IOTA: First Cryptocurrency WITHOUT A Blockchain Launches, Jumps To 6th Highest Marketcap In 1 Day!

in #cryptocurrency7 years ago (edited)


A new token called IOTA has launched today, and already jumped to the 7th position in the market cap ranking.

That's an incredible rise within such a short amount of time, so that caught my attention and I (like many others probably) wondered what it was all about.

Since I have a series on my blog where I introduce new or especially interesting altcoins, I thought why not share it with the steemit community!



Overview

Name: IOTA (IOT)

Market cap: $1,503,892,6558 (Top 7)

Current price: around $0.541

Launched: 2015, Token Exchange Launch 2017

Mission Statement: "THE BACKBONE OF IOT IS HERE - Scalable, Decentralized, Modular, No Fees"

- Website -




What's so special about IOTA?

It's the first cryptocurrency without a blockchain, it runs on the blockless ditributed ledger Tangle.

"Iota is the first cryptocurrency without a blockchain. It uses the “Tangle”, which is based on DAG technology. In a traditional blockchain, various transactions are bundled in each block before this bundle of transactions is verified by miners. In the Tangle, every single transaction forms a new block and is essentially verified by itself: In order to successfully conduct a transaction, you first have to verify two randomly chosen transactions is the network. This is done with help of a very simple version of proof-of-work, therefore one could argue that transactions aren’t zero-cost. Yet, the transaction costs are essentially not existent, as the needed PoW is so low that every single device is able to independently carry it out."

Another very interesting benefit of IOTA is that it aims to have basically nonexistent fees.

This means that micropayments and data transactions are feasible as well as any other, larger transactions.
The tangle network also has no mining, no blocks and no difficulty.
And it's getting more efficient the more use it gets, so it can be mass-scaled for the world - unlike bitcoin.

Key features and Differences between IOTA and other cryptocurrencies

  • IOTA is based on Tangle, a directed acylic graph (DAG), not on a Blockchain
  • No transaction fees
  • No mining, blocks or difficulty
  • Scaling is possible almost infinitely
  • Wants to enable machine economy, Internet of Things
  • Led by the IOTA Foundation, an NGO registered in Germany

Exchange Launch on Bitfinex

Today, on June 13, the IOTA token first launched on Bitfinex.
In a matter of hours, it jumped to a Market cap of over $1.7 billion.

Bitfinex has followed IOTA since its earliest stages of development and supports the project’s innovative approach toward a blockless distributed ledger. We believe the underlying technology can lead to a new ecosystem of applications built upon this decentralized and self-regulating peer-to-peer network. (...)

Several factors have gone into our decision when considering the addition of IOTA trading on Bitfinex. Some of these factors include user requests, market capitalization, design parameters, and a thorough assessment of the token’s development process; including the team behind the token, their strategies for solving technical and nontechnical problems, as well as addressing the scaling issues currently confronting traditional blockchain technologies.

-Bitfinex


img


IOTA Team

As excpected, the team behind IOTA consists of experienced developers.
The original founder is Norwegian David Sønstebø, who has been working with cryptocurrencies and several internet-of-things applications for years.
Co-founder of IOTA is Dominik Schiener, a dev who created a fully functioning public voting system for Ethereum and has coded many other projects, according to his Github profile.
Other team members include web-, mobile- and blockchain-developers as well as cryptocurrency specialists and enthusiasts from all over the world.

Conclusion

IOTA is a promising new token. Its blockless ledger makes it one of a kind, which is why I'm looking forward to seeing how IOTA will perform in the future.

Its revolutionary technology without a blockchain could impact traditional cryptocurrencies, so we'll see where this goes!




Images: 1, 2, 3, 4, Sources: 1, 2, 3, 4, 5, 6, 7






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IOTA will have a biblical fall from that top 10 list faster than people can spell iot.Its built to disrupt a market that's trying to disrupt another market and it's yet to be mainstream (I'm talking about internet of things)

For now just be an observer don't risk your money.

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erickjongo many were " observers " when the Bitcoin appeared and now they regret for being "observers " IOTA brings a lot more benefits and even so you want to just observe, wait until you see what you lost Mr. observer.

Good post, thanks! I'm excited about this crypto.

I think it has potential indeed – I am in there with a little bit – we will see what the ranking is saying after some weeks / months. The process of the bitfinex exchange launch was exciting today – the actual launch btw was 2015 but today the first Token Exchange on bitfinex – they devs behind sound experienced and good enough to make that a success – a bit more marketing is maybe required (but that is an issue a lot cryptos have / had lol)

Yes the token definitely had a great start, jumping to the 6th spot on the first day... I think there is some potential too since IOT is so unique. Let's see where this will go!

Yeah - I will report back :-)

thanks for sharing, following you!

I don't get the math. The number of Iota is huge, more the 1000 Billions how can the market cap be only 1,5 Billion with a price of 65 cents?

The price on Bitfinex is for 1 Mi = 1 Mega Iota = 1,000,000 Iota

Aha, thanks for your information and feedback!
Very interesting technology this Iota.

maybe coinmarketcap just placed it there LOL

Krass!

What about inflation? Fees can be hidden in the inflation.

There is no Inflation. All coins have been created with the ICO last year or so... thats the reason why the number of IOTAs is so high. It`s like with satoshis in Bitcoin, a small amount could be a whole transaction in the future.

Go through this post, there is no fees....that what the project is about Scalability and eliminating fee https://steemit.com/iota/@daudimitch/scalable-decentralized-modular-no-fees-iota-6th-most-valuable-cryptocurrency-in-the-world

I had the same concern but it turns out there are no fees because of how the tangle works. If my understanding is correct, when one transaction is requested the user transacting helps to approve a different transaction.

Yes, the transaction fees are practically nonexistent. That's what makes tangle even better for micropayments

And the are more transactions possible wit more participents. Opposite to Bitcoin, where more participents create problems, because the transactions per second are fixed.

Great post. I was watching this today and its looking very impressive already. One to watch out for.

I run Steemit Blogger Central and I think the crowd over there will love our article and maybe gain you a few upvotes. So I will resteem it for you over there. Keep up the great work!

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Very interesting concept. Time to look in to it and invest. Thanks for sharing

Incredible

Its funny to see how those promo videos make these ICO's look like the next big thing and just raise Millions just because people don't want to miss out and the big fish know they can make a quick few dollars. I am very positive about most crypto's but keep in mind that a lot of them will be worth close to nothing within a few years. Others might be 400% higher at the end of the year so just diversify!

In the intelligent investor by Benjamin Graham, he explains a similar situation happening in the stockmarkets always before a crash, just with initial stock offerings. Maybe another sign to really think about where you invest currently.

Main difference between IPO and an ICO mainly is that ICO's just have a positive whitepaper and then you need to hope that they actually do what they say and become a successful company. With an IPO on the mayor stock markets its a company that has a proven track record and already is generating a certain amount of revenue/profit. I wonder how many companies that are having ICO's now will be there in 4-5 years.

Yeah very few I should think, give a bunch of computer programmers millions of dollars and see what happens next, thats the real experiment behind ICOs!

Well a lot could go to VC's and acquire money but would all get the same amount of money as they are getting through the ICO's? Some might but some definitely will not lol.

I think VCs want a bit more than a website and a whitepaper, Im a cyrypto-dinosaur though, I look back to "the good old days"

Yes, they want a lot more, they might want to restructure the whole organization. But plenty of ICO's would succeed in getting funds from VCs

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