IOTA: Is it worth one iota?
What is IOTA
IOTA seemingly comes out of nowhere and appears at #7 on coinmarketcap.com with a valuation of $1.6 billion-dollars. Let’s drive into this technology and see if it’s worth investing in.
Contrary to what I have seen others say, IOTA is not a direct competitor to Ethereum. IOTA is similar to Lightning Network or Raiden, these protocols allow for great scalability and micro-transactions. IOTA operates on the Directed Acyclic Graph (DAG) model similar to the ByteBall model, which IOTA calls the Tangle. Here is a visual of a DAG:
Advantages of the IOTA network
- No fee transactions, which makes micropayment possible
- Removes miners, everybody contributes to the network
- Unlimited transaction rate, each person that sends a transaction is supposed to process a transaction, which theoretically means unlimited scalability.
- Un-forkable, the network can’t split into new separate networks like ETH and ETC.
Disadvantages of the IOTA network
- Can’t do smart contracts
- The promise of free transactions is highly theoretical and node pools with heavy weights in the DAG could force transactions through themselves and charge fees. This issue has yet to be addressed by the development team.
- An attacker doesn't have to outpower the entire honest computational power of the network, but just the honest computational power of the network actively making transactions at any given time.
Is IOTA worth the Price?
IOTA is still in the testnet phase and has a long way to go till its live and battle tested. While they do have a promising roadmap and active development team, the $1.6 billion-dollar market cap is so far ahead of itself that I am not going to touch it. I will, however keep it on my watch list and hopefully find a time when I feel IOTA is undervalued for what it’s about to deliver.
In other news: August 1 launch of Iconomi has been confirmed see my review here: https://steemit.com/cryptocurrency/@wolfofcrypto/iconomi-the-sleeping-giant
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nice read so even a dummy like me can get an idea what it is.
I need to hold BAT for a while (I think its not the worse) but it taught me the lesson to stop buying into hypes.
So I will wait also.
One day soon these ico's will behave like ipo's and dip below their ico price about every time. Be patient and watch development progress once the hype is gone from the project.
yep. there is one I have my eyes on but we will see.
If you want to get into iota... it is now! Trust me, companies are starting to adopt it and people are discovering it ;)
Thanks for the post. I am feeling the same as you. Not touching it yet. Waiting for it to mature.
If you wait you will miss the opportunity, it's now ;)
Still very interesting post! In 6 months it seems you where right!
Nice article, we did some updates about the latest risks of IOTA and partnerships. If people are interested please read: https://steemit.com/cryptocurrency/@royaldutch/what-is-iota-will-it-be-the-first-coin-with-major-partnerships-like-microsoft-and-samsung-we-analyze-iota-so-you-can-make
Great article @wolfofcrypto ! Thanks for sharing! I promoted you with 1 hard-earned steem backed dollar :))
Must appreciated
nice info thanks to share very new and thrilling news.
Wow you are quick, thanks for the feedback.
This is exactly why I find your posts so useful! Great info, and keep em coming!
Thanks for the concise over view. A clear voice is always refreshing and of great value! (Followed of course)
Thanks, followed back
Great information. I understand your hesitation so early in its development. There will be a moment soon to "buy in", once the design team addresses your concerns.
Thank you for your sharp and intelligent analysis, @wolfofcrypto