Are you holding the keys to a smart future?? VIBE which we’ve recently covered as being a pioneer in the future of VR technology is up 20% today while another coin toting the smart future card, IOTA was up 13% yesterday. IOTA has since dropped but is still up a significant 8% as of writing this. Sitting at #9 today on coinmarketcap, why is it that since it’s addition to the site in September of 17 Iota is outperforming so many other coins with so much potential?
Made for the ‘Internet of Things”, IOTA is a “scalable, lightweight, blockless distributed ledger”. According to their white paper, with all of the 2,779,530,283 coins having been created by the “Genesis Wallet” during the Tangles first transaction they are already all in circulation. According to the Iota team, “No tokens will be created in the future, and there will be no mining in the sense that miners receive monetary rewards (out of thin air)”. Instead users are doing work to approve transactions in order to issue transactions. This creates demand for work allowing the tangle to function faster with no fees. IOTA claims, “tangle naturally succeeds the blockchain as its next evolutionary step” with this formula being more efficient and secure than the latter.
Last year was a big year for the company MIota, creators of the sustainable cryptocurrency IOTA. In 2017 the coin reached 1,000,000 confirmed transactions in the first month continuing throughout the year to meet major milestones such as opening their own marketplace and securing funding from a Venture Capital investor by the name of Robert Bosch. Since its inception IOTA has seen such popularity it broke records during its launch on Bitfinex in June reaching a market cap of $1.5 billion. Coin Journal reports that, by November, 20 other firms had joined IOTA’s marketplace including, “Microsoft, Bosch, Tine, PwC, Accenture, and Fujitsu...seeking to create a platform for firms to buy and sell data from sensors and IoT-connected devices.”
Not only are major tech firms interested in partnering with IOTA because of its advance capabilities but the dream of smart cities, based on technology and data can be realized by utilizing the IOTA’S Tangle network as well.
The capital city of Taiwan, Taipei, who has been in development of a, “Smart City Living Lab” has partnered with IOTA as they build their new infrastructure. In the works are a number of futuristic projects which the city has chosen the Tangle network as the catalyst for. Their vision? A solution which allows officials and residents to collect, integrate and transfer data in a secure and translucent way.
The first symbiotic project planned for completion is, “digital citizen cards with (a) built-in Tangle ID...” this will help prevent, “identity theft or fraud...” other uses include, “inter-organization...inter-city data exchanges, and healthcare.” Another project currently being worked on is a, “palm-sized card with sensors that would detect light, temperature, humidity and pollution.” These cards which are small enough to be installed in public or civilian buildings would be constantly sending a stream of environmental data to a hub accessible to anyone from curious students to renowned scientists.
As already mentioned, IOTA has had a great day, if you were in on it we hope you saw some profits!
Price action followed support to the .786, bouncing from there straight through an area of resistance before starting to correct. Tonight volume across all of the time periods is looking strong. IOTA looks likely to stay above short term support I've indicated with the yellow trend line...however, there is a chance of price action falling through of course. If it does we can hope it will find support at the bottom of my pitchfan or at it's lowest, hopefully the lower green line. If this happens to be the direction the market heads it could be another great time to buy and ride until the next rise!
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