IOTA (MIOTA) has been in a solid uptrend since April 8th. Once the price broke above the daily Ichimoku cloud on April 19th, the uptrend was confirmed. Passing up TRON (TRX) in market capitalization, IOTA is now 9th in the cryptocurrency market. Earlier this week it was the only top ten cryptocurrency to remain the green zone while of the others dipped.
The blockchain technology and distributed ledger ensure us of what is true. By having a cryptographically secure source of unified truth, IOTA envisage a grand technological Cambrian explosion of innovation to arise from it. The IOTA team has a vision of enabling all connected devices through verification of truth and transactional settlements.
IOTA has no mining and should not be compared to blockchain cryptos like Bitcoin. IOTA forms its own industry. As the Internet-of-Things keep expanding, the need for interoperability and sharing of resources become a necessity. IOTA functions as a lightweight distributed ledger with decentralization not just for the IoT but for human applications as well. This technology is said to be more advanced than blockchain and has already been mentioned on blogs like Forbes, TechCrunch, and Huffington Post. While IOTA addresses the transaction fees and scalability issues of blockchain, it does this by using a different platform entirely.
By 2025, it is expected that the number of connected devices that will be in use will reach 75 billion. As the world becomes more and more connected, the amount of data being consumed will exponentially grow. As users of theses devices interact with websites and apps they are generating astronomic quantities of data. This data is valuable for freemium services to harvest and sell to others. IOTA envisions a new model where the user pays micro-transactions without fees and retain ownership of their own eat, which they could then sell to whoever they saw fit. IOTA ushers in machine-to-machine payments and data transfer in the Internet-of-Things economy. The Internet-of-Things they will generate zettabytes of data and trade this with guaranteed data integrity. Through this, attraction and adoption will follow.
IOTA ushers in machine-to-machine payments and data transfer in the Internet-of-Things economy and promises to fix the scalability issues that ail blockchain technology with fast, zero-fee, quantum-immune, and secure transactions.
In 2017 IOTA opened a German-based non-profit foundation focused on research, development, education, and standardization of the economy of things where they recently added Porsche to their growing list of partnerships. Porsche is just one of the startups working with the IOTA platform on smart mobility – and not the only automaker. Volkswagen, one of the largest car manufacturers in the world, also made public their partnership with the platform. Earlier this month, 30 companies came together and founded the Mobility Open Blockchain Initiative, of which IOTA was one.
The next generation platform offers interoperability between all kinds of devices using its Tangle method. ‘Tangle’ is a revolutionary new lockless distributed ledger which is scalable, lightweight and for the first time ever make it possible to transfer value without fees. Unlike blockchain, its ledger does not consist of transactions grouped into blocks and stored in sequential chains. Instead, the ledger is a stream of individual transactions entangled together. The IOTA community strongly believes that the Tangle will empower machines and humans to participate in flourishing new permission less economies.
“ The Industrial Internet of Things today is very powerful within individual industry sectors, but it lacks a decentralized and trusted machine-to-machine transaction layer to fully enable cross-industry ecosystems. The smart city of tomorrow for instance will require bridging autonomous mobility and intelligent buildings. IOTA with its Tangle based Distributed Ledger Technology is best positioned to fill this gap.
I’m delighted to join the IOTA Foundation and become part of this transformational journey for many industries.”
This was said by Michael Nilles, the Chief Digital Officer (CDO) for Schindler, who has now joined the IOTA Foundation. Nilles has more than 20 years of experience spearheading digital innovation and large scale digital transformations for multi billion dollar industrial businesses. Nilles will help develop infrastructure of smart cities.
It is a very exciting time to be involved in the cryptocurrency industry. Zilliqa (ZIL) and IOTA were some of the best performing coins last. Currently the market has taken a dip under the $400 billion area. While every coin is currently going down today, some experts have stated that May could be the last time we ever see Bitcoin at under $10,000 – meaning that this downtrend will be the last one before a nice bull run. IOTA is different from all of the other cryptocurrencies not only because of the global corporations they have partnered with but because of its advanced technology that differs from blockchain and sets out to do more. IOTA is set up for a good 2018.