Something about IOTA

in #cryptocurrency3 years ago

IOTA.jpg

First of all, it is necessary to know wat is this IoT( internet of things ). We all live in a world of comunication, where the interaction of humans with technology is expanding every day. Curently many devices (cars, household appliances like smart TV, smart fridges, smart lighting, smart thermostats, furnitures, etc) are being implemented with software, which allows them to store data and share it with other devices. The idea of the "Internet of things" is that the devices can interact with each other through a global network.
IOTA is a crypto currency, which is designed specifically for the Internet of things and is based of the concept of the Tangle,which is a distributed accounting journal.

HOW IOTA WORKS

In contrast to the classic blockchain system , the IOTA system uses a direct acyclic graph DAG(Tangle). A DAG based network consists of transactions. With the appearance of a new transaaction, it most first approve 2 other ones , which in the network were held in front of it. The idea of the creators was that the new transaction receiving indirect and direct approval should be better accepted by system. In other words the more approvals the more weight the deal gets.

DO I NEEDTO INVEST IN IOTA?

The Internet of Things provides an opportunity to use the rapidly evolving platform for communication service providers (CSPs) to explore new opportunities to grow this sector and increase revenue. It is predicted that by 2020 the number of connections through IoT will reach 1 billion, so the need for a safe and cheap and scalable microbilling mechanism is obvious to everyone.
Some experts in the field of cryptography believe that the IOTA project has huge potential. However others point out that the system is still far from "mass adoption". But long negotiations and competent effective strategic management of the IOTA-Core led to some cooperation with some real companies.
Look guys I'm not a expert in crypto currency but IOTA coin have some advantages:

Absence of transaction fees. The Tangle system is based on the principle of its work provides unpaid bargains. So...usual transactions with other crypto currencies are checked and approved by the miners who extract it. In the new technology each new transaction forms a new chain block and confirms itselfs by confirming the other two that went before it. The chain is scaled and self identified. I think such a feature of IOTA can in the future become a driver for many new business models.

Scalability. In the new technology scalability and adaptability to high level systems where devices carry thousands and millions of transactions a normal situation.

Offline transactions. Blockchain is a concept of a global state where each participant of the network synchronizes with the common system for purpose of making a payment. The Tangle does not have such strict requirements and even let users make payments using coins in an offline environment.

In the main crypto currencies the implementation of microtransactions involves a number of problematic aspects: high commissions to the miners and a long time for confirmation by other users. In the Tangle you don't have this problem. This is due to the fact that the platform is completely self sustaining. There are no miners in it. And the owners of coins themselves can confirm the transactions of the users. There are no commissions within the system.

In this regard investing in IOTA is a good choice for the future....

Iota website = http://www.iota.org

Please comment :)

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Good post. IOTA is one of my core holdings for the long term. Upvoted, followed you and resteemed.

Hi, Thank you. Yes, mine too...)

I have some IOTA and have been holding it for a while because the project is very interesting indeed. But one thing that has bothered me, and keeps bothering me, is that I can't find a decent answer to the question: What is the IOTA token used for and why is it valuable?
Where will the demand for this token come from?

With Ethereum for example, ETH is the fuel and presumably this is used on smart contracts through transaction fees. But since IOTA doesn't have transaction fees, what benefit or value is there to holding IOTA?

Once I have this answered I will feel much better investing more into it.

Is Eth only used for transaction fees? Of course not. It is used as a currency. Like USD or EUR. All of those currencies do have value, although they are made out of thin air and "backed" by an insolvent country. Not because the transfer costs, but just because it is used. The more people use it, the more precious it becomes. Thats why the USD has the highest market cap of all currencies (about 12 trillion), because its the most used one. If iota gets mass adaption, the usage increases and with it its market cap. The transaction fees don't count here.

I get what you are saying, trust me. I am not new in this scene.

I believe IOTA is a great thing. However, I currently don't see the point of holding IOTA. If there is no reason to hold it, what will be the thing that makes IOTA retain it's value in the long run? Why not hold a different coin which does offer economic incentives to holding it? It's value is backed by the people who hold it but without a clear and overwhelming reason to hold..... then what?

I think labelling it as a currency isn't really correct either, as it is more of a platform than a currency, similar to how ETH is. Except Ethereum has built-in 'demand' for the tokens from transaction costs to drive up price, whereas IOTA doesn't seem to have any built in demand. Bitcoin doesn't either, but Bitcoin is Bitcoin just like how Coca Cola is Coca Cola. Banking on mainstream opinion switching from Bitcoin to IOTA is a stretch.

My personal hope is that IOTA will offer ICO's to be built on top of it, just like Ethereum's ERC20 tokens. Those 'sidechains' could then be fueled with IOTA. That would be one thing that gives value to the token; it is similar to the STRAT token. I haven't been able to discover if this is the case with IOTA however.

I Was thinking about this one... great article.. got me convinced :)

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Interesting
I will follow you to see your future posts! +upvote

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iota will revolutionize industries and it just has started with carvertical!

i just came across this vid and it is amazing.

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