IOTA is still a very young cryptocurrency but stands out against other cryptocurrencies. There are many reasons for this, which in sum can pave the way for a global standard. What does a global standard mean? Those who have not worked so intensively with IOTA will find many answers in this article. I reviewed my summary IOTA article from last year and was amazed how much IOTA and Tangle technology have changed in a positive way in that short time. Real madness!
And it continues because IOTA applications are becoming more and more popular all over the world. We have read it many times that in the next few years many billions of devices will communicate with each other and exchange cash flows.
The networking of devices in the Internet of Things (IoT) is growing rapidly. The market research companies expect that around the world with 8.4 billion networked devices is expected. That would be almost a third more than last year. According to statistics, by 2025 about 75 billion devices will communicate with each other in the IOT. Examples are quickly found:
- Automotive: In addition to the predicted 250 million networked cars on the roads in 2020, 75 percent of all new cars produced will have Internet connectivity. The number of sensors on a car will double from currently 60 to 200. The automotive sector offers countless possible use cases of IOTA. Starting with data collection with sensors, built-in wallets to the requirements of autonomous driving. In the field of vehicle technology, there are a number of testbeds that are currently receiving public attention. Well-known representatives are Bosch, Volkswagen and Jaguar. But there are many more use cases that are remarkable.
- Smart City: Whether as Smart City, Smart Lighting, Smart Disposal or similar, in the field of infrastructure is basically about the integration of sensor data with information from the networked infrastructure and other, often external, data sources, such as weather or traffic data. There is currently a lot of movement in transforming cities into livable, safe and resource efficient spaces. There are also first testbeds in which IOTA and Tangle applications play a role. Prominent examples are: Haarlem, Taipei, Austin and + CityxChange.
- Energy: Many of the large power plants will probably have more or less only a backup function in the future. Countless small wind and photovoltaic systems will provide the required power more and more, but they need to work together optimally and share their data with each other. This will make the energy transition the largest IT project of all time and will only be successful in combination with digitization. Therefore payment flows must be able to be pushed back and forth quickly and reliably in such a system, with a huge data transfer. In the future, millions of producers and consumers will need to communicate in real time, sharing not only information but also digital values. Here, IOTA and the Tangle can serve well. For example,the World’s first IOTA Smart Charging Station by Elaadnl.
- Health: For example one of the key measures for successful treatment of chronic diseases is the frequent monitoring of the most important health values of a patient. The problem is that increased visits to hospitals or test centers will affect the patient’s everyday life and increase the cost of treatment. This is where IoT solutions come in. A chronically ill patient could be equipped with multiple networked IoT devices. IOTA aims to enable greater data integrity within the health industry. By securely transmitting and storing individual medical records on the IOTA distributed ledger, access to private medical records can be trusted, secure and controlled. For example Untangle Care is developing an open source DLT layer for healthcare data exchange.
- Supply Chain: With the ability of DLTs to be unalterable, and the ability to pay for IOTA’s unique data streams / data sets, IOTA’s Tangle provides a promising basis for a digital connected value chain. There are currently a number of testbeds in the industrial supply chain. Examples are the work of the WZL of the University in Aachen or the IOTA integration of the Supply chain of the EVERYTHING Platform.
- FinTech: At present, conventional finance is still having a hard time dealing with cryptocurrencies and IOTA. There are regulatory efforts and rejections. The implementation of IOTA / FIAT trading venues is currently also cumbersome. Currently, however, more and more Stock-Exchanges and Broker are opening up to IOTA, opening up the opportunity to acquire IOTA directly via dollars or euros. This is the basic requirement for the final decoupling of Bitcoin, which currently represents the reserve currency.
- Games: The gaming industry discovers the DLT / IOTA technology. The IOTA protocol offers much for gaming industry in the future. For example, based on the IOTA technology, Paracosm build a manageable cross-reality platform, where anyone can create his own game universe.
- Space Exploration: Space is no longer exclusive to governments that have the means to constantly fuel their research programs with cash. With the arrival of new companies and low cost satellites, IOTA could be launched into space to do secure Datatransfer. For example Spacebit is looking to explore IOTA architecture which will include some of the first Qubic protocol layer applications.
- Customer Service: IoT-enabled applications and products have integrated analytics capabilities that help businesses and organizations understand how their customers can use their products and quickly integrate paid services. This allows companies to quickly respond to current issues, integrate new or additional features into their products, and ultimately positively impact the customer experience.
What does IOTA offer?
IOTA can provide a positive standard for data and cash flows for all these applications. Here are some 9 key reasons for this:
1.) Advantages of IOTA
There are a number of factors that make IOTA interesting. In summary, there are 5 areas where IOTA clearly hits other cryptocurrencies:
· The transaction rate
· The scalability
· The feasibility of micropayments
· The efficiency
· The verifiable manipulation security
These points have been discussed so extensively elsewhere that they are linked to IOTA explained in 2 minutes! by Everything Tangle
2.) IOTA Foundation
The IOTA Foundation is made up of dedicated and talented individuals who have a proven track record and are diligently completing tasks. The Foundation is the de facto public organization behind IOTA. In recent months, the Foundation has received a lot of high-profile growth. IOTA is focusing on long-term innovation, stability and improvement instead of being a pure speculative object.
3.) Ecosystem
With a global community of developers, entrepreneurs, corporate executives, government officials, philanthropists, hobbyists, general contributors to the IOTA project, the IOTA Ecosystem is a platform to meet, collaborate, learn, inspire, develop and build.
4.) Data Market Place
The IOTA Foundation is testing a digital marketplace for the sensor data of Internet of Things (IoT) devices. The participants of the project include more than 70 well-known companies. The marketplace should allow users to sell sensor data and buy.
According to a McKinsey study referred to in the announcement by the IOTA Foundation, only 1 percent of data generated by IoT devices is currently being used, with 99 percent unused. The marketplace should therefore make it possible to make this unused data easily accessible to others.
5.) IOTA community and supporters
IOTA has a very strong community that has made the Foundation and Ecosystem possible. This community is experienced as the real support and help of the IOTA Foundation and the entire IOTA system. There is a very great willingness to help IOTA interested people.
The IOTA Evangelist Network is a unique global network of IOTA enthusiasts. IOTA evangelists are people who who want to build a critical mass of support for IOTA technology, and subsequently establish IOTA as a technical standard within the global market. It’s a really unique strong global network.
The Tangle Universe project by us (public IOTA) is a place you can find here friends, projects & services and supporters of Tangle. You can register for free and make a Listing here. We’re glad
The Tangle Universe project is currently working to expand the Tangle Universe project into a virtual trade fair especially for the areas DLT, IOTA and the Tangle. A place of learning and of future ideas and concepts.
It will be the first virtual exhibition focusing on DLT, IOTA and Tangle. This project is already encountering a very positive feedback from many companies. In the future, the Tangle Universe project will bring people and applications from these areas together and create new ideas. It will be a virtual exhibition under the motto “Tangle Meets User”.
6.) Strong partners
Compared to other cryptocurrencies and platforms, IOTA is already working with and partnering with a variety of companies. Among the IOTA partners include: Fujitsu, VW, Bosch, Jaguar, the UN (UNOPS), DNB, MOBI, ICT, Taipei, DXC, Schindler Group, Kontakt_io, InnoEnergy, Grandcentrix, Biilabs, Lattice80, Sopra Steria … . Secured with these partnerships IOTA has a wide distribution and practicality.
7.) Qubic
A long-awaited project in the IOTA community is Qubic. With Qubic, the IOTA network is to become a kind of supercomputer, with which applications within the IOTA Tangle network can be executed. This would make Qubic a decentralized platform for any application. This should then allow completely new business models to develop. With Qubic, a lot of new features will be added to IOTA:
- Smart Contracts: Similar to Ethereum, IOTA will have smart contracts with the Qubic release. However, the functionalities should be superior to those of Ethereum. For more information, read this article.
- Oracles: Also Oracles will become part of the IOTA network as part of Qubic. Oracles allow access to external data within the IOTA network. For example, temperature data from sensors in the IOTA network can be made available. It is conceivable that everyone can access the data via micropayments. But other data sources, such as stock prices or election results, could be made available in the IOTA network.
- Outsourcing of computing power: With Qubic, it will be possible to outsource very computationally intensive computations to different computers. This has the particular advantage that IoT devices can be built very cheap. Because for complex calculations, the calculations can easily be outsourced over the Qubic network. So the devices can handle a minimum of computational power.
They are currently working hard on Qubic and things are going really well. When things are finally completed, however, is currently not known.
8.) Quantum proof
IOTA is quantum proof because it uses cryptography that even quaternary computers can not break. This is called Post-Quantum Crypto. IOTA uses the Winternitz one-time signature procedure. Thus, IOTA is well prepared for the future. Currently, global work is being done on quantum computers, and major corporations, such as Intel or google are on board. Whether these will be ready for the market in 10 years remains uncertain, but it will cast a shadow on cryptocurrency traits much earlier.
9.) Coordicide
In order to protect the Tangle in its early phase attacks, IOTA uses the review so called “Coordinator” (also: “Coo”). The Coo is a special node operated by the IOTA Foundation. It regularly publishes zero-value transactions that perform a checkpoint function on Tangle. These transactions, also called “milestones”, determine the direction in which Tangle is being spun. A transaction is only valid if it is confirmed by the coordinator directly or indirectly with a “milestone”.
The use of the coordinator often meets with criticism in the crypto scene, because in principle he gives the IOTA Foundation the last word on the status quo of the network. Although the Foundation can not retroactively invalidate transactions; however, it could de facto freeze deposits of participants in the network where the coordinator does not take their transactions into account when publishing new milestones. In addition, an attack on the coordinator could paralyze the whole Tangle. Last but not least, the use of the coordinator curtails the scalability of IOTA, which is actually one of the greatest strengths of the protocol.
On the 5th of march the IOTA team announced that they started a test net without a coordinator. Znet, the new IOTA testnet will no longer run with a coordinator involved, allowing znet and IOTA to take huge steps towards a more enhanced decentralisation and of course, a more transparent network.
IOTA has set up a project group to prepare the Coordicide. The IOTA Foundation is preparing to take its most important step to date in the maturity of the IOTA protocol — realizing the dream of a permissionless and scalable distributed ledger technology (DLT). More informationen are on the page available https://coordicide.iota.org/
It will come soon, but when exactly, we do not know. Many believe it could be in the first quarter of 2020. I hope so, because this makes IOTA even stronger and it would also be a sign of strength for the critics.
For all who want to try IOTA and the Trinity Wallet public IOTA started a Telegram group. We offers a place where newcomers to IOTA / the Tangle can get informations and their first IOTA for testing. https://t.me/TestIOTA
IOTA the path and the price
These are a few points that make IOTA a superstar. Equipped with this kit, IOTA can steadily become more important in the coming months and years and can make its way to the global standard protocol for many billions of applications.
And the IOTA price? If IOTA had solved all the problems it had, Coordicide, Qubic, etc. then IOTA would be the only cryptocurrency that could have done that and could deliver many things to applications worldwide that others can not. This would bring the total capitalization in a huge scale. The more companies or people use IOTA the higher the demand and the price. I think IOTA is currently better than ever on the way to achieving the goals. Whether at all and how long it lasts, is currently not foreseeable. I am confident that IOTA is on a very good path here.
Please be very cautious about trading cryptocurrencies. It can come to a total loss!!!
Who would like to support the public IOTA project with the Tangle Universe is cordially invited:
IOTA: LKGHNGAMERUXJQXUWRZXEXR9U9HP9TQXASKTJWOVLDDR9BSRFRFWSBDWYJW9QOGXWRAOLCNEPRVOKLE9ALSRVUZIJC
Bitcoin: 32wyq6tp2t92R3vRJHz4Lhdb4qo1gJ1jGQ
Ethereum: 0xd6eBFc291D2902a9A2a039408e09e21Ea82e238f
Thank you!
The „Public IOTA” and “Tangle Universe project“ are not part of the IOTA Foundation or linked to any other way, they are independent projects to support IOTA and it´s applications.
We look forward to your message. Contact: info@publiciota.com
