IOTA - How Long Until it is the Next Top Cryptocurrency?
IOTA is a relatively new cryptocurrency that is fundamentally different from nearly all other coins so far in the sense that it does not use the block-chain technology. It uses a ledger system technology that is known as the Tangle. According to iota.org, Tangle is "a revolutionary new blockless distributed ledger which is scalable, lightweight and for the first time ever makes it possible to transfer value without any fees."
(SideNote: there is a coin known as byteball that also uses a ledger system similar to IOTA, but this article will focus on IOTA)
Think about that. Absolutely zero fees. You can send 1 cent worth of IOTA across the globe and not pay a fee. With bitcoin you cannot reasonably make any micro transaction without paying about a five dollar fee. This is just one of the ways in which IOTA is a game changer.
The Tangle ledger has so many technological advantages over the block-chain ledger that Tangle could be considered an evolution in cryptocurrency technology. It is going to be a struggle for even top block-chain coins like Bitcoin and Ethereum to even compete with the technological superiority of the Tangle system and the many advantages it offers.
As Bitcoin usage increases, transaction times slow down. Quite simply, that is the scalability issue that Bitcoin is experiencing. IOTA does not suffer from any scalability issues, in fact it is a scalability solution. The busier that IOTA becomes, the faster it becomes. As the volume of transactions taking place increases, the speed of transactions will increase also. It is an ingenious solution that is all thanks to the Tangle. The only thing limiting the speed of transactions on the IOTA is the speed of light.
IOTA coin is currently available on the bitfinex.com exchange. You can purchase it with USD or trade Bitcoin or Ethereum for it. Once you have acquired some IOTA you can open an IOTA wallet to keep it safe (I would not recommend leaving anything on Bitfinix as they have been hacked in the past).
IOTA has a elegant and simple to use Light Wallet that I recommend (IOTA Light Wallet 2.3.1). From my experience using the IOTA Light Wallet, I can personally testify that the whole Tangle ledger system works like a well oiled machine, speedy and wonderful.
Not only is IOTA a solution to the scalability and micro-transaction issues that block-chain currencies are struggling with, it has long-term potential to gain monumental adoption as a medium of data and resource exchange between smart devices for the upcoming 'Internet Of Things'. IOTA hopes to be the solution that will allow devices to trade exact amounts of resources with no fees. This would send IOTA soaring beyond the moon and into the Andromeda in terms of its value.
IOTA is still young but it has all the characteristics of a currency that has a bright future. IOTA has the potential to dominate Bitcoin and Ethereum within the next 2-3 years. I will be very surprised with IOTA is not in the top 3 in one year from now. The more I learn about this coin and the more I experience it, the more my faith in it increases. That is why moving forward IOTA will be the number one currency I invest in. I still see coins like Bitcoin going to the moon, but IOTA has potential to go beyond the moon.
What do you guys think, is IOTA going to be a top coin in the next year or two? Leave your opinion in the comments
I truly believe in IOTA's technology. I am organizing a small IOTA giveaway of 3 Mega IOTAs. It will help new IOTA users to play around IOTA and to understand its wallet. Check out: https://steemit.com/iota/@devender/giveaway-2-iota-giveway
Anything is possible in the crypto world. There are a lot of IOTA , 2,779,530,283 in total. Even if they went to $1 each that would only boost them up to 5th place
I love what IOTA is trying to do and I love the design of IOTA. My issue is using it, as an OSX user. Each time I move coins, it's an issue. They won't attach to the tangle and there is an issue with pending transactions. I have been using crypto for several years and have never shied away from wallets or trying out anything new. One of the determining factors, imho, is whether or not a new person can sort through the difficulty at the beginning. IOTA released their wallet too soon. It's too hard for a new person. (Upvoted and followed)
@blubeast I am also using mac desktop wallet. I don't get pending transaction issue that frequently. All you need to use receive address and attach it to tangle and give it to the sender. What exactly is your issue? Are you running your wallet in lite mode?
You know, after some poking around, I solved my issue with a super simple fix: by changing the node to the Bitfinex server, rebroadcasting and reattaching the tangle, it went right through. After all that. I upgraded the wallet and jumped through a million hoops but that one fix did it. I wish I could tell every person out there struggling with sending their IOTA's off Bitfinex to do that....
I am glad your issue is solved @blubeast.
You can write a post on this to help future users :)
The only thing limiting the speed of transactions on the IOTA is the speed of light.Unfortunately, from what I hear, this remains to be proven.
Iota has a great idea but we will need to see if a tangle is really better than blockchain. I think iota is a good hedge, you should own some in your portfolio. But i don't think this will overtake all the other coins.