A Brief Overview Of: IOTA
What is IOTA?
IOTA is an open-source cryptocurrency founded in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov, aiming to target the huge booming internet of things market. It uses directed acyclic graph technology and this is often referred to as something called the “tangle”. It’s a proof of work mechanism that ensures scalability by essentially requiring you to confirm two other transactions around you for your own transaction to complete. There is a fixed supply of 2,779,530,283,277,761 IOTA.
The IOTA Foundation aims to monetize the IoT market and have implemented a data marketplace that runs on IOTA technology. Several world-leading organizations are taking part in this marketplace such as Bosch, Fujitsu and Orange. Using third party sensors, organizations would be able to buy and sell data across the globe without a need for transaction fees or long waiting times.
What are the benefits of using IOTA?
- Infinitely scalable due to the tangle network
- Huge circulating supply allows for micro-transactions
- Gaining interest from large organizations such as Bosch
- Quantum Resistance
- Estimated global market value of IoT will reach $7.1 trillion by 2020
What are the disadvantages of using IOTA?
- IOTA wallet still has issues
- David Sønstebø can appear hot-headed at times
- IOTA protocol without a central coordinator remains untested
Should you invest in IOTA?
IOTA, in my opinion, is a good investment and I see potential for growth once the new wallet is released and “project Q” is announced. It’s 10th on coinmarketcap.com as of today at $7,283,369,972 and is currently valued at $2.62. This is approximately 50% lower than it’s all time high of around $5.5 when the Microsoft “partnership” was announced. If IOTA can establish more industry connections and implement a working wallet, alongside the successful changeover to a fully decentralized system without a coordinator, I can see it doing extremely well into 2018 and beyond.
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DISCLAIMER: This is NOT financial advice. The cryptocurrency market is volatile and you are at risk of losing your money. Only invest what you can afford to lose.
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Thanks for the overview and information!
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I just heard about IOTA, this is new information for me. thank you very useful information
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Thank you very much for this short and informative overview. I already heard about IOTA and I'm definitely thinking about investing in it :)
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No worries man... If all goes well I hope to make this into a series where I cover most of the top 100 coins in a similar format :)
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I would really appreciate that!
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Great resumé of the history, too bad it was false news that took IOTA for the ATH.
Nevertheless it has huge potential, because of the unique tangle network. One of my favourite coins.
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Thanks mate, yeah it was unfortunate about the whole "partnership" fiasco but I still believe in the coins future... it was the first crypto that I bought and it made me hugeeee percentage gains. Too bad I only had £10 to invest at the time haha.
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Welcome to Steemit. It seems that new users get a lot of attention with their introduction posts, but I believe a lot of that is driven by people wanting to expand their "follower" base.
Your analysis of IOTA is interesting. I have thought about purchasing that one as well. A couple of years ago I was looking at a company called Jasper Technologies that was also building a (non-crypto) solution to IoT security solution. I think they were bought out by AT&T. I was watching for the IPO, but obviously it never happened.
IoT and Crypto are emerging together and the crossover potential will be exponential as the amount of connected devices increases exponentially. Great call. I hope you continue to post quality content here.
Inspiration Daily was created to support original content creators like you. The project can be supported by following and upvoting the daily post. The SBD will be converted to Steem to grow the voting power of the account.
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Thank you for the well thought out comment, I appreciate you reading my post. Yes, IoT is going to be absolutely huge in the future I feel. I think it is overlooked by many and more people focus on projects like BTC and LTC that are geared towards person to person transfers... But in reality, 20 years from now machine to machine interactions will be a far bigger market.
P.S. I've given your page a follow!
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Thanks. And yes! I think it was last year I read an article from Cisco that estimated 2 billion devices connected to the internet, mostly ipads, iphones, PCs (person to machine communication). The estimate was that by 2020, there would be 75 billion devices connected, primarily machine to machine. There have been other estimates. I think it may have been IBM that put it at 100 billion devices. Whatever the case, it is exponential. Those of us who can see the big picture, and the necessary integration of IoT and crypto, stand to benefit greatly.
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Well structured and informative reply... You page needs a follow from me.
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Keep the info coming! Education is key in crypto
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Thanks mate, will do.
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Coins mentioned in post:
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IOTA is the future
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Thank you for the information. Well noted and would become a subject to review...
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