While other cryptocurrencies have been struggling to find new users and clear regulatory hurdles, the IOTA Foundation has quietly been recruiting corporations and organizations to its cause.
IOTA is radically different than most cryptocurrencies people are familiar with. There are no blocks, no chains, and no miners. Yet the IOTA system is a powerful public distributed ledger that uses the same underlying principles as blockchain, but with new and exciting capabilities.
One of these capabilities is the ability for Internet-connected devices to set, negotiate, and fulfill smart contracts autonomously. The IOTA network would allow network devices to handle micropayments in a secure manner without having to ask device owners for verification.
The key element to IOTA is called the Tangle. It’s easy to think of it as an analog to the blocks you would normally find in blockchain-based cryptocurrencies. Instead of building a structure out of neatly defined blocks, IOTA uses Internet of Things (IoT) technology to offer scalable transaction consensus without any fees.
This improves on some of the main problems that the world’s most popular cryptocurrencies have – like scalability issues and miner faction disputes. Instead, IOTA offers a robust solution ideally suited to the asynchronous IoT environment favored by a broad swath of upcoming tech corporations and users.
As a result, investor interest in the IOTA coin, which is frequently denominated in the millions (MIOTA), is soaring. Corporate tie-ins and academic partnerships are serving to push the value of MIOTA way up in the short-term, with very encouraging long-term growth prospects
Where is IOTA (MIOTA) Now?
Image from CryptoCurrencyNews.com
As of October 30th, 2018, MIOTA has the 9th highest market capitalization of all digital currencies: $4.02 billion.
Among the top ten cryptocurrencies ranked by market capitalization, it is the only one enjoying growth in terms of trading volume. This fact alone establishes MIOTA as being able to withstand the Bitcoin-dominated bellwether of cryptocurrency markets.
Most cryptocurrencies tend to follow the value of Bitcoin. As Bitcoin goes up, a broad range of related blockchain-based cryptocurrencies go up. When Bitcoin goes down, the same currencies go down.
MIOTA seems to be in a class of its own, capable of making its own markets thanks to a combination of corporate adoption negotiations and academic research uses.
While MIOTA currently trades at lower than $1, the currency’s founder claims that international adoption rates are set to skyrocket in the near future. This is because of IOTA’s capacity to enable accessible, cost-free smart contracts for corporate partners.
However, at the moment, there are no third-party systems integrators working in the IOT environment, which places a key skills gap in the workplace. Programmers who understand how to work with IOTA are scarce, and their solutions are not yet easily scalable.
Corporate Partners Backing IOTA (MIOTA)
There are hundreds of tech corporations in the IoT sphere looking at IOTA as a possible solution to their communication and archival needs. IOTA programmers are currently encouraging users to learn Python to prepare
themselves for the coming uptick in IOTA adoption.
One of the firms that has already began laying the groundwork for its IOTA implementation is Nordic Semiconductors. This company builds wireless, portable gadgets that use cutting-edge technology to fulfill IoT needs with ultra-low-power processors key to the IoT environment.
The company is currently working on creating an IOTA database that will contain all of the information concerning its devices and their compatibilities, including opportunities to immediately connect through smart contract functionality. Users who wish to perform transactions within this database will have to pay using MIOTA.
At a second level, research students from the Norwegian University of Science and Technology (NTNU) are mining the data and analyzing it so that Nordic Semiconductors can immediately begin offering its data through the IOTA platform.
Other corporate partners include Microsoft, Volkswagen, and Samsung – all of whom are currently testing IOTA technology to determine its resiliency and usefulness in a wide variety of scenarios. Even the World Trade Organization singled out IOTA as a promising machine-to-machine transaction management platform that could make a huge difference on global industry.
Most analysts in the cryptocurrency industry are optimistic about MIOTA, thanks to the usefulness of the underlying technology for solving real-world problems. Learn more about six professional consensus views from reputable cryptocurrency analysts
Since the IOTA platform eliminates the scalability and security issues that Bitcoin experiences, it may be able to enjoy similar transformative success outside the realm of analysts’ predictions. Cryptocurrencies rarely adhere nicely to the maps that analysts set out for them, so now could be an excellent time to invest.
What Could Hold MIOTA Back?
The IOTA platform is certainly promising, and has a great deal of potential to offer developers and investors alike. However, there are still hurdles for the IOTA Foundation to jump, and these may have a negative effect on investor enthusiasm:
What the IOTA Foundation Can Do Moving Forward
In order for IOTA to become the standard communication protocol for Internet-connected devices, the IOTA Foundation needs to present the strengths of its argument and broadcast the usefulness of its plan. It needs to gain visibility through more high-profile partnerships and activities and, importantly, deliver on its promises.
The IOTA Foundation needs to capitalize on its commercial partnerships, create compelling case studies that demonstrate its successes, and harness its current supply advantage to its full extent.
Since there is no mining process underlying the Tangle-based cryptocurrency infrastructure, the maximum supply of MIOTA already exists. Both the IOTA Foundation and investors need to consider the effects that supply and demand will have on a fixed-volume asset, since nobody is going to create any more MIOTA.
Perhaps the best step the IOTA Foundation could make is something it has already had the good sense to do. It was released an open-ended IOTA Ecosystem available for developers and interested amateurs to create proof-of-concepts, utilities, libraries, and other applications to be built on the platform’s core protocol.
Should You Invest in MIOTA?
There are hundreds of ways that IOTA can help businesses and everyday people.
Every financial entity on the planet – both corporations and individual human beings – produce data on a daily basis, yet they have no means of monetizing that data. IOTA provides the means.
The IOTA Foundation’s most popular example is a weather station selling barometric and humidity data to weather researchers, local farmers, and nearby airports. However, when understood on a personal level and multiplied throughout the broad range of devices people use on a daily basis, these benefits compound into powerful economic forces.
Thanks to the IOTA Foundations powerful partnerships, positive outlook, and innovative strategy, it could be the perfect long-term win for anyone who believes in IoT technology. The problems that IOTA addresses will become increasingly important as time goes on – and great rewards will go to the developers who can best solve them.