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

in #cryptocurrency3 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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© Sirwinchester


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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!

You can view your RESTEEM at the following pages:

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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

Great post!

But have only in Volume (24h) have only $24,309,100 this is strange, I believe it is a false value.

Consider that it is only traded at one exchange, not like Bitcoin or Ether that are traded at a hundred (?) exchanges.

I haven't heard of this coin before. It looks like it has a lot of potential i'll definitely check it out.

They will fall. If you look at all the cryptos, they start with exceptional markets caps and then plummet. i will invest when its worth less than a penny.

all cryptos start with exceptional market caps and then plummet....
huh?
that's pretty much not possible, I think. I don't know anything about iota, btw, I'm just super curious what you're talking about.

This is something new for me. Hearing about such a token for the very first time. Thanks for enlightening me up @sirwinchester. I will research more about this :-)

Yes, IOTA came out of nowhere for myself and last I checked it was nearing LTC on Market Cap.

Some people I've seen are spreading FUD about this due to the amount of coins in circulation and the sharp rise, but the market has expanded in such a way that it's very possible for the volume to rise even further similar to how Ripple did.

As for myself, I placed a 6% chunk of my portfolio into IOTA the moment I learned about it to see where it will go. The volume is high enough and it's liquid enough for now to make it feel pretty safe that it will remain consistent through initial profit taking.

Interesting, yes I'm looking forward to how this will develop as well - and if other coins using tangle will be launched.

Incredible appearance on the market! Immediately the sixth place in the top of cryptocurrencies!

Yes I was surprised when I saw a new coin ranked so high!

And only on the Bitfinex, missing on Poloniex or Bittrex

So what do you predict will happen, is it going to blow up like ether? Should we be buying some? Love the article but at the end of the day how does the layman benefit, people out there still think all this is funny money. Also there is always a small cost for any currency because you need to pay for electricity. And if it's not minded then how is it produced?

Thank you for you very informative blogs steem on.

The Steem is strong in this one

It'll be interesting to see what this one is going to do. Might have to drop a little money on it.

Yes this could be a big step in the cryptocurrency world, an altcoin without a blockchain.. we'll see where this goes!

On my way right over to check it out :-)
Thanks for the info

You're welcome, glad I could share some news

A bit of a pain getting the wallet hooked in the pipe, have you tried ?

Hey, really great information!

Isnt it too late to invest? I am not sure. It almost have 2 billions market cap already!

Yes it's very interesting and I was looking about some info about it. And @sirwinchester has arrived. :)
Thanks sir, have to read a post now!

Perfect Timing - thank you!

Still getting the knowledge about it.

Yes it's quite a complex technology, it's one of a kind

Interesting, thanks for posting this. Do they have a website?

Yes, it's iota.org, I added it to the post as well!

There's some unique ideas here, but at this particular moment it's value is well over-inflated ($0.61 USD per, and $1.7bil market cap) by fear-of-missing-out. This is definitely worth keeping an eye on, but the price is going to deflate down to a reasonable level in comparison to other established cryptocurrencies that are already seeing use cases.

Isn't a cryptocurrency without a an encrypted blockchain just a... currency?

Great post, Im following IOTA since the beginning and Im very impressed how far the developers pushed it. The Tangle will thrive the whole internet of things technology to a new level!!!

what? No WAY its already at top sixth marketcap position! let me check coinmarketcap!
HOLY SHIT THERE IT IS WTF??!

Glad to see u back making daily posts @sirwinchester !!!! what was it like to come back to steemit and see how much ur posts were now worth?? Have you accepted steemit as your personal lord and savior and full time job now like I have? manI wana get paid like you soon! My renting of a ferrari spider with steemit logos temporarily taped on with scotch tape (to not mess up the paint) and recording myself handing out steemit flyers will get me on local news and reddit and youtube and steemit trending page, i just need a whale to give me the 2000 to rent the ferrari for the day OR a local ferrari owner in southern california who can let me use it for a few hours for the video or just need to find a local super car dealer that can let me borrow any supercar but need a ferrari or lamborghini that everyone knows about, and then just record the video for an hour or two handing out $1 bills and steemit flyers with instructions o how to signup and make money to 100 people, i'd like to hand out $1000 for just how it sounds, "man hands out !000 dollars in ferrari in downtown san diego for website steemit.com

I will raise the money by working my way up and doing a video showing me just handingout flyers and 20 one dollar bills to 20 people, with steemit flyers but ill also hand out 80 moe flyers so ill have like 100 people ill have given flyers to on the street like ill seriously work the cornr like a PETA or GREENPEACE kid who sits there liek a sucker getting people to donate money etc

I was never gone, I always posted daily, I've been on steemit for less than 11 months but created 389 posts, so that's more even more than 1 a day! I just always have so many thoughts and topics that interest me, so I continued posting, not for the money but just to create something and save it for myself.

It's great to see how the steemit community is growing, and how the STEEM price has been rising.
Let's hope it will rise even further so that you can buy that ferrari and turn your vision inte reality 😁

Olney my mistake you been posting more than once a day on average! I Only need ren rent Ferrari I wouldn't waste money on a super car I would buy an uber fleet of cheap Hyundai instead

wow great information !

I read from @charlieshrem that market cap for cryptocurrencies is a poor way to determine its ranking against other currencies.

Someone could have 1000 iota, but if there is little to no liquity the iota holder is screwed.

interestingly one of the quick way to be a millionaire these days and something normal people will ignore, is to participate in cryptocurrency. think about how much it has increased since few years back.

Here is a link explaining the IOTA coin, I did it earlier when I notice it pop to #6 most valuable cryptocurrency in the world https://steemit.com/iota/@daudimitch/scalable-decentralized-modular-no-fees-iota-6th-most-valuable-cryptocurrency-in-the-world

no fees that means that the exchanges gains nothing.,.. unless they holding millions of coins waiting to dump...

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There was an active OTC market on their slack selling between 0.16B and 0.20 per Gi which more or less seems to have set the initial valuation.

I've been following this one for a while. The technology looks really impressive. One issue I am curious about is whether people will use IOTA as a store or value, or just convert BTC or ETH as needed to top up.

Hm, you're right, interesting question. I think it could be used as value as well in the future.

I think BAT might have this problem too. Why leave your payouts in BAT when you can just cash-out and cash-in when convenient.

That's not to say that they won't have value. They are still, by design, finite and therefore scarce.

interesting new concept. I'll keep a eye on the quote for a while. Is this system as safe as a regular blockchain? I'm not that well versed in it, and somehow the huge amount of calculations appear to me to be the key of why they are safe.

Very interested indeed

As far as I know, there are no differences in security.
Tangle is like an improved version of the blockchain with no transaction fees.

Im trying to learn IOTA, to me now, its quite unclear how it operates, but I took a very small amount just for fun, after all its all just Magic Internet Money!

If this currency has no blockchain how can it have a market cap or do I not understand how DAG technology works. Also isn't this currency subject to inflation?

It seems very revolutionary indeed.

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