IOTA Drops 12% As Sirin Labs Prefers Ethereum
Sirin Labs, the maker of the to-be-launched blockchain-based mobile phone Finney, announced that it had picked Ethereum blockchain over IOTA. Finney had previously chosen IOTA’s blockchain solution.
However, it had suddenly changed its approach and plans to use private version of Ethereum. Following the news, IOTA token was battered by short sellers. The crypto token has lost about 12% to trade at ~$0.78 at the time of writing this article.
On Thursday, the price of IOTA token galloped from $0.78 to $0.96 within few hours, following the news about IOTA Hub. It is a new gRPC API-based solution that enables better integration of IOTA with the systems of third parties. IOTA Foundation opined that crypto exchanges could list IOTA within weeks, rather than taking several months.
However, the news of Sirin Labs going with Ethereum has turned IOTA bearish. The crypto token has lost all the gains it made last week and reached the lowest price in the past nine months. It was only on November 24, 2017, IOTA traded at the current price levels.
A week ago, Sirin Labs CEO Moshe Hogeg told media that his organization was not with IOTA any longer, as it had chosen to take an alternate route with Ethereum.
The Finney will process transactions through a series of complete nodes hosted at Sirin Labs.
Nonetheless, Ethereum is just a transitory arrangement as Sirin Labs would like to use a third era blockchain for Finney, which will presumably unveiled in November this year. As mentioned last month, the Finney mobile, costing $999, will have a double screen. The mobile can be pre-ordered on Sirin Labs site at this point in time.
Recently, Sirin Labs released a commercial teaser that provides some insight about the mobile. Lionel Messi features in the commercial.