According to Forbes, by 2020 Internet of Things market will reach $267B. The three top uses cases driving IoT market will be predictive maintenance, self-optimizing production, and automated inventory management. But there are almost hundreds of other possible uses, such as smart meters, sensors that predict when machinery need to be repaired, self-optimizing production, remote patient monitoring, track and trace, connected cards, distributed generation and storage, fleet management and demand response.
As this market keeps expanding, the need for interoperability and sharing of resources become a necessity. And there it comes IOTA. (Check the official website https://iota.org)
IOTA is an open-source distributed ledger protocol focused on serving as the backbone of the emerging Internet of Things. The main innovation is the fact that rather than on blockchain the protocol is based on the so-called ‘Tangle’. The IOTA Tangle is a quantum-proof Directed Acyclic Graph, with no fees on transactions and no fixed limit on how many transactions can be confirmed per second* in the network. Instead, throughput grows in conjunction with activity in the network: the more activity, the faster the network. Unlike blockchain architecture, IOTA has no separation between users and validators; rather, validation is an intrinsic property of using the ledger, thus avoiding centralization.
IOTA introduces many revolutionary innovations, and one in particular is fundamental: zero fees. The main reason why this will decree IOTA success is that in the new autonomous Machine Economy micro transaction will be the standard and IOTA will be the only platform that supports them. In fact, it is almost impossible to use another crytocurrency to send micro payments without paying a miner fee that would not make the economic operation worthwhile: eventually you will pay a fee higher than the amount you are sending!
Since one of the protocol focuses is processing micro payments, the value of 1 IOTA is extremely low (now around $0,00000038). IOTA uses the International System of Units so it's not difficult to get confident with the different prefixes. The price you will find on exchanges is the value of 1 MIOTA (1 000 000 IOTA) (now at $0,38). Here's the conversion table:
IOTA has been officially launched on BitFinex on June 13th and since then the price has fluctuated between $0,60 and $0,35, with a peak of $0,63.
The coin will be soon adopted by other exchanges and the price is supposed to rise quickly: the $1 range seems not to be a problem since it is compatible with the circulating supply of the coin: 2,779,530,283 MIOTA. In fact, with a hypothetical value of $1 per MIOTA the market cap would be less than 3 billion dollars. In a couple of years, it could grow exponentially since IOTA is the first protocol whose focus is being the backbone of the Internet of Things, and - as you know - cryptocurrencies that bring exciting new features could be very successful: just think of Bitcoin and Ethereum...
Posted by https://cryptoblog.tech