Reading time: 5 -6 minutes
What we will discuss today:
• What is #MIOTA?
• The concept of Internet of Things
• What benefits has IOTA?
• Partnership with Microsoft, No?
See our other posts from the past month
Let's meet Iota
A lot of devices (household appliances, home systems, furniture) are equipped with their own software, which allows not only to store, but also to transfer data to other devices. For their communication, the concept of "Internet of things" was developed. This computer network connects various physical objects with each other. However, despite the obvious advantages of the concept, it has one significant drawback - susceptibility to hacker attacks. Therefore, it is quite natural that there is a need for guaranteed protection. The newly made cryptocurrency is intended for providing safety. #IOTA was announced at the end of 2015; it is based on the new concept of the distributed Ledger Tangle – a directed acyclic graph.
Checkout the new IOTA wallet:
Some important statistics for IOTA (#MIOTA):
Total market cap: 690,712- 790,00 BTC
Largest markets: Bitfinex, Binance, Okex
start direct trading here: http://steem.link/hko1U (Binance marketplace)
Roadmap: https://blog.iota.org/iota-development-roadmap-74741f37ed01
(roadmap is is pretty mediocre)
Whitepaper: https://iota.org/IOTA_Whitepaper.pdf
Circulating supply: 2,779,530,283 MIOTA 100%
Coin price at this moment: $3,50 – 5,50 USD
Compititor: SONM
Supporting point: $1,7-2,10
Pros:
• The possibility of payment offline. The blockchain system is a global entity where every member of the system must synchronize with a shared network for the transaction. IOTA algorithms do not have such limitations and allow payments by means of cryptocurrency even in the off-line world.
• High demand the coming years for the IOT and BIG data
• The absence of commission fees for operations. The resource provides unpaid bargains. Transfers on a conventional crypto-exchange site are verified and approved by users who mine the coins. Tangle allows any new payment to create its own block chain and approves itself by confirming two transactions conducted before it. So it’s free.
• The ability to cope with increased workload. The presented cryptocurrencies easily carries out millions of transactions per second.
• IOTA is a self-regulating service. It does not need miners, which means that the token owner can approve the transactions of other community members.
Iota work together with Microsoft, Volkswagen, Samsung and Cisco and many more on their data marketplace.
“The IOTA Foundation is exhilarated to be able to announce that we have several dozen world-leading entities participating in this data marketplace which will run over the next 2 months
“
Update about the Microsoft partnership
Thenexweb did some research and found this: "Following some speculation from the cryptocurrency community, IOTA has come out to clarify that it currently has no formal partnership with Microsoft, despite its announcement from earlier in November.
This means that the Redmond giant has not yet contributed any data to IOTA’s marketplace, nor does it have any sensors connected to its network. Asked about its involvement in IOTA’s data marketplace, a Microsoft spokesperson told TNW that “IOTA is a Microsoft Azure customer and plans to use Azure to test and deploy its Data Marketplace.”"
Cons:
• Use of ternary code in IOTA. The authors created an overly complicated system.
• IOTA neglects the basic postulate of cryptography - do not create new cryptographic algorithms without urgent need. The predictable result of this approach was the discovery of a number of serious vulnerabilities in the hash function curl used in IOTA.
• IOTA runs on low-power nodes, the complexity of the algorithm is small, so for specialized equipment it will not be difficult to suppress the entire processor capacity of the Tangle.
• IOTA has major problems with wallets and lost amounts
• Some people think some partnerships are just rumors check: https://squawker.org/technology/proof-iota-is-falsifying-partnerships-with-big-tech/
Risks:
The security of Tangle is directly dependent on the number of transactions being processed, and there is no ability to adapt the security level to real-world conditions.
Benefits of the coin
One can transfer any sum (from 1 cent) without any fee. Tokens are not being mined. They were all created with the project launch and are equal to 2,779,530 283,277,761. Due to the absence of miners, transactions are immediate. Also data consuming is trending and will be perfect for IOTA
A strange developers tool to test the network
Developers think that spam make IOTA Stronger. We dont support this tool but it's a Cool piece of software. You can find information here: https://prizz.github.io/iota-transaction-spammer-webapp/
Team
We know only a few developers of IOTA team from their profiles on Github. Oliver Nitzschke is a leading developer. He simultaneously works at Pinpong, Android Company.
Dominic Schiener is the Co-founder of the project. He has his own voting system for Ethereum. The others are unknown or hidden behind the nicknames like Come-from-Beyond. It is not supposed to be a drawback for ICO team.
David Sønstebø is the founder. We did a check and it’s a real account.
A list with all their theme members: http://iotasupport.com/foundation.shtml
Interview with David Sønstebø:
Find an interview with Dominic Schiener here:
Scam score: 4% low (Low risk)
Totals
Investment advice from our experts: 8,1/10 (Good investment)
Teamscore: 7,9/10 (Outstanding team)
Advice for miners: -
Miner conditions: -
Share value: Oversold, but still popular (6,5/10)
Growth potential: 8,2/10 (will grow the coming months)
Marketing: 6/10 (Great team but they don’t do a lot of marketing. This is why the coin was under the rader for months)
Has a working product: Not yet but they had created their own wallet on the network. (7,2/10)
Overall score: 7,3
My advice: IOTA will grow the coming years if their system will stay solid and can be used without any problems. If IOTA solves the wallet issues and makes new partnerships the coin will only raise. When IOTA can’t manage the wallet issue, have major exploits on their system or partners are not working on their platform anymore the coin will be worth nothing. It’s a great daytrade and long-term coin for now.
When we see the overall score you can invest safely in the coin. Always do your own research!
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Conclusion
Experts predict that by the beginning of 2020 the number of devices connected by the #IoT will exceed 1 billion, which means that the need for a reliable, inexpensive and scalable billing system will become more relevant as ever.
IOTA has a truly colossal potential. Considering all of the above, it is possible to attribute it to very promising, but long-term assets. When you gone trade with IOTA uses an online wallet. This will be the safest way.
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