimately resulted in 300,000 euros distributed to 9,000 active wallets – and all this in a decentralized and anonymous way.

Real world adoption, powered by #IOTA ❤️

"In the first EnergieKnip project, 50,000 wallets were created for as many households (a total of about 106,000 citizens). This ultimately resulted in 300,000 euros distributed to 9,000 active wallets – all this in a decentralized way" https://t.co/iapxhYAWtg pic.twitter.com/TZ9x9UGE9Z

— Dominik Schiener ✨ (@DomSchiener) February 1, 2023

As of data, EnergieKnip has 30,000 active wallets making it the biggest public government blockchain project in the Netherlands.

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