I am believer in IOTA promise. I really like the tangle concept. It surely has the potential to solve the problems of the blockchain.
Unfortunately I missed their ICO last year and I missed on such a great profit. But I ended up getting some from Bitfinix.
What IOTA brings to the table ?
IOTA uses a the tangle rather than blockchain. It solves the scalability problem of blockchain if implemented and used. Scalability means hundred thousands to millions transactions per second.
The best explanation that I have read about the tangle concept versus blockchain is the following:
In Blockchain, Minors are like teachers who have to grade every student's paper one by one. It take a long time as the ratio of teachers to students is low. However in the tangle concept, imagine every student grades the next students paper. That's how the process will speed up.
- The tangle : It's cool, innovative and will help speed up transactions.
- Zero transaction fee: Can't be be any better
- The tangle and Zero fee transaction :
For the tangle to become fast and deliver the promise, we need a lot of users to start using it and start hosting and processing the transactions. Since there is no transaction fee, I don't see any motivation to host a node helping the server. Did it get a a bit convoluted? YES ! and we are seeing the consequence already, the transactions are not getting confirmed for days ! Checkout the IOTA forum to see how many users complain every day. It also happened to me and it took 12 hours to confirm that I will explain in another post.
- The initial distribution of the tokens were crooked! There are many whales out there bumping and dumping which prevents the currency reaches the potentials. look at the buy and sell orders in Bitfinex.
All in all, I like the IOTA promise and I bought some and going long with it. I bought mine at 34 cents. It's still cheap 28 cents. Buy if you believe in it's future.