IOTA now on South Korea’s biggest exchange Upbit; IOTA Hub launched 20245
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Roshni Vayyapuri
Aug 3, 2018 at 6:43 PM

Amid the cryptocurrency market crash, 3rd August marks a big day for IOTA. The foundation has made two important announcements today,  IOTA is listed on South Korea's biggest exchange and the foundation launched IOTA Hub.

The platform is built on a unique architecture designed with the IoT environment of the future in mind. This unique architecture has made it more challenging for service providers like exchanges to integrate IOTA compared to traditional blockchains. Service providers have experienced some challenges such as Seed management, No double signing due to database constraint, Reattachment/repromotion of bundles, Confirmation monitoring, and Deposit address monitoring.

See also: What is Buterin’s law? Etherum Co-founder Vitalik Buterin explains

IOTA listed on South Korea's biggest exchange UPbit

UPbit, South Korea's largest exchange-listed IOTA today. The exchange announced in a blog post on their website. Initially, users will be charged a small transaction fee for the bulletin but it will be refunded after cryptocurrency's transaction is carried out on the platform.

The exchange added that they will be updating more information including payment instructions on their website.

See also: Coinbase adds new plugin; Bitcoin, Ethereum, Litecoin, Bitcoin Cash Reach Millions of web Stores

IOTA Foundation introduces Hub

The Hub offers a standardized, open-source solution to the issues faced by the platform using a simple gRPC API in a hardened and audited environment. This will ultimately make integration of the platform simple for any kind of service provider. An exchange can support within weeks rather than months by connecting Hub to the platform.

In addition to this, Hub backs signed transactions externally. The facility of remote signing enables users to have a separate machine that holds the salt but does not have access to the database. On the other hand, the Hub itself has access to the database but not to the salt. encrypted egRPC channel enables the communication which will significantly increase the security which makes it "impossible for an attacker to gain complete control over the exchanges’ funds by compromising a single system."

Exchange added, "We are confident that more exchanges and service providers will begin supporting IOTA in the coming weeks and months, leveraging the simplicity of IOTA Hub."

The exchange further added that the Hub will be soon available on GitHub.

Image via Shutterstock

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