Hello Steemit! In this video, I cover IOTA as an Investment. IOTA is a very unique coin with a lot of great features. It also has some quirks and possible new exploits that hackers may take advantage of in the future. My analysis is as follows:
What is IOTA?
- A zero transaction fee coin, denoted in mega-iotas: 1 million IOTA = 1 MIOTA, present value $0.42
- Uses “tangle” instead of blockchain
- PoW coin, where senders do the work, no block rewards
- Fixed limit on coins, 2,779,530,283 MIOTA
- “Free” Data Transfer protocol that is authenticated
PROS:
- “Tangle” produces zero transaction fees on the network
- Fancy website
- IF devices wanted to do financial transactions, IOTA would work the best for smart devices
o 99% of smart devices do not need to do financial transactions - Data Transfer Protocol – This feature is worth more than financial transactions
- Looks like it may have strong developer support on their website
CONS:
- “Tangle” block exploring is confusing
- Started trading high, can easily crash, has already dropped 50% of the market cap
o (1.79 bil to .88 bil within a couple days of trading.) - Lightly tested system “tangle”
o Susceptible to new forms of hacking attacks
Parasite chain
Large weighted block attack
Split-chain attack
Possible unknown attacks - No users, coin has operated for less than 1 week, it’s 100% speculation
o Businesses that accept IOTA? ZERO; except Bitfinex exchange
o Smart devices using IOTA? ZERO
Genesis Mining: https://www.genesis-mining.com/a/715619
Discount Code: 6EFDl3
** Leaving my Genesis code above, in case you want to use it, but I am no longer going to recommend it for investing due to the unpredictability of mining. **