IOTA Launches Trinity Wallet | Price Moves 12% Leading Market Rally
IOTA is leading a green day across most of the market with the new release of its Trinity wallet. In this article we are going to cover the launch of IOTA’s Trinity wallet, IOTA price action and sentiment, and look at an indicator for upcoming market movements.
Nothing should be considered investment or financial advice. Enjoy the ride.
IOTA Launches Trinity
IOTA has long been one of the most speculative investments on the market with its new data structure, the Tangle. The challenges presented by this new structure have made development take longer than most block chains on the market, but the benefactors of this technology are massive long-term. Finally, the IOTA foundation is launching their Trinity wallet for market wide use that should help put some investors minds at ease as they store their IOTA safely and securely.
The wallet originally started as a summer project for college students, but after some traction with the community and foundation, the students were hired onto the foundation and have been working full time developing the wallet. To date, the wallet has served to transact over 1.8 billion USD in IOTA and has over 160,000 downloads. In short, the project has been a huge success.
In addition to the success of community adoption, the wallet has received as “low” risk security rating from one of the cybersecurity leading firms, Sixgen.
Trinity Wallet Pros
Digging into the report, here are the top pros that Sixgen had to say about the IOTA Trinity wallet:
- Trinity utilizes modern cryptography (e.g. Argon2i, AES-GCM) which protects secrets from brute force attacks.
- Trinity is memory conscious, and clears secrets from memory when they are not needed to perform operations.
- Trinity implements user education when enabling convenience features that may expose users to additional risks.
- The Trinity development team considers security first when adding features to the wallet.
Trinity Wallet Cons
There are plenty of pros for the new wallet, but let’s take a look at some of the cons that Sixgen pulled out as well:
- Like all complex software projects, the Trinity wallet relies on software packages from sources outside the IOTA Foundation. Due to the nature of the node.js software ecosystem, if any of these packages were to be compromised without detection (a “software supply chain” attack) all Trinity wallets could potentially be compromised.
- The use of Electron introduces application integrity risks on some operating systems.
- The use of convenience features such as deep links (e.g. links that begin with iota://) potentially exposes a Trinity user to additional phishing schemes.
- Running any cryptocurrency wallet on a computer or device that may be compromised is a risk that needs to be understood by users.
There are also plenty of potential problems that could arise from the wallet in the future, but acknowledging these problems could help prevent them as well.
Fear & Greed Index
While most crypto investors are strong hodlers regardless of market movements, traders will look to any sign of the upcoming unpredictable surges or dips. One indicator in particular that has been troubling traders is the Fear & Greed Index. This Index has recently showed strong correlation with market movements, but one thing needs to be considered. This index is largely driven by after market shifts. This means the team behind the Index makes updates and changes to the Index after events occur.
If you know anything about markets, then you will know that future events usually can not be anticipated by past assumptions. So, you really should not give too much credit to this indicator, but rather use it as tool for making your friends nervous about their investments. Regardless, if enough people or traders believe the same thing, then they may speculatively trade in unison creating an artificial correlation with that belief or indicator. Take the Fibonacci levels for instance. They are completely made up and have no real utility except that traders globally use these levels for resistance and support levels. Thus, things that should be useless can gain market equity simply due to systematic bias.
With that being said, always be careful of the herd, because they can stampede for no reason at all and you never want to be caught standing still. Tight stop losses are always a good idea, and hedge your bets if you are uncertain on the current market situation. That or Hodl for the long-term like a real crypto investor.
