IOTA releases a "burner wallet" while its price hits 2017 levels

The IOTA Foundation is launching a new web wallet for users to manage low amounts of funds without compromising their data.

Although the Foundation continues to work on the development of IOTA and different tools to push its adoption, this cryptocurrency recently reached price levels not seen since 2017.The new IOTA burner wallet.

In a recent blog post, the IOTA Foundation revealed that the team behind Trinity, IOTA's official wallet, developed a new wallet that is designed to be used as a "Burner." Dubbed Spark, it provides users the ability to handle small amounts of funds for a short period before all data and transaction history is erased.

Spark leverages the IOTA JavaScript account module to provide one-time use addresses and ensure that funds do not arrive on a spent address.

"IOTA Labs is a new project within the IOTA Foundation to funnel our experimentation into something tangible. Whenever we create an experimental app, we will release it under IOTA Labs. Spark is the first app to be released under IOTA Labs and has served as a testing ground for some new ideas and tools."

Despite the IOTA Foundation's efforts to increase the adoption rate of its technology, IOTA entered a downward trend that has seen its price depreciate significantly.

After hitting a high of $0.555 on May 30, IOTA plunged over 70 percent to hit a low of $0.148.

Conversely, if IOTA can break out of the bearish trend and move in an upward direction, the next levels of resistance it would have to test sit at $0.20 and $0.28.Moving forward.

In April, Jaguar Land Rover announced that it was testing a "Smart wallet" using IOTA. The idea behind it was to enable vehicle owners to get rewards for sharing driving data and use the tokens to pay for tolls, parking, and charging for electric cars.

An IOTA developer was able to implement the token as a payment system across all gaming platforms last month.