IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains — and an ideal footprint for the ever-expanding Internet of Things ecosystem.
Because there’s no blockchain, there are no miners, and because there are no miners, there are no fees. Many established networks see costs balloon when congestion intensifies, but IOTA aims to provide limitless throughput at minimal expense.
In time, IOTA’s goal is to become the de facto platform for executing transactions between IoT devices. Given how estimates suggest there could be 20.4 billion such devices out there by 2024, this could end up being big business.
The team behind IOTA believe that the potential use cases don’t end here. They believe their distributed ledger could deliver digital identities to all, result in car insurance policies that are based on actual usage, pave the way for cutting-edge smart cities, deliver seamless global trade and prove the authenticity of products.
IOTA is traded like a traditional cryptocurrency, but it’s really meant to host machine-to-machine transactions in the Internet of Things. It’s aiming for a huge market, but that market requires precision, as human lives are at stake. It’s not going alone, though – IOTA has high-profile strategic partnerships in place. MIOTA is the official coin of IOTA, a new cryptocurrency designed for IoT efficiency. IoT is a huge market that includes everything from consumer devices to enterprises and entire cities. Several security vulnerabilities have been addressed in IOTA, and it’s unclear how stable and secure the platform will be when implemented in a live environment. IOTA has no miners/mining, and blocks, transaction limits, and fees have been removed to accommodate M2M transactions. Because of its focus on IoT, IOTA has a fighting chance at differentiating itself in the crypto market. The team does spark fiery debates in tech circles and has made some questionable decisions, but the IoT market is one of the largest opportunities for crypto-technology – if they get it right, IOTA could one day be the Google of little bitty things talking to each other. Or it could be Skynet. Either way, IOTA is a crypto to give an iota of thought to in coming years. Should you buy MIOTA? Check the cryptocurrency news coverage and blockchain technology press for IOTA’s progress and the latest MIOTA price.
IOTA is one of the more unique projects in the cryptocurrency space considering their invention of the Tangle and lofty goal to become the main currency for the Internet of Things. The Tangle is beneficial because it provides the means for feeless transactions, is theoretically quantum resistant, and extremely scalable. Nevertheless, there are some major security concerns with the protocol, such as side Tangles that can disrupt the transaction confirmation process. The IOTA network is still at an experimental stage and rigorous testing will be needed going forward to ensure it can act as a machine-to-machine payment system for the internet of things. Also, as IOTA is used as a currency for machines and machines do not generally store a high balance, IOTA would suffer from a high velocity of money. The high velocity that IOTA is designed for could hurt its token value. The team’s hostility towards the open source community is a big issue in an ecosystem where open source principles are the driving force behind community building, especially for developers. They will have to get around this or change their attitude toward open source technology to attract developers across the world. The founding team has also shown that there is significant distrust between some members, and they might not be able to continue working well together in the future. This is a big concern considering that team members in a startup work closely together and communication is paramount to the coin’s success. However, the IOTA Foundation is doing a great job on the business development side, securing partnerships with major corporations and working hard to advance the adoption of the IoT. They have a strong network of support that will greatly benefit them if the Tangle is improved and established as a secure distributed ledger.
IOTA’s unique Tangle ledger could change the IoT world as we know it. The ledger promises to be scalable, centralized, and suited for a variety of applications. It also comes with no fees, and makes things like microtransactions more accessible than ever before. The primary goal of IOTA is to help us manage, optimize, and utilize the IoT – including all of the smart devices we use every day. You can lease the computing power of smart devices around the world, or sell the computing power of your smart devices when they’re not in use. The full potential for IOTA’s Tangle ledger, however, extends far beyond the IoT, and it could be used in everything from eGovernance to masked messaging. Ultimately, the internet of things isn’t going away anytime soon. From smart cars to smart guns to smart everything, we need a solution to manage all of this smart technology. IOTA promises to be that solution.
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