IOTA: Everything you need to know. The Technology, Future AND Outcomes? - Is it a GOOD Investment?
What is IOTA?
IOTA is radically different from existing cryptocurrencies in the sense that it doesn’t even use blockchain. It uses an entirely new concept called “Tangle”. Consequently;
- No transaction fees, enabling true micro-transactions.
- Infinitely scalable
- Very fast transactions
IOTA uses a unique architecture (Tangle/Directed Acyclic Graph) which is superior to Blockchain in various aspects and overcomes many of its limitations. IOTA aims to become the currency of choice for the growing IoT ecosystem. It is trying to tackle a market with an unproven use case for cryptocurrencies (IOTs) with a unique non-blockchain based solution.
IOTA have the ability to solve problems that otherwise Blockchain would find it hard to solve. You can refer to one of my other articles on what problems are Blockchain facing.
If IOTA is non-mineable then how does it makes their BLOCKS?
Compared to other Altoins IOTA is different. In the Tangle, each transaction forms a new block and it is verified by itself. To be able proceed this verification it has to first verify two randomly chosen transactions in the network. Each transaction reference to other transaction as its proof of work. This referencing of transactions is seen as an attestation: with your transaction you attest directly that two transactions, and indirectly that a subsection of the Tangle are valid and conform to the protocols rules.
In true sense, there are no Blocks in IOTA.
In other words, everyone that is making a transaction with IOTA is a miner but with no Block rewards.
Is IOTA a good investment?
IOTA is an excellent idea. It’s basically the money your machines are going to use, to interact with other machines so that the entire IoT infrastructure around you will have an economy of its own to somehow make your life easier and probably a little more fattier :)
It is very hard to get your IOTA. The only exchange that supports IOTA is Bitfinex, despite that it has gained a huge market capital. It’s kinda of a little trickier for exchanges to handle IOTA.
So, in my opinion it’s too early to say anything about IOTA in terms of investment point of view. I don’t see it taking off in the near future.
What is your prediction of IOTA for the year 2018?
Whoever thinks that he can predict the crypto market is insane. It’s the most volatile market on earth. People choose irrationally to invest in coins that bring nothing new. There is fear and panic with random articles. Anything can happen.
Just to cite as an example, I had a pretty much intense technical discussion with one of the commentors on my post. He was so certain about his predictions and technical analysis that he even gave me the predicted price $4300 for Bitcoin in the next 2 days. I just left the discussion with a comment;
Cya after two days.
You can visit the post here and see for yourself. I just don't want to embarrass him for his prediction otherwise would have reminded him. I hope he's not reading this :)
Imagine, had he invested those money or anyone else followed his prediction would have been kicking himself against the wall by now. It may look like a Poker game but it isn't. There are serious pro involved and they know the amateurs in you.
You and your silly predictions are what they eat at Lunch, Breakfast and Dinner.
The point is that you can’t predict the future. How do you even predict the next move of a trader sitting in Asia, Africa or Europe? There's no particular script to be followed.
I always repeat this in my articles, that you can not predict the future, you just get close to it and there’s no formula for you to do so. Which is why the traders are glued to their screens researching for news and making their moves. A sizable number of traders act on news and if there’s none they go by their extinct.
Now as you can see (in the link shared above), that guy has been claiming that he’s successful with that strategy and that it’s not just LUCK. Had he invested his money by $4300/Bitcoin prediction, he would have been suffering a loss of about $558 per Bitcoin by now.
Then why do certain people like him claim that they are successful by predicting and using a particular system?
It’s pretty much simple. The Trading market is always about ups and down. And you only sell or buy when the price favors you. Hence, you think that your strategy was successful.If any of them define a particular time period for their predictions (like he did) using the best of their best technology or whatever system, I dare say they would fail.
The only strategy that is surely successful is;
Buy LOW and Sell HIGH
People often misunderstands this that the charts or data predicts the future. No it doesn’t. It only shows you the behavior pattern of the past and not the future. We use data analysis to see how the market behaved and not 'how the market will behave'.
There’s a difference.
Stats and Facts
Market Capital: $1,335,828,356
Circulating Supply: 2,779,530,283
Max Supply: 2,779,530,283
Unit: MIOTA
Rank: 10
CoinMarketCap: https://coinmarketcap.com/currencies/iota/#charts
Announcement: https://bitcointalk.org/index.php?topic=1216479.0
Website: https://iota.org/
Forum: https://forum.iota.org/
Blog: https://blog.iota.org/
IOTA Learning Center: https://learn.iota.org/
Developers: https://dev.iota.org/
GitHub: https://github.com/iotaledger
GUI Wallet Download: https://iota.readme.io/docs/general
Slack Channel: https://slack.iota.org/
Twitter A/C: https://twitter.com/iotatoken
Reddit A/C: https://www.reddit.com/r/Iota/
IOTA in the NEWS:
- https://www.forbes.com/sites/rogeraitken/2017/06/15/iotas-bitfinex-listing-surges-to-1-5b-record-breaking-crypto-capitalization-on-market-debut/#1d6763eb75a5
- https://innovator.news/securing-the-economy-of-things-9af71235834b
Blockchain Explorers:
LIVE Transactions: https://thetangle.org/live
Rich List: https://thetangle.org/statistics/richest-addresses
Where to BUY/ Exchanges: https://www.bitfinex.com/
WHITEPAPER: https://iota.org/IOTA_Whitepaper.pdf
IOTA Roadmap: https://blog.iota.org/iota-development-roadmap-74741f37ed01
Introduction to IOTA Core-Developers: https://steemit.com/news/@j3dy/introducing-the-team-behind-the-iota-the-core
Opinion/Conclusion: What do I think?
IOTA, a wonderful wonderful technology. But for the future and not present. Let’s get over the hang of Bitcoin and then we will see about IOTA may be after 2020 !?
People are not just yet ready for Tangle. Organizations are going crazy over Blockchain so far. And they are training and educating their employees on Blockchain. It cost’s a certain amount of money to do so. You can’t just switch overnight from one technology to another. It will take time to realize what IOTA can do for us.
The best explanation that I can give you is that, IOTA is a far superior technology with sustainability but it has been introduced at a very wrong time. If we start using IOTA today and throw other coins by the window, it would mean that we have just lighten up another Cuba or Sri Lanka. That’s how much energy is being used by Bitcoin miners. Things would have been different for IOTA, if it were introduced after 4–5 years. IOTA is build out of necessity and it will play it’s role when it’s the right time.
People has invested heavily in Blockchain tech. And there’s no change in that, as far as I can see!
Let IOTA test the waters, while everyone is busy plucking the fruits of Blockchain.
IOTA is the FUTURE but NOT the PRESENT !
Disclaimer:
I do not have any sort of affiliation with any of the coins. Use this information as it deems fit. It's your Money and you should be the sole incharge.
Your appreciation means a lot. Enjoy!
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"IOTA is the FUTURE but NOT the PRESENT !"
Just a thought:
If IOTA is the FUTURE, then it is a VERY VERY VERY GOOD investment. After all, why should I focus my investment/s in the present?
If price appreciation goes slow because it is not the present, then I take that as an advantage to accumulate my investment unto it.
Just saying...
Well, you are right. Your strategy makes sense.
But I am the kind of person who would not keep his money tied for 3-5 years. I can trade on that money and earn a handsome amount for the time being. Another reason is that I don't have a fat Bank account. So, I mostly think Short-term.
So, if you are okay with tying your Capital for a few years then I think there's no harm in investing. Good Luck and Thanks :)
You're right too. I said those things and was able to think about it because maybe we simply have different lifestyle. I am a busy man with multiple business fields.
But, I was thinking about the timing of IOTA. I do not think they are wrong in their timing. Because nowadays we cannot afford to wait. We are in the age of "everything should be FAST" when it comes to tech trends. Whenever you got an idea and not just an idea but GREAT idea - companies are telling you we NEED that. If you have a great product, present that to the customer ASAP!
That's just what we simply are right now. Whoever has the "greatest" takes it all! And maybe it is IOTA, but maybe not. Who knows?
You are right. But the problem is. Everyone is all over Blockchain. A lot of companies from JP Morgan to IBM have already started to invest in Blockchain. And you coming from business background would know that you can't just change your tech overnight. Because it comes with a certain cost. You have to train your stuff, overhaul your infrastructure and it takes years. It took a decade for JP Morgan and all those giants to recognize that actually Blockchain can be a reality.
When I said that IOTA is the future, I didn't say it because there's just cost involved but the technology itself is yet to be tested. Great companies like Bosch, Cisco, Innogy, Microsoft, Canonical/Unbuntu SAP, UBS are looking into the Tangle tech. But it has problems such as security vulnerabilities, transaction confirmation, seed generation, double spend issue, wallet issues, accessibility.
I like the what the Stratis CEO Chris Trew Said;
Which is why I said;
Let IOTA test the Waters.
This is not to attack, but to try to criticize constructively:
This article does not state/show "The everything you need to know" as stated in the title. How about the team or core developers? Their road map? What they do right now to develop the project/s. their slack channel. Social/community movements? Their growing partnerships and or companies that are actually involve right now with iota? Those are very important factors to consider on "everything we need to know". Atleast on those areas. There is so much information we need to know about IOTA. or maybe atleast on IOT.
I am always open to criticism. And I don't take my readers for granted. I welcome you.
Now to answer your question;
On principle you are right, I should have stated all those as the title suggests. But the idea was to generally interpret things for users of this information.
I would have stated their Social Media a/c , whitepapers but I thought that since we are here on Crypto platform so most users would know where to find it. That was probably my ignorance.
I would add your suggestions to the this article and re-edit it. Thanks for your feedback.
Thanks for your kind answer. I'll leave it all to you after this because I do not like making a lot of criticism (I want making more friends, so I better be careful and brief with my statements). I think people nowadays wants a "one stop shop" kind of practices in many areas of their lives. So I believe it is always better to be more detailed. thank you.
I have updated the article. I hope it looks good now :)
The purpose of this article was to make your life much easier. I didn't wanted to bombard you guys with the Technical stuff. I just wanted to be as general as possible. Which is why I am just stating the links there only.
Thanks again. I won't call it criticism (sounds negative to me). I take it as feedback.:)
Great! Thank you for the updates! More power to you!
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Sure, I will be happy to read. Thanks for stopping by.