— eToro (@eToro) August 20, 2018
eToro has also published an official blog post that outlines IOTA for consumers unfamiliar with the platform. In the post, eToro explains that “IOTA is a platform designed for enabling fast communication and transactions for IoT platforms.”
Furthermore, eToro argues that as more household items become connected, the need for a reliant protocol will be necessary to mediate between devices.
“For example, in the near future, a smart fridge could ‘sense’ that you are running low on orange juice and autonomously order more from your grocery store. This scenario requires a platform that could both relay the messages between the machines and take care of the financial aspect of the transaction. And that is what IOTA is trying to do.”
Utilizing Tangle technology, IOTA allows multiple devices to communicate on an extensive network that becomes stronger as it grows. Unlike most blockchain platforms, however, IOTA doesn’t have specific nodes to verify transactions or miners. Instead, devices processing new transactions must verify the previous transaction and register it to a public ledger.
eToro Adds IOTA
While many crypto-enthusiasts may have accepted the announcement as positive, the social trading platform has received plenty of backlash regarding the move:
People are getting mighty annoyed with you @etoro. Wallets? At least give us an update. I know you won't answer this. You never do. RUBBISH SERVICE.
— XRP.Clothing 👕🇬🇧🌍 (Matty) (@XRPClothing) August 20, 2018
Another Twitter user said:
Id rather you take the time and get the wallet working right and safe but at least give more accurate updates, all this silence if reflecting badly on your image and starting to create huge uncertainty…
— Riley💧🌍 (@xrpconnoisseur) August 20, 2018
Overall, it appears that many eToro users are upset that the platform is focusing its efforts on adding an additional cryptocurrency, rather than improving its wallet.
eToro Expands to the U.S.
In May, eToro unveiled that it would make its way into the U.S. by the end of the year. The company also stated that it would offer U.S. investors a wallet and exchange platform. There is currently a waitlist; however, users can verify their registration prior to launch.
Additionally, it remains unknown if the wallet will be offered in the future, as there are currently issues with it in other markets.
Initially, the U.S. eToro platform will offer:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Stellar (XLM)
- Ethereum Classic (ETC)
It is currently unknown if IOTA will be offered to U.S. eToro investors at launch.
Cover Photo by Adam Birkett on Unsplash