IOTA - What YOU need to know! #5
IOTA - The Backbone of IOT.
IOTA is a relatively new currency and gained much more attention when it was listed on the major exchanges such as Bitfinex. The technology is based on a protocol that is called the Tangle, not the Blockchain.
Everytime you send a transaction you are also helping other users on the network because you verify their payments without needing to do anything. Whereas, Bitcoin (and other currencies alike) require miners to confirm your transaction and then that data is stored on a large database structure (Known as the Blockchain). This is not as effective as it often comes with long confirmation times and high fees.
Aside from being just a cryptocurrency, IOTA's main objective is to utilise the Internet of Things (IOT), in it's project. Smart technology is slowly becoming more and more common and the internet is beginning to be connected to everything. For example, Smart watches, smart lights bulbs, Smart speakers, Smart everything...
Technology is a constantly growing space and it does not seem to be slowing down, IOTA is able to take advantage of this and one day it may be connected to our daily lives.
The Team:
Unfortunately, finding out a lot of information about IOTA's team seemed to be quite difficult. However, I managed to find a few people behind the project and their role in the team!
List of members (Names + Role):
- David Sønstebø - Founder of IOTA
- Dominik Schiener - Working on Blockchain, eGovernance and Collective Intelligence.
- Wilfried Pimenta - Biz Dev @ IOTA Foundation | CEO @ Alpha Venturi.
- Navin Ramachandran - Co-founder of OpenCancer and PEACH. Medical doctor, educationalist and information researcher.
- Carsten Stöcker
Advantages:
- No Blockchain, people confirm other peoples transactions.
- Mostly suited for IOT (Internet of things), but can be used in E-voting.
- True micro and even nano-transactions are enabled due to it's tangle technology.
- Offline transactions - IOTA nodes are able to operate without connecting to the main Tangle, users can later wish to connect to the network when the internet is available.
- You sensitive data is quantum proof within the tangle.
- The currency is scalable.
- No fees.
Disadvantages:
- Huge circulation of coins.
- DAG'S are fundamentally unable to do generalised smart contracts, unlike Ethereum.
- IOTA was considerably pre-mined.
Market:
IOTA has recently been doing extremely well with it 's value. When the coin first came out the circulation of the currency scared some investors of, as a huge supply can often mean a lower price, or less potential for growth in the price. However, over this past month IOTA has proven this wrong as the currency went from $0.25 all the way to a high of $1.08.
Future price prediction - IOTA is an unbelievable idea and proposition which is currently in the process, this currency could be a game changer for the digital world and many people speculate it's value could reach $5 - $10 within the upcoming years. If IOTA was valued at $5, the market cap would approximately be $13.8 Billion (Rounded). You may think that is a bit much, but realistically thinking, it's not. Ethereum is currently holding a $31 Billion valuation to it's name!
If this was helpful, or you enjoyed this in anyway please leave a comment and let us know whether we should continue doing this. Thank you!
Whitepaper - IOTA
Website - IOTA
You say IOTA was considerably pre-mined, and there is a huge number of coins, but this is not quite right.
As I understand it, it was 100% pre-mined as there arn't any miners. All the IOTA tokens exist from the begining, and there will be no inflation. Pre-mining is what some scam coins do, but the IOTA devs were open from the beginning that it would work this way.
2779530283277761 is the total number of IOTA tokens that exist, but this is similar to the number of bitcoin satoshis that exist. IOTA wants to do micro-transactions, and so a large circulation of tokens is needed.
I think the smallest amount of IOTA you can have is 1, fractions aren't possible. Does anyone know if this is the case?
Well, people are saying that a lot of the coins were given to the developers to pay them out, this was when the price was cheap. I won't go into it on the comments but take a look at this: https://www.reddit.com/r/Iota/comments/6txwr9/can_anyone_explain_the_difference_between_miota/
I am quite excited by this technology, no miners involved, no waste of energy, the future is here !
Sure is ;)
Iota is still a punt at the moment. As far as I understand they need developers to develop on their IOTA protocol. If this doesn't happen and they have to create all the code, then we will have a long wait ahead before IOATA rises to a well deserved $2000 in the next 3-4 years.
That's not a problem, long-term investment ! :)
How do you obtain IOTA as a US resident?
Buy bitcoin, send them to the exchange on Bitfinex and buy IOTA friend :) Just install the IOTA wallet, and keep them safe.
Up voted, and followed! IOTA#1
Returned ;)
Sorry, I should've specified that I'm a New Yorker:
"New York residents can no longer hold a balance of any cryptocurrency on Bitfinex.
Accordingly, NY residents will no longer have access to a number of features on Bitfinex.com:
Exchange: New York Residents cannot use any of the features in the “Exchange” tab on Bitfinex.com They cannot exchange USD for cryptocurrencies or vice versa.
Margin Trading: US Residents cannot trade on margin at this time.
Funding Market: New York Residents cannot offer cryptocurrency funding.
Every time a user logs in from a New York IP address, we will require a confirmation that the user is not a resident of New York before continuing to the site."
Oh wow
Wow, what about Shapeshift ?
I think the IOTA team has a great vision but the tech still feels BETA. I would rather wish that the wrinkles are ironed out first before IOTA endures its first hype cycle towards $10.
What do you mean with the tech still feels beta? Are they not trying to present a protocol on which other developers should build?
Don't get me wrong. It's a great project but I do not consider it refined yet.
Haha that would be insane!! :)
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Hi here is an interview with the co-founder of Iota, David Sønstebø, recommended; https://soundcloud.com/arthurfalls/ether-review-69-iota-the-post-blockchain-era
Cool! Ill take a look.