IOV Labs has committed another $2,5 million to bolster development of Rootstock, Bitcoin’s smart contract-compatible sidechain. This and more news is in this handy daily digest to keep you up to date with the latest developments in the crypto world.
IOV Labs to invest an additional $2,5 million in Rootstock
📍IOV Labs’ additional investment in Bitcoin sidechain Rootstock aims to bolster its development and innovation. According to the developers at IOV Labs, the brand behind the development of Rootstock, the lab has committed new resources to the Bitcoin sidechain, in order to strengthen its grant program and support new projects focused on enriching its DApp ecosystem.
IOV Labs launched this grant program in May of this year, with a total fund of $2,5 million, dedicated to supporting projects that help further improve the development and adoption of Rootstock.
With the new resources committed, this year’s Rootstock grant program now totals $5 million.
Rootstock is a protocol created with the aim of extending Bitcoin's capabilities beyond cross-border transactions and payments.
As a smart contract-compatible network, Rootstock facilitates the development of decentralized applications based on Bitcoin, the most secure and robust blockchain network in the world.
LINK soars 30% in a week
📍Institutional demand and the proximity of Chainlink Staking V0.2 are driving the price of LINK. According to market data on cryptocurrency price monitoring platform CoinMarketCap, the price of LINK has increased by 30% in one week, trading at $16 per token at the time of writing.
In the last month, the price of LINK shows an increase of more than 120%, according to the data consulted on the platform.
Source: CoinMarketCap
The main drivers of LINK's price appear to be the growing institutional demand for this token and the expected arrival of Staking V0.2, whose deployment begins later this month.
Grayscale Investments’ LINK-based investment product, Grayscale Chainlink Trust (GLNK), has seen a significant increase in its share value over the past 30 days, currently trading at $49. This represents a growth of over 160% in GLNK’s share value over the past month and over 55% over the past week.
In addition to this, the blockchain oracle network's native token has also been listed on a Hong Kong platform in order to offer institutional investors exposure to this digital asset, highlighting the importance that LINK is gaining among traditional investors.
Source: Grayscale Investments
Regarding the upcoming version of the Chainlink staking platform, the deployment of version V0.2 will begin on November 28 in a structured manner.
According to the developers of this blockchain oracle protocol, Chainlink Staking V0.2 integrates new changes and improvements, which will make the staking platform more “modular, extensible and upgradeable”.
IOTA advances in the construction of smart cities
📍Internet of Things-focused DLT network IOTA is collaborating with engineering firm EDAG Group on the development of a smart vehicle. IOTA technology is powering a robotic car that promises to revolutionize the streets this year.
This is CityBot, the robot car from the firm EDAG, which uses Tangle, the directed acyclic graph (DAG) that allows IOTA transactions to be validated, to communicate and work autonomously and to access, manage and store data securely.
This robot car is designed to offer an all-in-one solution for smart cities. As its creators point out, the robot can make deliveries and transport people, even collect garbage and cut grass, in addition to other logistics and transportation functions, so the use of IOTA's infrastructure is essential to increase its potential.
IOTA developers have been collaborating with EDAG Group since 2019 and will begin the first tests of this robot vehicle in the city of Frankfurt, which was chosen to carry out the pilot, this year. According to reports, CityBot will use the IOTA cryptocurrency to cover its expenses, such as parking.
Programmable payments with JPM Coin are enabled
📍Private bank JPMorgan has launched programmable payments with its digital currency. As announced by the American bank, JPMorgan's digital currency can now be used to schedule payments, a new feature of JPM Coin that is now available to all institutional clients of the bank in general and with which JPMorgan seeks to modernize and transform the way in which payments are made in current systems, to give rise to new digital businesses.
Via LinkedIn, Naveen Mallela, Head of Coin Systems at Onyx, highlighted that the launch of programmable payments will not only improve general availability, but marks an important milestone in the evolution of JPM Coin.
Through this feature, customers will be able to schedule automatic payments from their accounts, which will facilitate many operations according to the needs or preferences of each of their customers.
Mallela emphasized that programmability has always been the “holy grail” for the bank and its digital currency.
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